Heather Cruz

Practice Areas

Heather Cruz is head of the firm’s New York office. She represents U.S. and non-U.S. investment advisers in connection with the structuring and distribution of private investment products, including private equity funds, venture capital funds, multi- and single-strategy hedge funds, real estate funds, infrastructure funds, credit and distressed debt funds, as well as fund of funds.

In addition, Ms. Cruz advises clients on the establishment, operation and sale of investment adviser and broker-dealer businesses.

With respect to private investment funds, Ms. Cruz advises clients on a broad spectrum of legal issues and considerations relating to the establishment and operation of private investment funds marketed and operated on a global basis, including compensation and carry arrangements. She also represents institutional investors seeking to invest in private investment funds and in investment advisers.

In addition, Ms. Cruz has extensive experience providing regulatory advice to broker-dealers and investment advisers, including regarding compliance with various aspects of U.S. Investment Advisers Act, the U.S. Investment Company Act, the rules and regulations of FINRA and the Dodd-Frank Act, with a particular focus on the Volcker Rule. She also advises on a range of issues relating to U.S. Investment Advisers Act, the U.S. Investment Company Act, and the rules and regulations of FINRA.

Professional Memberships

Member, Private Investment Funds Forum

Publications

Ms. Cruz's recent publications include: "A Practical Guide to Interpreting the New SEC Private Fund Adviser Rules" (Skadden Publication, September 14, 2023); "SEC Private Fund Rules – Applicability and Compliance Deadlines" (Skadden Publication, August 29, 2023); "SEC Adopts Final Private Fund Adviser Rules" (Skadden Publication, August 23, 2023); "Takeaways From SEC Staff's Latest Reg BI Expansion" (Law360, May 3, 2023).

contributed to Chambers Global Practice Guide: Fintech (Law and Practice - USA) (2021)

Personal

Ms. Cruz has repeatedly been selected for inclusion in Chambers Global: The World’s Leading Lawyers for Business and Chambers USA: America’s Leading Lawyers for Business. She also was named in Crain’s New York Business’ 2022 list of Notable Hispanic Leaders, Expert Guides – The World’s Leading Lawyers Chosen By Their Peers, The Best Lawyers in America and as a worldwide leading lawyer in Euromoney Institutional Investor’s 2015 Banking Finance and Transactional Expert Guide.

Education