A Guide to Structuring Global Private Equity and Venture Capital Funds Across Regulatory Environments

We are often asked how a private equity or venture capital fund should be structured if it expects to raise capital globally and invest across multiple countries.

Historically, that question was often framed primarily as a tax, securities law, domicile or investor preference question.

Should the fund be Delaware or Cayman? Should there be a parallel fund? Should there be a blocker?

Will non-US investors receive US tax reporting? Will US tax-exempt investors have unrelated business taxable income (UBTI) concerns?

Will there be treaty, withholding considerations?