Boston Partner Heather Stone Comments on SEC’s Scrutiny of LP Stakes Sales in Private Equity International

Heather Stone, a Partner based in the Boston office and Co-Chair of Locke Lord’s Investment Adviser & Alternative Funds group, was quoted in an article saying she has observed at least two instances in the last year of SEC exams featuring scrutiny of the GP’s role in secondaries transactions. 

Stone noted: "One thing that would make the SEC uneasy is the lack of standard or best practice around the role a GP plays in these transactions. LPAs rarely contain wording about this, so the SEC will want to reassure itself that there is nothing happening below the surface that benefits the GP to the detriment of LPs.”

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