United States: Venture Capital

Vermont's Act 133 imposes new restrictions on private equity and hedge fund involvement in health care facilities, limiting investor control over clinical decisions while requiring detailed ownership disclosures to state regulators. The law creates significant compliance obligations for investors and operators, including an initial reporting deadline of March 1, 2027, and ongoing disclosure requirements for ownership changes.

Lowenstein attorneys and business services professionals share how pro bono work has enhanced their legal expertise and interpersonal abilities through direct client engagement, court experience, and cross-departmental collaboration. The discussion reveals how serving vulnerable clients at nonprofit organizations develops critical skills in empathy, creative problem-solving, and clear communication that translate across all areas of legal practice.

After years of waiting for the IPO window to reopen, a panel of CFOs, bankers, and investors gathered in San Francisco to discuss what has actually changed since 2021. The uncomfortable truth emerged: while headline numbers suggest a record year for IPO proceeds, the window remains open only for mega-listings, leaving middle-market companies still waiting on the sidelines.

The SEC has filed a complaint against Eric Munson and Adit Ventures Management, alleging a multi-year scheme involving misrepresentation to investors, misappropriation of fund assets, and undisclosed conflicts of interest. The case involves over 60 funds with at least 1,000 investors, where the defendants allegedly induced investments through false promises, executed unauthorized loans between funds, and engaged in undisclosed self-dealing transactions while failing to properly register as an investment adv

Early decisions about a start-up's legal structure can dramatically affect tax outcomes and financial returns as the company grows and reaches liquidity events. Understanding the Qualified Small Business Stock (QSBS) exemption and implementing proper structuring from the outset can significantly enhance returns for both founders and investors.

The U.S. Department of Energy and Small Business Administration have launched a groundbreaking partnership to direct private investment toward small businesses developing energy and critical technologies. This new initiative combines federal expertise with private capital to accelerate commercialization of innovations in artificial intelligence, quantum computing, advanced manufacturing, and energy security. Fund managers and entrepreneurs in these strategic sectors now have access to expanded financing opp

LEA Technologies deploys autonomous document and data agents that help registered investment advisers eliminate clerical work and deliver clean, structured data into their core systems. The company's solution integrates directly into existing enterprise platforms, enabling firms to automate investment proposals, client onboarding, and financial planning while achieving unprecedented operational scale.

Recent research reveals that approximately 25% of active venture capital funds faced litigation between 2014-2025, challenging the industry's self-perception as non-litigious. As startups remain private longer and raise unprecedented capital, VCs find themselves increasingly named as defendants due to their governance involvement and status as solvent parties when portfolio companies fail. What does this emerging litigation landscape mean for how venture investors approach board participation, operational i

This edition examines critical issues in venture financing and corporate governance, including whether current SAFE liquidation terms adequately protect investors in acquisition scenarios and what makes an effective private company board member. The newsletter also spotlights LEA Technologies, a company transforming data management for registered investment advisers.