New SEC Guidance and Impact to CV Fund Election Periods

On this Ropes & Gray podcast, Craig Marcus, co-head of the firm’s capital markets practice, and Marc Migliazzo, counsel in the asset management group, discuss the SEC’s new exemptive order impacting GP-led secondary transactions. The episode explores the shift from a 20-business day election period to a potential 10-business day standard, the requirements for qualifying tender offers, and the practical challenges for sponsors and LPs. Marc and Craig examine how the new order may affect transaction timelines, investor decision-making, and market practices, providing valuable insights for asset managers, private fund sponsors, and institutional investors navigating these complex deals.