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On 25 March 2025, the UK Financial Conduct Authority published a feedback statement (FS25/2) responding to its earlier call for input on reviewing FCA requirements following the introduction of the Consumer Duty in July 2024 (the Feedback Statement). On the same day, the FCA also published its high-level five-year strategy setting out its key strategic priorities until 2030 (the Strategy Document).
The process of investor onboarding is traditionally labour intensive, time consuming and costly. Completing subscription agreements and collating investor KYC materials can be arduous and can incur high costs for work that is largely process driven.
Travers Smith is currently advising two healthcare REITs - Care REIT plc and Assura plc - on their public takeovers by US bidders, further highlighting the recent theme of consolidation in the London REIT market.
Travers Smith LLP is delighted to announce the hire of Funds lawyer John Daghlian as a Senior Consultant, further strengthening the firm's Asset Management sector group.
Travers Smith has advised Beech Tree Private Equity in relation to the fourth vintage of its flagship fund, which closed at its hard cap.
On 22 January 2025, the Institutional Limited Partners Association ("ILPA") released its much anticipated updated Reporting Template and a new Performance Template, following extensive consultation with the industry last year. Adoption of the templates is voluntary, but investors may put pressure on sponsors to adopt these new templates. (Please see our briefing on ILPA's Quarterly Reporting Standards Initiative for information on the background to the Performance Template and the changes to the Reporting Template.)
Travers Smith has advised Osprey Investors Limited in relation to its fundraising and strategic minority investment into Evri (the UK's largest tech-driven last mile delivery platform).
Travers Smith LLP has advised Brookfield Oaktree Wealth Solutions on the establishment and launch of its semi-liquid strategic credit fund, Oaktree Strategic Credit Fund (SICAV), under its existing Luxembourg UCI Part II umbrella structure.
Travers Smith LLP advised longstanding client Nest Corporation – the trustee of the National Employment Savings Trust – on the acquisition of a ten percent shareholding in Industry Super Holdings, the holding company of IFM Investors, a global institutional investor and asset manager operating across the infrastructure, debt investments and private equity markets.
In its recent judgment in HMRC v BlueCrest Capital Management (UK) LLP, the Court of Appeal has overturned the decisions of the lower tribunals and supported HMRC's narrow interpretation of "significant influence". In doing so, the Court introduced a new focus on the source of a member's influence, holding that the only influence that counts is that derived from legal rights and duties. In addition, the Court appeared to support HMRC's view that the scope of significant influence is limited to strategic influence over the affairs of the LLP generally.
This article was first published in the October 2024 issue of Butterworths Journal of International Banking and Financial Law.
Travers Smith LLP advised longstanding client Nest on its evergreen timberland fund managed by Campbell Global.
Travers Smith LLP advised longstanding client Nest on its new investment in the UK build-to-rent sector in partnership with Legal & General (L&G) and Dutch pension scheme, PGGM.
Jeremy Elmore and Emily Clark were contributing editors to the latest edition of the International Comparative Legal Guide - Alternative Investment Funds 2024. Travers Smith also contributed two articles.
Travers Smith LLP has announced the appointment of Jeremy Elmore as Head of Funds, with effect from 1 September 2024.
The Institutional Limited Partners Association ("ILPA") has relaunched its cross-industry Quarterly Reporting Standards Initiative ("QRSI") which aims to deliver the next evolution of ILPA quarterly reporting. The QRSI temporarily paused the comment period on its draft updated ILPA Reporting Template and a new draft Performance Template, which were released for comment in June this year, following the US Court of Appeals for the Fifth Circuit ruling to vacate the US SEC Private Fund Adviser rules ("PFAR") as the ruling shifted the rationale for the changes to the quarterly reporting standards from compliance with the SEC requirements and opened the door for an "adoption focused approach" built on industry practices with more flexibility and scope to take into account IFRS and other international standards.
On 25 July 2024 the Institutional Limited Partners Association ("ILPA"), the trade body for institutional limited partners in the private equity industry, issued its much anticipated Guidance for Limited Partners and General Partners in respect of NAV-based facilities (the "Guidance").
Travers Smith LLP has advised Carlyle on the successful launch of Carlyle AlpInvest Private Markets SICAV-UCI Part II ("CAPM").
Today the FCA has published the final version of its new listing rules and confirmed that the revised rulebook will take effect on 29 July 2024.
Travers Smith LLP has announced today the hire of Joel Grossmark as a partner in the Funds group, further strengthening its market-leading retailisation practice.