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Why the SEC’s Proposals Could Fuel PE’s Love Affair with SMAs, Private Equity International

February 17, 2022

In a recent Morgan Lewis webinar covered by Private Equity International, partner Courtney Nowell spoke about the US Securities and Exchange Commission’s proposed new rules requiring the benefits provided to larger institutions—including co-investment rights or favorable economics—to be disclosed to investors, and prohibited if considered harmful. “The idea that giving one investor preference may be detrimental to the other investors is subjective, and it’s a material change from the way sophisticated counterparties negotiate side letters,” Courtney said.

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