New Bill Looking To Take Private Equity Public
Updated with comments from Ropes & Gray below. A bill was introduced in the Senate last week that would require hedge funds to register with the SEC. On closer look, we realize it applies to more than just hedge funds, as pointed out by our friends at Ropes and Gray. If passed, the bill also would regulate and require disclosure from all PE and VC funds with $50 million or more in assets. Of course, Schoolhouse Rock has taught us that a bill is just a bill (and not a law). This proposal, introduced by Senators Carl Levin (D – Michigan) and Chuck Grassley (R – Iowa), could go through a lot of changes before it actually gets passed. But as is, it's bad news for those of us who like our private equity private.* It means that buyout funds will have to disclose the names and addresses of all of their investors and the value of the assets in each of their funds. Likewise, the registration would require
