Richard Horowitz

richard-horowitz

Richard Horowitz

Partner

New York | Three Bryant Park, 1095 Avenue of the Americas, New York, NY, United States of America 10036-6797
+1 212 698 3525 | +1 212 698 3599

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Richard Horowitz has represented both registered investment companies, including open-end and closed-end funds, and private funds, such as hedge funds and private equity funds, for more than 20 years. He has particular experience with alternative strategy mutual funds, such as manager-of-manager funds, and closed-end funds of hedge funds and private equity funds.

Mr. Horowitz is the co-head of Dechert’s Permanent Capital Practice and regularly advises alternative asset managers in their efforts to access permanent capital through Business Development Companies (BDCs) and closed-end funds. He has obtained SEC co-investment exemptive relief for many BDC and closed-end fund clients and regularly advises on complex co-investment issues. He obtained a unique no action letter permitting the first (and only) master/feeder BDC structure. He is a frequent speaker at conferences regarding developments and trends affecting BDCs and other alternative investment vehicles.

Mr. Horowitz has advised some of the largest companies in the U.S. mutual fund industry, including Merrill Lynch, Morgan Stanley, and Dreyfus Family of Funds. He regularly advises mutual funds on the full range of Investment Company Act issues, including disclosure under the new summary prospectus, affiliation issues, funds, and other compliance issues. Over the years, he has worked on numerous fund merger transactions. He has obtained no action relief on behalf of clients on a variety of issues, including the ability of mutual fund wrap fee programs to charge deferred sales loads and ‘40 Act issues associated with a three-tier registered fund of hedge funds structure.

Mr. Horowitz has organized and structured both domestic and offshore private funds. He regularly advises investment advisers on all aspects of regulatory and compliance issues under the Investment Advisers Act, including hedge fund best practices, codes of ethics, trade allocation issues, presentation of prior performance, and U.S. private placement marketing issues.

Mr. Horowitz also advises various publicly traded permanent capital vehicles, such as REITs, on their ability to avoid coming within the definition of an investment company by relying on one or more exemptions under the Investment Company Act.

Mr. Horowitz has been recognized by The Legal 500, which noted that “Richard Horowitz provides immediate advice and breeds confidence in his advice. He offers a very good combination of theory and practicality.”

Education
  • The Wharton School, University of Pennsylvania, B.S., 1985, economics
  • University of Pennsylvania Law School, J.D., 1988
Admissions
  • New York
Speaking Engagements
  • Private Funds Nuts & Bolts: Allocation Issues for Private Funds/ '40 Act Registered Funds — Dechert LLP, Webinar (June 12, 2019)
  • Best Practices in Managing Valuation of Loans and Illiquid Credits — Private Debt Investor’s CFOs & COOs Forum, New York, NY (June 11, 2019)
  • 2019 Global Alternative Funds Symposium — Dechert LLP, New York, NY (June 4, 2019)
  • 5th Annual Permanent & Private Capital Summit — Dechert LLP, New York, NY (April 4, 2019)
  • The Rise of Interval Funds: They're Back and Better Than Ever — Dechert LLP, New York, NY (December 4, 2018)
  • 2018 Permanent Capital Summit — Dechert LLP, New York, NY (April 18, 2018)
  • Hedge Funds Nuts & Bolts Webinar Series: Direct Lending Fund Structures — Dechert LLP, Webinar (October 11, 2017)
  • Financing the Economy: Private Credit Research Launch — Hosted by The Alternative Credit Council (ACC) and Dechert LLP, New York, NY (October 11, 2017)
  • A Look Ahead – Where is the Asset Management Industry Going? — 2017 Global Alternative Funds Symposium, New York, NY (March 28, 2017)
  • Private and Listed Credit Funds: Recent Trends in EU, UK and U.S. Fund Structuring and Financing — Dechert LLP, London, UK (June 29, 2016)
  • CCO Roundtable — 2016 Global Alternative Funds Symposium, New York, NY (April 6, 2016)
  • Managed Futures Mutual Funds – The End of the Party? — Presented by CTA Intelligence, New York (February 24, 2016)
  • Capital Raising for Fund Managers: How to Launch a BDC — Presented by New York Society of Security Analysts, Inc., Webinar (February 10, 2016)
  • Managing Your 2016 Annual Rule 206(4)-7 Review — Hosted by the Regulatory Compliance Association, Webinar (January 28, 2016)
  • Compliance, Risk & Enforcement Symposium – New York 2015™ — Presented by the Regulatory Compliance Association, New York (November 3, 2015)
  • Investment Company Regulation: History, Evolution and Future Developments — Dechert LLP, New York, NY (October 6, 2015)
  • Alternatives Leadership Forum — Hosted by DST and ALPS, a DST Company, Boston (September 24, 2015)
  • Offering Alternative Strategy Funds to Retail Investors — Dechert LLP, New York, NY (April 29, 2015)
  • So You Think You Want Permanent Capital? Options for Permanent Capital Vehicles — Current Trends in Permanent Capital: What Alternative Managers Need to Know Now, New York, NY (January 22, 2015)
  • Industry Trends: Review of 2014 and Preview of 2015 — Investment Company Institute Closed-End Fund Conference, New York, NY (November 4, 2014)
  • The Role of Retail Alts, Trends and What it Takes to Succeed — Hosted by Context Summits, DST Alternative Fund Solutions and KPMG, New York, NY (June 19, 2014)
  • 2nd Annual Liquid Alternative Strategies West — IIR USA, San Francisco, CA (April 28-29, 2014)
  • Living with the Volcker Rule: Covered Funds — Dechert LLP, Webinar (January 30, 2014)
  • Alternative Strategy Mutual Funds Forum — Presented by the Institute for International Research (IIR USA), New York, NY (September 11, 2013)
  • RetailALTS 2nd Annual Advisor & Broker-Dealer's Forum — Financial Research Associates, Boston, MA (May 21, 2013)
  • Liquid Alternatives: Raising Assets Through Registered Funds — Co-hosted by Dechert LLP and Deutsche Bank AG, New York, NY (April 24, 2013)
  • Offering Alternative Strategies and Alternative Asset Classes to Retail Investors — Financial Services Breakfast Briefing, Palm Desert, CA (March 19, 2013)
  • 40 Act Funds – Game Changer for Funds of Funds? — Infovest21, New York, NY (February 7, 2013)
  • 40 Act Funds: What You Need To Know — 3rd Annual Innovative Alternative Strategies Conference, Denver, CO (July 30, 2012)
  • Product Development Opportunities in the Commodity and Alternative Fund Space — Dechert LLP, Webinar (July 25, 2012)
  • Marketing Communications: Opportunities and Constraints for Hedge Fund Managers — Dechert LLP, March 2, 2010)
  • Publicly Traded Fund Opportunities for Private Fund Managers — Dechert LLP (January 28, 2010)