A View From the Front: Practical Guidance Learned from Exams of Private Fund Advisers

	Eva Carman Partner Ropes & Gray Eva Carman is co-office managing partner of the firm's New York office and co-head of the firm's securities & future enforcement group. She is a Chambers and Partners recognized practitioner for Nationwide, Securities: Regulation: Enforcement. She has 24 years of experience representing investment advisers in connection with Securities & Exchange Commission examinations, investigations and litigated actions. Her focus includes private equity and real estate fund defense, having worked with over twenty PE and real estate firms in connection with the SEC's focus on that industry. Her practice is nationwide. She has had recent cases in five of the SEC’s regional offices and the Washington office. Her high-profile successes include the dismissal of claims against one of the central figures in the credit crisis cases – the former head of Countrywide Home Loans. Her recent non-public successes include complete defense of a private equity firm in a fees and expenses case and complete defense of a portfolio manager of a prominent hedge fund in an expert network insider trading case. As a result of her years in the industry and track record of success, she is well-regarded by hedge fund managers, investment advisors and private equity firms, who not only seek her counsel in investigations and litigated matters, but also for regulatory guidance on matters relating to insider trading, custody, anti-corruption, design and implementation of compliance programs intended to address complex and novel trading and business issues. She has also been tapped to conduct internal investigations, the most recent of which was of a commodities broker that was under investigation for complex issues associated with accounting disclosures. Throughout these matters, Eva has demonstrated the skills that make her a sought-after counselor and advocate: respect of the regulators, sensitivity to the nuances of working in a politically charged atmosphere, and a deep understanding of her clients’ industry and businesses.

	Colin Sanderson Partner RSM Colin Sanderson is an Audit Partner with RSM in the Financial Services Practice focusing on the private equity fund audits. Colin also serves as the National Director for Private Equity Fund Services coordinating our fund service offerings to private equity funds and serving as concurring reviewer for many of the firm’s key private equity clients. Prior to joining the firm, he was with a Big Four firm and other national firms working on key alternative investment services engagements. Some of Colin’s clients include Psilos, Spire Capital, Altaris, Olympus Capital Asia, American Securities Partners, American Industrial Partners, Liberty Partners, Kinderhook, Private Equity Investors and Riverside Global Partners. Colin has been a prominent speaker on private equity valuation, transparency and internal controls of funds-of-funds, registered investment adviser compliance and the custody rule at industry conferences and workshops. Colin is an editor of the RSM Alternative Investment Watch newsletter and has published extensively on the custody rule and other recent regulatory proposals.

	Dee Sekar Editor Chambers and Partners Dee Sekar is a UK qualified solicitor and Corporate Counsel and Global Diversity Editor at Chambers & Partners. Dee trained and worked at two London city firms before moving to Chambers & Partners four years ago. Her main focus has been establishing a network of relationships with in-house counsel across the globe. Dee works very closely with numerous in-house lawyer groups. She successfully launched the Chambers General Counsel seminars in Latin America and Asia while continuing to strength the programme in the USA. Dee is also head of Chambers Diversity, which is a global research and seminar programme that provides a platform to the most outstanding lawyers who have shown a real commitment to advancing diversity in the law.

	Keith Swiat Director, Security and Privacy RSM Keith Swiat brings over 20 years of experience in information technology, including 10 years of experience in management and network/application security with a strong technical expertise with mobile platforms. He is an expert advisor on best practices and compliance for software vendors developing mobile/web/desktop applications. As an active participant in the payment card industry, Keith has collaborated with standards organizations, merchants and software vendors to create new data security standards and best practices. His proven leadership skills focus on utilizing the individual strengths of team members to build productive and cohesive practices.

	Kevin Vannucci Partner RSM Kevin Vannucci, ASA/IA, CPA/ABV is the National Partner in-charge of the Valuation Services group for RSM US and has been with the firm since 1991. He has prepared numerous valuation reports for clients in many industries over the past 21 years. Kevin has led engagements that include: estate and gift issues of equity interests in closely held companies and limited partnerships; built-in gain analysis; fair value for financial reporting purposes (ASC 350-20, 360, 718, 805 and 820); warrant/ option valuations; financial planning and strategic advisory services; purchase price allocations and valuation of intangible assets such as patents; trademarks, technology, in-process research and development; and non-compete agreements. He also provides litigation support and has testified in federal, state and local courts with a recent New York case that has received national attention. Kevin is currently based in the firm’s New York City office and spends a significant amount of his time valuing and reviewing the valuations for the mark-to-market work, subject to ASC 820, for equity and debt investments held by PE funds.

	Joel Wattenbarger Partner Ropes & Gray Joel Wattenbarger represents investment management clients, focusing primarily on hedge funds, funds of funds, private equity funds and fund managers. He advises clients on the establishment of funds and fund management companies, trading and other operational issues, and compliance issues faced by registered investment advisers. Most recently, Joel has devoted substantial time to advising hedge fund and other private fund clients on the impact of the Dodd-Frank Act and proposed and final rules issued by the SEC under the Act. Joel also has considerable experience representing institutional investors in private investment funds. Joel has represented a number of private funds and fund managers in connection with the establishment of fund management companies and the organization of hedge funds, private equity funds and funds of funds. Joel’s advice to fund managers has covered the drafting of fund agreements and offering documents, facilitating strategic investments by seed investors in newly-established funds, negotiating with prime brokers, administrators and other service providers to funds, trading issues, investor relations, fund restructurings, and wind-downs. Joel has also advised fund managers and their principals with respect to economic and governance issues at fund management companies. He has advised US and foreign investment managers regarding the US investment adviser regulatory regime and has assisted numerous advisers with registering as an adviser and adopting and administering compliance policies and procedures. Joel also has extensive experience representing institutional investors, including pension plans, endowments, insurance companies and funds-of-funds, in making investments in private investment funds and other structured investment vehicles. These investments have included both traditional hedge fund and fund of fund investments as well as specialized vehicles established to pursue highly customized investment strategies.