Michael G. Doherty
Partner
Michael Doherty is a partner in the asset management group who primarily represents asset managers on a wide range of products. He has considerable experience advising on the formation and ongoing operations of registered funds, private funds, such as private equity funds, and business development companies. In addition, Michael also represents private fund clients in strategic transactions, working closely with lawyers from the firm’s private equity practice.
Michael’s clients include investment advisers, registered investment companies and their boards, and privately offered investment pools and their sponsors. Clients prize Michael for his deep understanding of commercial matters, as well as related regulatory and compliance matters.
With deep knowledge of a variety of products, Michael is at the forefront of helping clients who want to explore alternative products and seek out new types of investors. He has helped traditional fund sponsors who want to broaden their client base, and guided private fund managers interested in accessing retail investors. Michael has become a recognized thought leader in the area of private equity “retailization,” leading meetings with SEC staff and co-authoring articles on the subject.
Experience
- Day-to-day regulatory and operational advice to Natixis Global Asset Management and its affiliated mutual funds.
- Private fund, registered fund and investment adviser regulatory advice to Pacific Investment Management Company.
- Transactional, regulatory and private fund advice to Institutional Capital Network.
- Ongoing advice to Cohen & Steers Capital Management and its sponsored open-end and closed-end investment companies.
- Fund organization, transaction assistance and regulatory advice to Siguler Guff & Company, a multi-product private equity boutique.
- Regulatory and operational advice to Stone Harbor Investment Partners and Stone Harbor Investment Funds.
- Fund organization and regulatory assistance to CRG (formerly Capital Royalty Partners), a provider of financing solutions to pharmaceutical and life sciences companies.
- Counsel to the Board of Directors of Saratoga Investment Corp., a publicly traded business development company.
- Fund and Independent Director counsel to the Lord Abbett Funds.
Publications
- Quoted, “Is Private Equity Ready for Retail in 2020?,” WSJ Pro Private Equity (January 14, 2020)
- Quoted, “Make Sure the Numbers Don’t Lie, SEC Urges Funds,” BoardIQ (October 22, 2019)
- Co-author, “Retail Investments in Private Funds: Regulatory Obstacles and Opportunities,” Wolters Kluwer (October 18, 2019)
- Podcast, “PODCAST: SEC aims to level playing field for retail investors,” Private Funds CFO (August 12, 2019)
- Quoted, “SEC Push to Boost Alts Access May Spark 401(k) Reforms,” FundFire (August 7, 2019)
- Quoted, “DC plans still slow on moving alts into lineups,” Pensions & Investments (May 27, 2019)
- Quoted, “SEC clarifies how funds should disclose fee changes to comply with DOL fiduciary rule,” InvestmentNews (January 3, 2017)
- Co-author, Sweet & Maxwell, “International Series Investment Funds,” (Thomson Reuters) 3rd Edition (March 2016)
- Quoted, “Registered Private Equity Funds Pick Up Steam,” FundFire (November 4, 2015)
- Co-author “U.S. Chapter: Investment Funds Jurisdictional Comparisons,” The European Lawyer Reference (Second Edition 2013)
- Quoted, “Tax and Structuring Considerations for Funds Organized to Invest in Master Limited Partnerships,” The Hedge Fund Law Report (August 1, 2013)
Presentations
- Panelist, “The new liquidity paradigm,” the IBA’s 27th Annual Conference on the Globalisation of Investment Funds (May 9, 2016)
- Panelist, “Tackling the SEC’s Fund Liquidity Management Plans,” Compliance Reporter Breakfast Briefing (March 22, 2016)
- Panelist, “Education and Marketing of Closed-End Funds,” ICI Closed-End Fund Conference (November 4, 2015)
- Panelist, “Retailization of Private Equity,” PEGCC Chief Compliance Officers Working Group (September 30, 2014)
- Panelist, “An Overview of Business Development Companies (BDCs) and Uses of These Vehicles in the Current Climate,” 2013 Joint Fall CLE Meeting - ABA Section of Taxation and the Trust and Estate Law Division of the ABA Section of Real Property, Trust and Estate Law, San Francisco, CA (September 20, 2013)
- Speaker, Mutual Fund Directors Forum Directors’ Roundtable, “Board Oversight of Registered Alternative Products” (November 28, 2012)
- Presenter, Independent Directors Council New York chapter meeting, “Registered Alternative Investment Products: Review of Products, Board Considerations and Developments” (September 5, 2012)
- Moderator, Independent Directors Council’s "2012 Investment Company Directors Workshop," discussion group on Portfolio Performance (May 10, 2012)
Education
- JD, with Honors, The University of Chicago Law School, 1997; University of Chicago Law Review
- BS, magna cum laude, Binghamton University, State University of New York, 1991