Simpson Thacher Attorneys Author Article in The Investment Lawyer on Modernizing Co-Investment Programs
08.15.25
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Partners Ryan Brizek, Kenneth Burdon, Jonathan Gaines, and Counsel Adam Lovell, authored an article titled, “Co-Investment Programs: From Byzantine to Spartan,” which was published by The Investment Lawyer. The article discussed the SEC’s modernization of the co-investment framework of the Investment Company Act of 1940 (“1940 Act”). A new form of exemptive relief allows 1940 Act funds to invest alongside affiliated entities subject to certain conditions that are more principles-based than had been imposed in the past, and which will improve retail investor access to alternative investments and private markets. The article further detailed the background of the 1940 Act’s co-investment rules, the historical development of co-investment programs, key improvements for 2025, initial interpretive questions, and next steps for asset managers, among other topics.
To read the full article, please click here.