The Freshfields Podcast

Well-Caffeinated: Not Just a Speed Bump — Identifying and Managing Conflicts of Interest in Private Funds

The Freshfields Podcast

Show Notes

In this episode of Well-Caffeinated, host Tim Clark is joined by David Nicolardi, a Private Funds and Secondaries partner in Freshfields' Washington, DC office, to examine one of the first principles of fund management: identifying and managing conflicts of interest. The conversation explores how regulators think about conflicts and investment adviser fiduciary duties, drawing on David's experience in the SEC's Division of Investment Management. Tim and David unpack why treating conflicts as mere “speed bumps” to rush past is a dangerous mindset, and why thoughtful identification and management are fundamental to an adviser's fiduciary duty. Tim and David also cover the two pillars of managing conflicts – disclosure and mitigation – and the standard of “full and fair” disclosure, informed consent and when formal approval from investors or an LP advisory committee is required.

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