Fund and SPV Terms in 2026: Evolving Structures, Regulatory Traps, and Market Practice

The rapid evolution of fund economics and structures is reshaping the investment landscape, demanding a deep dive into the latest shifts. Gary Ross leads a CLE panel titled “Fund and SPV Terms in 2026: Evolving Structures, Regulatory Traps, and Market Practice” during the 2026 Spring Meeting of the American Bar Association Business Law Section. This session explores developments in core fund economics and investor protections, as well as the use of Delaware Series LLC structures and third-party SPV formation platforms such as AngelList, Sydecar, and Allocations. The session will also address key issues under the Investment Advisers Act of 1940. Attendees will gain a technical understanding of evolving fund and SPV terms, structural considerations when using Series LLCs, and key regulatory frameworks affecting fund and SPV documentation in 2026.