Warner Norcross + Judd LLP represented a religious denominational organization in the development, structuring, establishment and management of multiple charitable investment funds available for investment by parishes and other charitable organizations within the denominational group. This work involved analyzing and considering the advantages and disadvantages of various legal vehicles for offering the investment funds, including via a nonprofit corporation, limited liability company or various types of trust. It also involved consideration of structuring the offering under an exempt investment company model or an exempt investment adviser/broker-dealer model for buying, holding, selling and managing the underlying investments of each fund. The $1 billion offering was implemented utilizing an exempt investment company model under Section 3(c)(10)(A)(ii) of the Investment Company Act of 1940 and state law preemption under the Philanthropy Protection Act of 1995.
Experience
