Private Investment Funds Update - June 2012

FBAR REPORTS DUE JUNE 29

A Report of Foreign Bank and Financial Accounts, Form TD-F 90-22.1 ("FBAR"), must be filed by June 29, 2012 by any U.S. person that held a financial interest in, or signature or other authority over, a foreign financial account for calendar year 2011, if the aggregate value of all the U.S. person's foreign financial accounts exceeded $10,000 at any time during the year. The report must be received by the U.S. Department of Treasury on June 29, 2012 (not merely postmarked by that date), rather than June 30, 2012 because June 30, 2012 is a Saturday.

As described below, the ownership of an interest in a hedge or private equity fund by itself is not currently subject to FBAR reporting. However, the fund itself may have a filing obligation under certain circumstances, as well as officers and employees of the fund or of its investment manager or general partner, and an investor that owns a controlling interest in the fund. Scenarios that may