To Commingle or Stay Single?

National Association of Public Pension Attorneys' 2021 Winter Seminar and Section Meetings
Tempe, AZ
8:30 – 9:20 a.m. MT

Yuliya Oryol and Doug Schwartz participated on the Investment Section panel, “To Commingle or Stay Single?,” during the National Association of Public Pension Attorneys' (NAPPA) 2021 Winter Seminar on October 5, 2021 in Tempe, AZ.

During the session, the panel addressed the different fund options in the market, including funds of one, separately managed accounts (SMAs), investment management agreements (IMAs), separate accounts with title holding entities and commingled funds. They will also discuss how to structure a fund of one, tax considerations and how material terms in a fund of one compare to a commingled fund. Additionally, they addressed the economic and administrative advantages and disadvantages of the various structures for public pension plan investors including limited partnerships, collective investment trusts, limited liability companies and other structures. The panel also provided perspectives of outside investment counsel, tax counsel and in-house counsel with respect to the legal terms and business reasons behind the various vehicles.

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