kaal:claim:2739479-022

Although rare in absolute terms, structural responses grew: at least part of the industry is increasingly changing the legal structure of its funds and closing funds to new investors in response to the post-2012 regulatory changes.

Most notably, the comparative data in Figure 4 suggest that at least a part of the industry is increasingly changing the legal structure of their fund(s) and closing funds to new investors in response to the regulatory changes

Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016), IV.1. Adviser Response to Dodd-Frank, p. 35
https://ssrn.com/abstract=2739479 · source PDF

Wulf A. Kaal, The Post Dodd-Frank Act Evolution of the Private Fund Industry Comparative Evidence from 2012 and 2 (2016). SSRN: https://ssrn.com/abstract=2739479

• least common actions reported in the 2012 and 2015 surveys
• rates doubled or tripled between the two surveys from a low base

empiricalsupport: evidencedempirical-evidence

• extends kaal:claim:2150377-021 Structural and portfolio level responses to registration were rare: only a minority of respondents severed an ...
• supersedes kaal:claim:2732915-020 Private fund advisers in the sample did not terminate existing employment relationships, and only few severed ...

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