Dividend Recaps: The Critical Role of Solvency Opinions

Since March 2022, when the Federal Reserve initiated rate hikes in response to inflation, borrowing costs have generally increased. However, interest rates have begun receding in recent months fueling a wave of refinancing and repricing activities, including dividend recapitalizations (“Dividend Recaps”), a transaction wherein a company borrows money to pay…
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SEC’s New Rules for Private Fund Advisers

SEC’s New Rules for Private Fund Advisers

In this whitepaper, Houlihan Capital discusses the SEC's new rules for private fund advisers under the Investment Advisers Act of 1940 and changes that create major compliance obligations involving the valuation of fund investments. On August 23, 2023, the Securities and Exchange Commission ("SEC") adopted sweeping reforms under the Investment…
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