Why Attys Must Help PE Firms Improve Compliance Programs

By Benjamin Horney (July 26, 2018, 5:33 PM EDT) -- A multimillion-dollar settlement recently reached by two private equity funds over alleged failure to disclose certain fees to all investors reaffirms that the U.S. Securities and Exchange Commission has no patience with shady behavior and underscores the need for PE shops and their attorneys to evaluate how they can shore up compliance programs, experts say.

The SEC's settlement with two investment vehicles run by private equity firm Thomas H. Lee Partners — the THL Equity Fund V and THL Equity Fund VI, raised in 2000 and 2006, respectively — was announced in late June and totaled roughly $6.5 million. The order...

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