Under the change implemented in 2017, investments by U.S. entities of a 10 percent or more voting interest in a foreign private fund, and investments by foreign entities of a 10 percent or more voting interest in a U.S. domiciled private fund may not be required to report on BEA direct investment surveys if they meet the following criteria:

  • The private fund does not own, directly or indirectly through another business enterprise, an “operating company” – i.e., a business enterprise that is not a private fund or a holding company— in which the U.S. reporter or foreign parent owns at least 10 percent of the voting interest, AND
  • If the private fund is owned indirectly (through one or more other business enterprises), there are no “operating companies” between the U.S. reporter or foreign parent and the indirectly-owned private fund.

Decision tools are available to help you determine the reporting requirements of the U.S. investment in a foreign private fund or the foreign investment in a U.S. private fund.

Investments no longer required to be reported to BEA may be required to be reported on Treasury International Capital (TIC) surveys. Reporting requirements for TIC surveys can be found at www.treasury.gov/tic.

Additional information on the change in reporting requirements for private funds is available at www.bea.gov/privatefunds.