Client Alert
| July 27, 2007
SEC Concludes that Private Equity Fund Managers are Not Investment Companies
In Congressional testimony on July 11, 2007, Andrew Donohue, Director of the Division of Investment Management of the Securities and Exchange Commission, stated that Fortress Investment Group LLC and Blackstone Group LP, two private equity fund managers that went public earlier this year, are not investment companies. Mr. Donohue gave his testimony before the Senate Finance Committee and the Domestic Policy Subcommittee of the House Committee on Oversight and Government Reform in separate hearings examining the taxation and regulation of private equity fund managers that sell their securities in a public offering.
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