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Phoenix American Releases White Paper on the Emergence of the Regulation A+ Fund Structure and the Story of How it Finally Achieved Commercial Viability


SAN RAFAEL, Calif., June 29, 2021 /PRNewswire/ — Phoenix American, a full-service fund administration provider for alternative investment funds, has published a new white paper examining the long-anticipated emergence of the Regulation A+ fund structure after nine years of development following its creation in the 2012 JOBS Act. Reg A+ Comes of Age: Industry Insights on Regulation A analyzes the trajectory of the two-tiered fund structure over recent years, profiles the sponsors and managing broker-dealers involved in its utilization and offers perspectives from key industry participants on its prospects for the future.

The paper draws on Phoenix American's observations as a fund administration provider, market data from a variety of sources and contributions provided by Kaplan, Voekler, Cunningham & Frank, Red Oak Capital, Crescent Securities and Clir Capital. Perspective is also provided by John Harrison of the Alternative & Direct Investment Securities Associaton (ADISA).
Top takeaways from the report include the deficiencies of the old Regulation A structure, the enhancements to Regulation A in the 2012 JOBS Act, the initial hesitance of the retail investment industry to embrace the new Regulation A+, and the groundbreaking offering that achieved commercial viability for the structure.

New Fund Structure Emerges profiles Regulation A from its origins in the 1933 Securities Act to the enhancements in the 2012 JOBS Act and its place in the field of fund structure options for alternative fund managers.

Legal Spotlight looks at the problems face by fund managers in the early days of Reg A+ and the issues that needed resolution before viability could be achieved.

The Red Oak Capital Story discusses the collaboration of fund sponsor Red Oak Capital and managing broker-dealer Crescent Securities in the offering that blazed the trail for fund sponsors to leverage Reg A+ for raising both accredited and non-accredited investor capital.

Market Trends provides data on the current Reg A+ landscape including SEC filings, fundraising, industry sectors, fund sponsors and managing broker-dealers involved in the space.
MBD Spotlight features the perspective of Clir Capital, a boutique investment bank involved in the design and distribution of Reg A+ offerings.

Perspective Spotlight features the observations of John Harrison, Executive Director of the Alternative and Direct Investment Securities Association (ADISA) with regard to Reg A+.
Customer Spotlight examines the Phoenix American client sponsors, large and small, leveraging Reg A+ for current and upcoming offerings.

“More and more clients are utilizing Reg A+,” said Ned Montenecourt, Chief Compliance and Risk Officer for Phoenix American. “This dynamic corner of the investment landscape has really begun to make its move into the mainstream.”

About Phoenix American
Phoenix American Financial Services provides full-service fund administration, fund accounting, transfer agent and investor services as well as sales and marketing reporting to fund sponsors in the alternative investment industry. The Phoenix American aircraft group provides managing agent and accounting services for securitizations specializing in the commercial aviation leasing industry. The company is a subsidiary of Phoenix American Incorporated along with Phoenix American SalesFocus Solutions, providers of the cloud-based MARS CRM, Sales and Marketing Reporting and Compliance Management solutions for banks, insurance companies, asset management firms and other financial service organizations. Phoenix American was founded in 1972 and is headquartered in San Rafael, CA.

For more information, contact Phoenix American at 1-866-895-5050 or visit

Media Contact
David Fisher
(310) 621-7822


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