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Accredited Indians: Increasing The Flow Of Private Equity Into Indian Country As A Domestic Emerging Market, Gavin Clarkson
Accredited Indians: Increasing The Flow Of Private Equity Into Indian Country As A Domestic Emerging Market, Gavin Clarkson
Law & Economics Working Papers Archive: 2003-2009
Indian Country is America’s domestic emerging market, and as in a number of emerging markets, many successful businesses in Indian Country are starving for expansion capital. The US Treasury estimates that the private equity deficit in Indian Country is $44 billion. While the handful of wealthier tribes might be logical investors in private equity funds deploying capital in Indian Country, the existing securities laws present a significant impediment. In particular, Regulation D of the Securities Act of 1933 does not treat tribes as “accredited investors,” thus denying those tribes the ability to participate in the private equity market. Since there …