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Jun 1, 2007 12:00 PM
New Customers For Alternative Investments
A recent ruling by the Securities and Exchange Commission has made it easier for private foundations organized as not-for-profit corporations with at least $5 million in investments to access the world of “alternative investments.” Previously, that privilege seemed available only to foundations organized as not-for-profit corporations with more than $25 million in investments, while foundations organized as trusts could access such investments if both the entity and those in control of it had $5 million in investments (or the trust itself had more than $25 million in investments.)
But the SEC, in a No-Action Letter dated March 13, 2007 (Goldman Sachs Asset Management, L.P., File No. 132-3, Ref. No. 20059131134), agreed with the assertion that — for the purposes of determining who is a “qualified purchaser,” generally a prerequisite to making investments in so-called “alternative assets” including hedge funds, private equity funds and venture capital funds — there is essentially no reason to treat a foundation organized as a not-for-profit corporation any differently than one organized as a trust.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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