Fund Finance: 40 Act Financing for Permanent Capital Vehicles

Wednesday, April 20, 2022,
12:15 PM - 1:15 PM

Societe Generale and Dechert LLP cordially invite you to attend the upcoming virtual event, Fund Finance: 40 Act Financing for Permanent Capital Vehicles.

Asset managers are increasingly turning to 40 Act registered interval funds, BDCs and other investment vehicles as the permanent capital industry continues to expand across a wide range of asset classes. Join us on Wednesday, April 20th, as four fund financing experts discuss issues for managers to consider when arranging the financing for their permanent capital funds and platforms.



In this webinar, our experts will take around 45 minutes discuss:

  • Fund formation and structuring to allow for greater financing flexibility
  • Recent financing developments, including the impact of the upcoming 40 Act rule changes
  • Growth of the unsecured debt/mandatorily redeemable preferred market
  • Industry outlook for 2022




Brian Marcus
Managing Director, Portfolio Manager in Global Credit, Carlyle
Brian Marcus is a Managing Dir...
Brian Marcus is a Managing Director and Portfolio Manager in Global Credit. He is based in New York.Prior to joining Carlyle, Mr. Marcus was with Morgan Stanley, where he focused on principal investments on behalf of the firm. Previously, Mr. Marcus worked at Lehman Brothers in the Mergers and Acquisitions group, where he concentrated on the media and telecommunications industries.Mr. Marcus received a BS in economics from The Wharton School at the University of Pennsylvania. Mr. Marcus currently maintains Series 7, 55 and 63 licenses.
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Richard Horowitz
Partner, Dechert LLP
Richard Horowitz has represent...
Richard Horowitz has represented both registered investment companies, including open-end and closed-end funds, and private funds, such as hedge funds and private equity funds, for more than 20 years. He has particular experience with alternative strategy mutual funds, such as manager-of-manager funds, and closed-end funds of hedge funds and private equity funds.Mr. Horowitz is the co-head of Dechert’s Permanent Capital Practice and regularly advises alternative asset managers in their efforts to access permanent capital through Business Development Companies (BDCs) and closed-end funds. He has obtained SEC co-investment exemptive relief for many BDC and closed-end fund clients and regularly advises on complex co-investment issues. He obtained a unique no action letter permitting the first (and only) master/feeder BDC structure. He is a frequent speaker at conferences regarding developments and trends affecting BDCs and other alternative investment vehicles.Mr. Horowitz has advised some of the largest companies in the U.S. mutual fund industry, including Merrill Lynch, Morgan Stanley, and Dreyfus Family of Funds. He regularly advises mutual funds on the full range of Investment Company Act issues, including disclosure under the new summary prospectus, affiliation issues, funds, and other compliance issues. Over the years, he has worked on numerous fund merger transactions. He has obtained no action relief on behalf of clients on a variety of issues, including the ability of mutual fund wrap fee programs to charge deferred sales loads and ‘40 Act issues associated with a three-tier registered fund of hedge funds structure. Mr. Horowitz has organized and structured both domestic and offshore private funds. He regularly advises investment advisers on all aspects of regulatory and compliance issues under the Investment Advisers Act, including hedge fund best practices, codes of ethics, trade allocation issues, presentation of prior performance, and U.S. private placement marketing issues.Mr. Horowitz also advises various publicly traded permanent capital vehicles, such as REITs, on their ability to avoid coming within the definition of an investment company by relying on one or more exemptions under the Investment Company Act.Mr. Horowitz has been recognized by The Legal 500, which noted that “Richard Horowitz provides immediate advice and breeds confidence in his advice. He offers a very good combination of theory and practicality.”
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Gopal Narsimhamurthy
Managing Director in Funds Ratings, KBRA
Matthew Kerfoot
Managing Director in Credit and Structured Financing, Societe Generale
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