1906001 Informal Interpretation

Date:

Tags:

Rule:
801.11
Staff:
Timothy Carson
Response/Comments:

It is correct to exclude the value of cash capital commitments from the 801.11(e) calculation for a new private equity fund that is its own UPE and that will have no ordinary course balance sheet and no cash other than the funds to make its first acquisition.

Question

From: Carson, Timothy


Sent: Thursday, June 13, 2019 5:57:12 PM (UTC-05:00) Eastern Time (US & Canada)


To: [Redacted]


Cc: [Redacted]


Subject: RE: 801.11(e) question

It is correct to exclude the value of cash capital commitments from the 801.11(e) calculation for a new private equity fund that is its own UPE and that will have no ordinary course balance sheet and no cash other than the funds to make its first acquisition.

From: [Redacted]


Sent: Thursday, June 13, 2019 2:02:54 PM (UTC-05:00) Eastern Time (US & Canada)


To: [Redacted]


Subject: 801.11(e) question

I am writing to confirm that the position reflected in Informal Interpretation 0912008 remains the position of the PNO (link below). Specifically, is it correct to exclude the value of cash capital commitments from the 801.11(e) calculation for a new private equity fund that is its own UPE, will have no ordinary course balance sheet and no cash other than the funds to make its first acquisition? Thanks very much.

https://www.ftc.gov/enforcement/premerger-notification-program/informal-interpretations/0912008

About Informal Interpretations

Informal interpretations provide guidance from previous staff interpretations on the applicability of the HSR rules to specific fact situations. You should not rely on them as a substitute for reading the Act and the Rules themselves. These materials do not, and are not intended to, constitute legal advice.

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