Insights Blog

A magnifying lens held over a blank page, resolving a hidden structure beneath it.

Private Capital Development Publishes a Free Directory of the Development Finance Institutions That Invest in Private Funds

FOR IMMEDIATE RELEASE Reference work maps 41 institutions — and finds the received wisdom about first-time funds contradicted by the institutions' own published figures. ROCKVILLE, Maryland — Private Capital Development today published The Global...

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Layered geological strata with seams running through them, representing distinct asset classes within private capital.

Trade Associations for Infra, Private Credit and Real Estate Funds

What are the trade associations for infrastructure, private credit and real estate funds? Nine associations, across three asset classes. Every one...

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A bridge half built and half drawn in blueprint, representing capital formation still under construction.

Private Equity and Venture Capital Associations in Africa

Which African countries have a private equity or venture capital association? Five associations, across five countries and territories. Every one was...

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A young sapling in a pot beside three established trees: a newcomer standing among institutions.

The Global Directory of Development Finance Institutions

Do development finance institutions back first-time funds? Several say so in their own published material. The received wisdom is that they will not....

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Paper-collage illustration of a congested lane of cars and trucks beside a single clear archway route with a torn teal seal above it, and a figure walking through — the many checklists a family office might try, beside the one regulator that actually clears a fund manager.

The Global Directory of Fund-Manager Regulators

Nearly every diligence checklist a family office relies on is a checklist for a US manager. The SEC's adviser database, FINRA BrokerCheck, and EDGAR...

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A corridor of successive doorways opening toward light — a fragmented field made navigable.

The Global Directory of Private Capital Associations

Yes — and there are more of them than any published list shows. One hundred eight non-profit trade associations represent private capital...

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A precarious mountain of paper folders and documents with a single blank sheet outlined in teal at the top — paper-collage illustration representing the one PFIC information statement that matters amid a fund's reporting paperwork.

PFIC and the QEF Election: What a Non-U.S. Fund Owes Its Taxable U.S. Investors

A passive foreign investment company (PFIC) is a non-U.S. company that mostly earns or holds passive income and assets. A U.S. taxable investor who...

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The same armchair with a teal cushion repeated across four different paper-collage backdrops — illustration representing a constant baseline tax reporting obligation carried across changing layers of added requirements.

Schedule K-1, K-2, K-3, and Form 8865: The U.S. Tax Reporting a Non-U.S. Fund Must Deliver

A non-U.S. fund treated as a partnership for U.S. tax purposes owes each U.S. investor a Schedule K-1 annually. Since 2021, most funds with...

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A figure stands before a series of successively narrower stone doorframes leading to one small glowing teal doorway in the distance — paper-collage illustration representing how specific fund activities narrow the path toward effectively connected income exposure, while most funds pass through freely.

What Is Effectively Connected Income, and Does It Apply to a Non-U.S. Fund Manager?

Effectively connected income (ECI) is income a non-U.S. person earns from a U.S. trade or business, taxed the same way a U.S. person's business...

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