ProfessionalsUdi Grofman
Udi Grofman
Partner
Tel: +1-212-373-3918
Fax: +1-212-492-0918
emailugrofman@paulweiss.com
1285 Avenue of the Americas
New York,
NY
10019-6064
Fax: +1-212-492-0918
Udi Grofman is a partner in the Corporate Department, the head of the firm’s Private Funds Practice Group and a member of the Investment Management Practice Group. Called a “leading light in the fund formation area” by Chambers, his practice focuses on fund formation, strategic advice and crisis management. Clients praise Udi as “one of the smartest and most accomplished” lawyers with a “very rare commercial sensibility.” According to market commentators, Udi “possesses nonpareil legal expertise that crushes that of his counterparts at other firms” and he is a “powerhouse of a funds lawyer [who] works tirelessly to make clients happy.”
The Paul, Weiss Private Funds Group is recognized as one of the premier investment management practices in the United States. Chambers refers to the group as “a top shop” with “services [that] are second to none.” The team draws on “a strong bench of excellent lawyers with strong technical expertise, good market knowledge and a practical approach,” according to clients surveyed in The Legal 500. Among Law360’s Private Equity Practice Group of the Year winners and Chambers USA Client Service Award recipients for Investment Funds, the practice continues to focus on advising clients on all aspects relating to the full lifecycle of the investment management firm.
EXPERIENCE
Udi's practice focuses on:
- fund formation along the liquidity spectrum, including hedge funds, credit funds, hybrid funds, private equity funds, real estate funds, venture funds, long-dated funds, permanent capital vehicles and family offices;
- strategic advice, including seed capital transactions, minority and majority asset manager acquisitions and dispositions, and “upper tier” arrangements; and
- crisis management, including internal investigations, regulatory examinations, investigations and litigation, partner and employee disputes, and investor litigation.
Representative clients include Apollo Global Management, The Blackstone Group, GSO Capital, HPS Investment Partners, J.P. Morgan Asset Management, Glenview Capital, PointState Capital, Tilden Park, and Omega Advisors, and some of the country’s largest family offices, among others.
Consistently recognized as a leading practitioner in the industry, Udi is ranked as a Band 1 investment funds lawyer in Chambers USA, a Leading Lawyer in The Legal 500, and one of only a handful of Thought Leaders in Who’s Who Legal and IFLR1000. Udi writes and speaks frequently on the challenges facing hedge funds in today’s market. He was selected among the finest law firm writers of 2016, along with litigation partner Richard A. Rosen, with a Burton Award for their article, “Political Intelligence and U.S. Insider Trading Regulations,” published in Bloomberg BNA's Securities Regulation & Law Report. Udi is often asked to speak at major industry conferences, including those hosted by the International Bar Association, Practising Law Institute and Maples Investment Funds Forum. Udi also hosts an Annual Hedge Fund General Counsel Forum, which brings together the most prominent legal practitioners in the market to discuss recent trends and developments.
Udi maintains an active pro bono practice, representing not-for-profit interests and individuals, including recently assisting a number of individuals to obtain asylum in the U.S. Udi served as a lecturer for The Interdisciplinary Center-School of Law, School of Business Management, Herzliya, Israel and is a captain (ret.) in the Israel Defense Forces.
Related Resources
SEC Outlines Principal Trading Compliance Issues
- Sep 11, 2019
- Publications
SEC Outlines Principal Trading Compliance Issues
On September 4th, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published a Risk Alert highlighting the most frequent compliance issues identified by its staff during examinations of investment advisers…
Paul, Weiss Partners to Lead PLI Briefing on Real Asset Funds
- Sep 12, 2019
- Events
Paul, Weiss Partners to Lead PLI Briefing on Real Asset Funds
Corporate partner Udi Grofman, real estate partner Harris Freidus and tax partner David Mayo will lead a one-hour Practising Law Institute briefing, “Real / Hard Asset Funds: Real Estate and Infrastructure.”
SEC Releases Interpretation of Advisers Act Fiduciary Duties
- Jun 10, 2019
- Publications
SEC Releases Interpretation of Advisers Act Fiduciary Duties
The SEC recently issued a final interpretation (the “Interpretation”) of the federal fiduciary duty that an investment adviser owes to its clients under the Advisers Act.
Paul, Weiss Hosts Annual Hedge Fund General Counsel Forum
- Apr 17, 2019
- Events
Paul, Weiss Hosts Annual Hedge Fund General Counsel Forum
Paul, Weiss hosted its Annual Hedge Fund GC Forum. The event brings together clients and friends from the industry’s most prominent hedge funds to discuss significant issues confronting the industry.
Marco Masotti and Udi Grofman to Participate in IBA’s International Conference on Private Investment Funds
- Mar 10, 2019
- Events
Marco Masotti and Udi Grofman to Participate in IBA’s International Conference on Private Investment Funds
Corporate partners Marco Masotti and Udi Grofman will participate in panel discussions at the International Bar Association’s 20th Annual International Conference on Private Investment Funds.
Private Funds Regulatory Compliance Calendar 2019
- Jan 03, 2019
- Publications
Private Funds Regulatory Compliance Calendar 2019
Attached is a link to the Paul, Weiss Private Funds Regulatory Compliance Calendar for 2019.
SEC Announces 2019 Examination Priorities
- Jan 02, 2019
- Publications
SEC Announces 2019 Examination Priorities
On December 20, 2018, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) announced its examination priorities for 2019. Below are certain highlights of the examination priorities…
Initial Thoughts for Fund Managers for 2019: Addressing Liquidity Issues
- Dec 26, 2018
- Publications
Initial Thoughts for Fund Managers for 2019: Addressing Liquidity Issues
As financial markets continue to exhibit extreme volatility, it may be time for managers of hedge funds (and other open-ended and evergreen funds) to assess the challenges (and potential opportunities) that may arise in the near…
Preparing for an Uptick in Congressional Investigations of Corporations
- Dec 03, 2018
- Publications
Preparing for an Uptick in Congressional Investigations of Corporations
Beginning next month, Democrats will control the House of Representatives for the first time since 2010. Given the pent-up demand for House Democrats to make robust use of their oversight and investigative authorities, the current…
Declaration Capital Invests in aXiomatic
- Oct 30, 2018
- Client News
Declaration Capital Invests in aXiomatic
Paul, Weiss advised Declaration Capital, the family office of Carlyle co-founder David Rubenstein, in its recent investment in aXiomatic, an esports and video game startup.
The Financial Crisis 10 Years Later: Lessons Learned
- Sep 15, 2018
- Publications
The Financial Crisis 10 Years Later: Lessons Learned
Ten years after the collapse of Lehman Brothers, market participants and other global companies operate in a markedly changed regulatory enforcement and compliance landscape. This memorandum discusses the legal and business…
Udi Grofman to Participate at ALM’s Annual Hedge Fund General Counsel & Compliance Officer Summit
- Sep 27, 2018
- Events
Udi Grofman to Participate at ALM’s Annual Hedge Fund General Counsel & Compliance Officer Summit
Corporate partner Udi Grofman will speak on a panel at ALM’s 12th Annual Hedge Fund General Counsel & Compliance and Officer Summit.
SEC Publishes the Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations of Investment Advisers
- Apr 17, 2018
- Publications
SEC Publishes the Most Frequent Advisory Fee and Expense Compliance Issues Identified in Examinations of Investment Advisers
The SEC recently published an alert listing the most frequent advisory fee and expense compliance issues identified in deficiency letters sent to SEC-registered investment advisers.
Corporate Partners to Participate in ABA/IBA International Conference on Private Investment Funds
- Mar 11, 2018
- Events
Corporate Partners to Participate in ABA/IBA International Conference on Private Investment Funds
Corporate partners Marco Masotti (who co-chairs the conference), Ariel Deckelbaum, Amran Hussein, Udi Grofman and Ramy Wahbeh are taking part in the American Bar Association and the International Bar Association’s 19th Annual…
Treasury Department Releases Report Listing Russian Senior Political Figures and Oligarchs
- Feb 05, 2018
- Publications
Treasury Department Releases Report Listing Russian Senior Political Figures and Oligarchs
On January 29, 2018, the Treasury Department submitted to Congress a report pursuant to Section 241 of the Countering America’s Adversaries Through Sanctions Act (“CAATSA”).
Udi Grofman to Speak at Maples Investment Funds Forum
- Feb 08, 2018
- Events
Udi Grofman to Speak at Maples Investment Funds Forum
Corporate partner Udi Grofman will speak at the upcoming Maples Investment Funds Forum conference.
Private Funds Regulatory Compliance Calendar 2018
- Dec 06, 2017
- Publications
Private Funds Regulatory Compliance Calendar 2018
Attached is a link to the Paul, Weiss Private Funds Regulatory Compliance Calendar for 2018. The calendar covers certain (but not all) regulatory obligations of a typical U.S.-based private fund adviser. Please note that any words…
Viking Global Investors to Back Rockefeller Capital Management
- Oct 04, 2017
- Client News
Viking Global Investors to Back Rockefeller Capital Management
Rockefeller Financial Services, Inc., the parent company of Rockefeller & co., and Gregory J. Fleming have agreed to form Rockefeller Capital Management, an independent financial services firm focused on wealth management, asset…
New SEC Disclosure Requirements on Form ADV Become Effective October 1
- Sep 26, 2017
- Publications
New SEC Disclosure Requirements on Form ADV Become Effective October 1
In this alert, we describe the new SEC disclosure requirements applicable to investment advisers under amendments to Part 1A of Form ADV that will go into effect on October 1, 2017. The amendments require additional information…
Udi Grofman to Participate at PLI’s Hedge Fund Management Program
- Sep 13, 2017
- Events
Udi Grofman to Participate at PLI’s Hedge Fund Management Program
Corporate partner Udi Grofman will speak at the Practising Law Institute’s 2017 Hedge Fund Management program.
Divided Second Circuit Panel Overrules Prior Newman Insider Trading Decision
- Aug 25, 2017
- Publications
Divided Second Circuit Panel Overrules Prior Newman Insider Trading Decision
On Wednesday, in United States v. Martoma, the United States Court of Appeals for the Second Circuit overruled its own 2014 decision in United States v. Newman and altered the standard for determining whether the personal benefit…
Omega Advisors and Leon Cooperman Settle SEC Charges
- May 18, 2017
- Client News
Omega Advisors and Leon Cooperman Settle SEC Charges
After a six-year investigation, Paul, Weiss clients Omega Advisors, Inc. and Leon Cooperman agreed to settle claims filed by the Securities and Exchange Commission based on allegations of insider trading and late filings of statements …
Udi Grofman to Speak at Maples Investment Funds Forum
- Feb 23, 2017
- Events
Udi Grofman to Speak at Maples Investment Funds Forum
Corporate partner Udi Grofman will speak at the upcoming Maples Investment Funds Forum conference.
Client Alert: SEC Lists the Five Most Frequent Compliance Topics Identified in Examinations of Investment Advisers
- Feb 08, 2017
- Publications
Client Alert: SEC Lists the Five Most Frequent Compliance Topics Identified in Examinations of Investment Advisers
On February 7, the SEC's Office of Compliance Inspections and Examinations identified five areas of compliance deficiencies or weaknesses frequently found during the staff's examinations of registered investment advisers. In the…
Pro Bono Client Achieves Asylum Victory
- Dec 12, 2016
- Client News
Pro Bono Client Achieves Asylum Victory
Paul, Weiss obtained asylum for our pro bono client, a 17-year-old Salvadorean girl. The girl fled her home and sought asylum in the U.S. after she had been subjected to threats, violence and sexual assault by members of the…
Client Alert: Supreme Court Reaffirms Dirks, Confirms that a Gift of Information to a Trading Relative or Friend Satisfies Personal Benefit Requirement for Insider Trading
- Dec 07, 2016
- Publications
Client Alert: Supreme Court Reaffirms Dirks, Confirms that a Gift of Information to a Trading Relative or Friend Satisfies Personal Benefit Requirement for Insider Trading
In its first opinion on the scope of insider trading liability in nearly twenty years, the Supreme Court in Salman v. United States addressed whether insider trading liability can arise where a tipper makes a "gift" of…
Private Funds Regulatory Compliance Calendar 2017
- Nov 22, 2016
- Publications
Private Funds Regulatory Compliance Calendar 2017
Below is a link to the Paul, Weiss Private Funds Regulatory Compliance Calendar for 2017. The calendar covers certain (but not all) regulatory obligations of a typical U.S.-based private fund adviser. Please note that any…
Client Alert: SEC Adopts Amendments to Form ADV Regarding Separately Managed Accounts and Umbrella Registration
- Sep 15, 2016
- Publications
Client Alert: SEC Adopts Amendments to Form ADV Regarding Separately Managed Accounts and Umbrella Registration
On August 25, 2016, the SEC adopted amendments to Form ADV, and amendments to Rule 204-2 (the "Recordkeeping Rule") and certain other rules under the Investment Advisers Act of 1940, as amended (the "Advisers Act") which…
Udi Grofman to Speak at PLI’s Hedge Fund Management Program
- Sep 15, 2016
- Events
Udi Grofman to Speak at PLI’s Hedge Fund Management Program
Corporate partner Udi Grofman will participate in a panel discussion at the Practising Law Institute's Hedge Fund Management seminar.
SEC Proposes Rules on Business Continuity and Transition Plans for Investment Advisers
- Jul 13, 2016
- Publications
SEC Proposes Rules on Business Continuity and Transition Plans for Investment Advisers
On June 28, 2016, the Securities and Exchange Commission (the "SEC") proposed a new rule [1] requiring SEC registered investment advisers ("advisers") to adopt and implement a business continuity and transition plan (a "BCTP") to …
SEC Increases “Qualified Client” Net Worth Threshold
- Jun 17, 2016
- Publications
SEC Increases “Qualified Client” Net Worth Threshold
On June 14, 2016, the U.S. Securities and Exchange Commission increased the net worth test threshold for "qualified clients" under Rule 205-3 of the Investment Advisers Act of 1940, as amended, from $2 million to $2.1 million.
Udi Grofman to Speak on U.S. Regulatory Trends at Maples Investment Funds Forum
- Feb 25, 2016
- Events
Udi Grofman to Speak on U.S. Regulatory Trends at Maples Investment Funds Forum
Corporate partner Udi Grofman will speak about U.S. regulatory trends at the upcoming Maples Investment Funds Forum conference.
Marco Masotti, Udi Grofman and Amran Hussein to Participate in ABA/IBA International Conference on Private Investment Funds
- Mar 06, 2016
- Events
Marco Masotti, Udi Grofman and Amran Hussein to Participate in ABA/IBA International Conference on Private Investment Funds
Corporate partners Marco Masotti, Udi Grofman, Michael Hong and Amran Hussein will take part in the American Bar Association and the International Bar Association's 17th Annual International Conference on Private Investment Funds.
SEC Announces 2016 Examination Priorities
- Jan 11, 2016
- Publications
SEC Announces 2016 Examination Priorities
Earlier today, the staff of the SEC's Office of Compliance Inspections and Examinations ("OCIE") announced its examination priorities for 2016. Below are certain highlights of the examination priorities particularly relevant to…
Client Alert: Annual Privacy Policy Notice Requirement Eliminated for Many Investment Advisers and Private Funds under the FAST Act
- Dec 21, 2015
- Publications
Client Alert: Annual Privacy Policy Notice Requirement Eliminated for Many Investment Advisers and Private Funds under the FAST Act
The "Fixing America's Surface Transportation Act" or "FAST Act,"signed into law by President Obama on December 4, 2015, contained an amendment to the privacy policy sections of the Gramm-Leach-Bliley Act (the "GLBA").
Private Funds Regulatory Compliance Calendar 2016
- Nov 23, 2015
- Publications
Private Funds Regulatory Compliance Calendar 2016
The Paul, Weiss Private Funds Regulatory Compliance Calendar for 2016 covers certain (but not all) regulatory obligations of a typical U.S.-based private fund adviser.
FinCEN Proposes AML Regulations for Investment Advisers
- Sep 24, 2015
- Publications
FinCEN Proposes AML Regulations for Investment Advisers
The U.S. Department of the Treasury, Financial Crimes Enforcement Network ("FinCEN") proposed rules on August 25, 2015 that would broaden the application of the Bank Secrecy Act's ("BSA") suspicious activity reporting and anti-money…
Client Alert: OCIE Issues Additional Information on Cybersecurity Examination Initiative
- Sep 17, 2015
- Publications
Client Alert: OCIE Issues Additional Information on Cybersecurity Examination Initiative
The SEC's Office of Compliance Inspections and Examinations ("OCIE") recently published additional information on the areas of focus for OCIE's second round of cybersecurity examinations of registered investment advisers…
Client Alert: FinCEN Proposes AML Regulations for Investment Advisers
- Aug 27, 2015
- Publications
Client Alert: FinCEN Proposes AML Regulations for Investment Advisers
The Financial Crimes Enforcement Network ("FinCEN") proposed a rule on August 25, 2015 requiring certain investment advisers to establish anti-money laundering programs and report suspicious activity to FinCEN. FinCEN also…
General Solicitation and General Advertising: The SEC Weighs in on Rules 502(c) and 506(b)
- Aug 26, 2015
- Videos
General Solicitation and General Advertising: The SEC Weighs in on Rules 502(c) and 506(b)
In this video, corporate partner Udi Grofman, co-head of Paul, Weiss's Private Funds Practice Group, explains key points from the SEC's recent guidance on general solicitation and general advertising.
Richard Rosen and Udi Grofman Co-Author Bloomberg BNA Article on Political Intelligence and Insider Trading
- Aug 24, 2015
- Publications
Richard Rosen and Udi Grofman Co-Author Bloomberg BNA Article on Political Intelligence and Insider Trading
Litigation partner Richard A. Rosen and corporate partner Udi Grofman have co-authored an article, titled "Political Intelligence and U.S. Insider Trading Regulations," in the August 24 issue of Bloomberg BNA's Securities…
Client Alert: SEC Issues Guidance on “General Solicitation or General Advertising”
- Aug 12, 2015
- Publications
Client Alert: SEC Issues Guidance on “General Solicitation or General Advertising”
On August 6, 2015, the Securities and Exchange Commission ("SEC") issued (i) new compliance and disclosure interpretations regarding general solicitation or general advertising, and (ii) a no-action letter confirming Citizen VC,…
Client Alert: SEC Proposes Amendments to Form ADV and the Recordkeeping Rule under the Advisers Act
- May 27, 2015
- Publications
Client Alert: SEC Proposes Amendments to Form ADV and the Recordkeeping Rule under the Advisers Act
On May 20, 2015, the SEC proposed amendments to Form ADV, and amendments to Rule 204-2 (the "Recordkeeping Rule") and certain other rules under the Investment Advisers Act of 1940, as amended (the "Advisers Act").
Udi Grofman to Moderate Compliance Panel at Anti-Corruption Summit
- Mar 31, 2015
- Events
Udi Grofman to Moderate Compliance Panel at Anti-Corruption Summit
Corporate partner Udi Grofman will moderate a panel discussion at the American Conference Institute's second annual summit on FCPA, AML and OFAC Risks for Private Equity & Hedge Funds. The panel, titled "Proven Strategies to…
Client Alert: When Do I Amend My Form ADV?
- Mar 03, 2015
- Publications
Client Alert: When Do I Amend My Form ADV?
An investment adviser registered with the SEC is required to amend its Form ADV from time to time. The following summary identifies the types of information on Form ADV that require amending and the timing for filing such…
Grofman, Hussein and Masotti to Participate in International Bar Association Conference on Private Investment Funds
- Mar 10, 2015
- Events
Grofman, Hussein and Masotti to Participate in International Bar Association Conference on Private Investment Funds
Corporate partners Udi Grofman, Michael Hong, Amran Hussein and Marco Masotti will take part in the International Bar Association's upcoming 16th Annual International Conference on Private Investment Funds. Marco is on the…
Client Alert: SEC Announces 2015 Examination Priorities
- Jan 13, 2015
- Publications
Client Alert: SEC Announces 2015 Examination Priorities
On January 13, 2015, the staff of the SEC's Office of Compliance Inspections and Examinations ("OCIE") announced its examination priorities for 2015, focusing on the following thematic areas.
Client Alert: Paul, Weiss Private Funds Regulatory Compliance Calendar for 2015
- Dec 02, 2014
- Publications
Client Alert: Paul, Weiss Private Funds Regulatory Compliance Calendar for 2015
We are pleased to announce the publication of the Paul, Weiss Private Funds Regulatory Compliance Calendar for 2015.
Chinese Man Living With HIV Wins Asylum
- Dec 05, 2014
- Client News
Chinese Man Living With HIV Wins Asylum
Paul, Weiss has obtained asylum for an HIV-positive gay man from China, arguing that cumulative harms by government and society in areas such as marriage, medical aid, employment and ostracism can rise to the level of…
Co-Investments in the Hedge Fund Space
- Oct 15, 2014
- Videos
Co-Investments in the Hedge Fund Space
In this video interview, corporate partner Udi Grofman, co-head of Paul, Weiss's Private Funds Practice Group, discusses the evolution of co-investment strategies and their growing use in hedge funds and other liquid…
Awards & Recognition
Paul, Weiss Honored by Immigration Equality at Safe Haven Awards
- May 24, 2018
- Awards
Paul, Weiss Honored by Immigration Equality at Safe Haven Awards
Paul, Weiss was one of three firms honored at the annual Safe Haven Awards hosted by Immigration Equality at Lincoln Center.
Richard Rosen and Udi Grofman Selected for Distinguished Legal Writing Award
- Apr 05, 2016
- Awards
Richard Rosen and Udi Grofman Selected for Distinguished Legal Writing Award
Litigation partner Richard Rosen and corporate partner Udi Grofman were recognized among the finest law firm writers of 2016 with Burton Awards for their article, "Political Intelligence and U.S. Insider Trading Regulations."
Chambers USA 2013 Ranks Paul, Weiss Highly
- Jun 07, 2013
- Awards
Chambers USA 2013 Ranks Paul, Weiss Highly
District of Columbia: Antitrust, Joseph J Simons, Kenneth A Gallo, Litigation: General Commercial