SAVE THE DATE: NAIC Private Equity and Hedge Fund Conference in Washington, DC

The National Association of Investment Companies will host the NAIC Annual Private Equity and Hedge Fund Conference, October 11-12, 2017 at the Georgetown University McDonough School of Business in Washington, DC. The premier thought leadership event in alternative investments brings together chief investment officers, investment managers, limited partners and policymakers for networking as well as in-depth industry panel discussions. The conference will kick off with Capital Connection: NAIC Awards and Welcome Reception at the National Museum of African American History and Culture. This year's conference will explore the innovative models deployed by diverse private equity firms and hedge funds, fund-raising best practices and insights into the landscape and outlook for the industry while honoring those firms who have generated stellar returns.

One Rock Capital Deal Joins NAIC Home Run Club

The NAIC Home Run Club, which recognizes significant deals completed by member firms that have returned at least 4X to their limited partners, has inducted One Rock Capital Partners for its SRLH Holdings transaction. In March 2017, an affiliate of One Rock Capital Partners, completed the sale of SRLH Holdings, Inc. (Summit) to Elementis plc. The deal returned 5.1x to its investors. Summit is a high quality, high margin specialty chemicals platform that produces a range of critical active ingredients and materials tailored for use in personal care, pharmaceutical and dental products. Summit's antiperspirant actives business (more than 60% of its sales) is the global leader in the manufacture and sale of active ingredients for antiperspirants and has long standing relationships with key consumer product companies across the Americas, Europe and Asia.

For more information on the Home Run Club, visit http://naic.staging.wpengine.com/resources/naic-home-run-club/

DOL Fiduciary Rule: The Roller-Coaster Ride Continues

The DOL Fiduciary Rule that will require all advisors to act as fiduciaries with their ERISA clients is currently being opposed by many Republicans who believe it will ultimately harm the retirement advice industry and retirees by increasing litigation and reducing access to certain retirement saving offerings and products. But even though the DOL has issued a temporary non-enforcement policy that does not stop the IRS or a client from bringing a private lawsuit against you should you choose to not comply with the Rule by its application date. With that said, it is important that firms continue to make any necessary changes to their advisory businesses to be in full compliance with the Rule as of April 10, 2017. In this installment of Compliance Corner, ICSGroup keeps you apprised of the status of the Rule and its implications.

NAIC Members in the News

HarbourVest Partners Closes Mezzanine Co-Investment and Real Assets Funds

HarbourVest Partners announced the final closes of its first mezzanine-focused co-investment fund at $375 million and its third real assets fund at $366 million. Real Assets Fund III is HarbourVest’s first commingled real assets fund and closed above its $300 million target at $366 million. The strategy of the Fund is to leverage our Dover Street secondary investment approach and apply it to the less competitive but fast-growing real assets market with the objective to invest opportunistically across the energy, power, infrastructure, and natural resources sectors.

Wicks Group Invests in Identity Theft, Fraud Protection Services Provider

EZShield, Inc. announced that The Wicks Group of Companies completed the purchase of a controlling interest in the company from EdgeStone Capital Partners. The terms of the transaction were not disclosed. Based in Baltimore, MD, EZShield is a leading provider of consumer and small business identity theft and fraud protection services through partnerships with companies in financial services, employee benefits, insurance, communications and other select industries. EZShield's partners, in turn, deliver the company’s products as value-add offerings to their customers.