Private Equity Alert Capital Equities Management, Inc. available at http://www. weil.com/~/media/files/pdfs/150634_pe_alert3_sept2015_ v1.pdf 11. Please note that certain large “hedge fund” advisers and “liquidity fund” advisers are subject to more frequent and extensive reporting requirements and shorter deadlines. 5. For more information please see our September 2015 Private Equity Alert FinCEN Proposes AML Regulations for Registered Investment Advisers available at http://www. weil.com/~/media/files/pdfs/150583_pe_alert_sept2015_ v3.pdf 12. For more information on the de minimis exemption and the changes made to the Commodity Exchange Act and the CFTC Rules by the Dodd-Frank Act, please see our September 2012 Private Equity Alert Changes to CFTC Regulations Affecting Private Funds available at http:// www.weil.com/~/media/files/pdfs/Private_Equity_Alert_ Sept_2012_.pdf 6. Available at https://ilpa.org/best-practices/reporting-bestpractices/for-consultation-ilpa-fee-reporting-template/ 7. A list of the early endorsers can be found at: https://ilpa.org/ wp-content/uploads/2016/01/Template-Endorsement-ListFebruary-1-2016.pdf 8. Certain deadlines are calculated based on the assumption that the adviser has a fiscal year-end of December 31. 9. In addition, an investment adviser must update its Form ADV promptly if certain information becomes inaccurate as indicated in the instructions to Form ADV. 10. For more information please see our June 2015 Private Equity Alert SEC Proposes Amendments to Form ADV Regarding Separately Managed Accounts and Umbrella Registrations available at http://www.weil.com/~/media/ publications/private-equity-alert/pe_alert_june_08_2015.pdf 13. For more information on Rule 506(d) and the additional guidance provided by the SEC with respect to this rule, please see our July 2013 Private Equity Alert SEC Adopts Final Rules Permitting General Solicitation in Private Offerings available at http://www.weil.com/~/media/ files/pdfs/private_equity_alert_july_2013_.pdf and our December 2013 Private Equity Alert SEC Issues Guidance on Regulation D “Bad Actor” Rules available at http://www. weil.com/files/upload/PE_Alert_131205.pdf 14. If the 10% threshold, but not the $3 million threshold, is crossed, a BE-13 Claim for Exemption must be filed. Private Equity Alert is published by the Private Equity practice group of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, NY 10153, +1 212 310 8000, www.weil.com. The Private Equity group’s practice includes the formation of private equity funds and the execution of domestic and cross-border acquisition and investment transactions. Our fund formation practice includes the representation of private equity fund sponsors in organizing a wide variety of private equity funds, including buyout, venture capital, distressed debt, and real estate opportunity funds, and the representation of large institutional investors making investments in those funds. Our transaction execution practice includes the representation of private equity fund sponsors and their portfolio companies in a broad range of transactions, including leveraged buyouts, merger and acquisition transactions, strategic investments, recapitalizations, minority equity investments, distressed investments, venture capital investments, and restructurings. If you have questions concerning the contents of this issue, or would like more information about Weil’s Private Equity practice group, please speak to your regular contact at Weil, or to the editors, practice group leaders or contributing authors: Authors: David Wohl (NY) Bio Page david.wohl@weil.com +1 212 310 8933 Venera Ziegler (NY) Bio Page venera.ziegler@weil.com +1 212 310 8769 Walter Turturro (NY) Bio Page walter.turturro@weil.com +1 212 310 8861 © 2016 Weil, Gotshal & Manges LLP.

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