Thayer Joins Panel on How Family Offices are Disrupting Private Equity, Venture Capital and Real Estate
Mick Law 2019 Energy & Global Alts Symposium, Dallas, Texas
On May 7, 2019, Steven Thayer spoke on a panel with Ronald Diamond, Chairman and CEO of Diamond Wealth, and Joseph Bonvouloir, Founder and CEO of ALTI. The panel discussed how family offices are getting more actively involved in each of these investment categories and how access to deals, transparency and due diligence were key issues for families. Thayer talked about how family offices don’t do retail deals and are looking for more customized direct investment structures. He also talked about how intermediaries such as registered investment advisors and broker-dealers can still play a critical role in transactions to help families structure their investments properly, especially when co-investing with other families. Thayer explained how families have to be mindful of the Family Office Exemption in the Investment Advisors Act which allows families to be exempt from registering as investment advisors provided they do not manage other people’s money. Families that pool money with other families, and who do not use registered intermediaries, can run afoul of those rules and find themselves in a situation where they need to register as RIA’s or Broker-Dealers. Wheeling and dealing in investment transactions is a highly regulated space and families that get more aggressive in the space need to be more and more mindful of those issues, Thayer stated. He also recommended that families hire groups like Mick Law to do more extensive due diligence on investment transactions. Just because there is no broker-dealer in a transaction doesn’t mean that you shouldn’t get a due diligence report issued for an investment transaction. The conference attendees included broker-dealers, RIAs, and sponsors of various investment products.
Opportunity Zones Presentation to the CBA
On October 23, 2018, Steve presented to the Federal Taxation Committee of the Chicago Bar Association on the tax issues associated with Opportunity Zones, including the impact of the new Proposed Regulations 115420-18, Revenue Ruling 2018-29, and IRS Form 8996, all of which were released on October 19, 2018. The creation of Opportunity Zones, economically disadvantaged areas designed by states and certified by the Treasury, are entitled to certain tax benefits including the temporary deferral of capital gains that are invested in Qualified Opportunity Funds. Steve addressed the impact of the new proposed regulations and revenue ruling as well as the open issues that still need to be addressed by the Treasury. To learn more, see Steve’s blog post on Opportunity Zones.
Appearance on WGN Radio
On October 17th, 2018, Steve appeared on a WGN Nightside radio segment with his friends Andrea Darlas and Pete McMurray. He discussed all things legal when it comes to couple’s in crisis. Steve covers everything from prenups, knowing when the honeymoon phase is over, if you should return the ring and everything else in between! Check out the conversations and questions he answered here.