Sec. 503. Disclosures relating to the marketing of private equity funds

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Any investment adviser to a private fund shall disclose to potential investors with respect to the other private funds, as defined in section 202(a) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a) ), managed by that investment adviser (referred to in this section as managed firms ) the following information: A list of all managed firms with respect to the investment adviser, including those managed firms that, as of the date on which the disclosure is made— have active investments; and have liquidated the assets of the firms.

For each managed firm listed under paragraph (1), the following information: As applicable, the total term of the listed firm beginning with the commencement of the commitment period with respect to the firm and ending on the date on which the firm is dissolved, including, with respect to a listed firm that, as of the date on which the disclosure is made, is actively investing— the term specified by any limited partnership agreement; and the nature of any provisions that would allow for the extension of that term.

The performance of the listed firm’s net of fees, as measured by the public market equivalent or a similar measure. A list of target firms with respect to which the listed firm was a control person and the period of that control. The number of employees at each target firm identified under subparagraph (C), as of the date on which the listed firm became a control person with respect to the target firm, and the date on which the listed firm ceased to be a control person with respect to the target firm.

A list of target firms with respect to the listed firm with respect to which a case has been commenced under title 11, United States Code. For each target firm with respect to the listed firm, and with respect to which the listed firm is a control person— a list of actions taken by any State or local regulatory agency; and any legal or regulatory penalties paid, or settlements entered into, by the general partners of the target firm or the target firm itself. The percentage breakdown of the means employed by the investment adviser to divest ownership or control of target firms, including— the sale of target firms to other private funds; the sale of target firms to private entities; the sale of target firms to issuers, the securities of which are traded on a national securities exchange; the commencement of cases under title 11, United States Code, with respect to target firms; and initial public offerings with respect to target firms.

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15 USC 80b–2(a)

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Sec. 503

Disclosures relating to the marketing of private equity funds

Cite15 USC 80b–2(a)

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