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Goodwin Advises Runable on $21 Millon Series A

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Log in Sign up for free You said: write web meta description that is slightly differerent than the headline for this: Goodwin Advises DPE on Acquisition Financing for FOGTEC  Goodwin advised DPE Deutsche Private Equity (“DPE”) in connection with the acquisition financing for a DPE-managed fund’s acquisition of a majority stake in FOGTEC Brandschutz GmbH (“FOGTEC”).   The transaction involved the acquisition of a majority stake from the founding shareholders and M Cap Finance Mittelstandsfonds. FOGTEC’s existing management team retains a significant stake and continues to lead the business.   Founded in 1997 and headquartered in Cologne, Germany, FOGTEC develops and supplies high-pressure water mist fire protection systems for buildings, industrial facilities, data centres, tunnels, railway stations and rolling stock. Its offering covers system components, sensors and controls as well as engineering, installation, maintenance and spare parts. FOGTEC employs approximately 255 people and holds 102 registered patents.   DPE will support FOGTEC’s development through the expansion of its international presence, the growth of its service and spare parts business and further investment in research, development and approvals. Selective acquisitions are intended to complement organic growth.   DPE is a private equity investment firm focused on mid-sized businesses in the DACH region. Founded in 2007, it invests across Business Services, Energy & Environment, Healthcare, Industrial Technology, and Software & IT Services and manages approximately €3 billion of assets.   The Goodwin deal team consisted of Winfried Carli, Folko Moroni, Daniel Wagner, Laura Sollacher, and Jacob Böhmer (all Private Equity/Finance, Munich).  ChatGPT said: Goodwin advised DPE on the acquisition financing for its majority investment in FOGTEC, a German provider of high-pressure water mist fire protection systems.   You said: same: FINRA Opens the Door to Projected Returns in Private Fund Marketing  Teaser: FINRA’s newly approved exception creates an opportunity for placement agents to use projected performance and targeted returns with eligible investors. Fund managers and their brokers should begin assessing which materials, audiences, and compliance processes can support use of the exception when it becomes operative. On October 15, 2026, the SEC issued Exchange Act Release No. 34-106675 (“Release”), approving FINRA’s proposed rule change as modified by Amendment No. 1 to amend Rule 2210 to create a new exception to the prohibition on the use of projected performance and targeted returns (SR-FINRA-2026-004). The new exception represents a significant and transformative change in application of the prohibition, benefiting both member brokers and the private funds and other issuers they represent. The amendment replaces a blanket prohibition, with only a few minor and technical exceptions, with a policies-and-procedures approach permitting the use of projected performance information and targeted returns in an appropriate manner with sophisticated investors. While this approach opens up an attractive opportunity to brokers, it will also present a challenge to compliance professionals and their advisors in identifying , and describing, when the use of projected performance information is appropriate. Rule 2210(d)(1)(F) Before the Amendment FINRA Rule 2210 (the Communications Rule), is the principal rule governing communications with the public by member firms. The Communications Rule defines terms including “retail communications,” “institutional communications,” and “correspondence,” and sets forth requirements for, among other things, supervisory approval of communications, recordkeeping, and filing of certain communications with FINRA. Subsection (d) contains content standards for communications, and subsection (d)(1)(F) provides that “communications may not predict or project performance,” subject to exceptions for hypothetical illustration of mathematical principles, investment analysis tools, and price targets contained in a research report. The prohibition on projected performance applies to all communications, not merely retail communications. Over the years, FINRA staff provided guidance in private and public meetings and FAQs on related topics, including whether an issuer’s private placement memorandum would be considered a broker communication and the difference between projections of returns to investors, which were not permitted, versus reasonable forecasts of issuer operating metrics, which were permitted.  The guidance often made a distinction between performance information in retail communications and the same information in institutional communications, although FINRA staff acknowledged that the rule itself does not distinguish between the two. FINRA staff also took the position that target returns could be viewed (or misused) as projected performance, even though target returns (which ideally, describe the investment profile of assets to be acquired by the fund) have a different disclosure function than projected performance information. Goodwin’s private fund clients, like private fund managers elsewhere, expressed frustration at the inability to use projected performance in, for example, broker slide decks, especially in offerings to institutional investors only. This was especially true for fund managers that used brokers or had broker affiliates, when they saw that competitors who did not use brokers to sell their fund interests were not subject to the same prohibitions. In an effort to obtain more certainty around guidance in this area — , and to, perhaps to , carve out an exception for institutional investors and other sophisticated investors — in 2021, , Goodwin, in 2021,  invited prominent broker regulatory lawyers from other law firms to form an informal task force to present a case for amending Rule 2210 to permit the use of some projected performance information. FINRA was receptive to meeting with us, and, after some twists and turns,  the joint efforts of the task force and FINRA staff, together with comments from other interested parties, resulted in the current amendments.  Elements of New Exception to Prohibition on Use of Projected Performance Information The new exception is conditioned on satisfaction of the following three elements: 	1. Written policies and procedures reasonably designed to ensure that the communication containing projected performance or targeted returns  is relevant to the likely financial situation and investment objectives of the intended audience of the communication.  According to the Release, “FINRA stated that, under such reasonably designed policies and procedures, a communication containing projected performance or targeted returns should only be distributed to investors whom a member reasonably believes have access to resources to independently analyze this information and who have the financial expertise to understand the risks and limitations of these types of presentations.”  FINRA does not believe that the proposed rule change generally would permit the use of projected performance in communications for a mass audience or general circulation, including a general retail investor audience. [MS1.1]  The amended rule does not prescribe the ways in which a member firm may satisfy the policies and procedures requirement, although FINRA stated that a member firm could, for example, partly base its policies and procedures on its past experiences with particular types of investors who seek this information, group investors into categories or types, or restrict its intended audience to investors who have expressed interest or actually invested in particular types of securities.  FINRA does not consider the fact that an investor has expressed an interest in high returns to support, by itself, a reasonable belief that projected performance information is relevant to the likely financial situation and investment objectives of the investor.   In addition, an earlier version of the amendment would have required a member communicating projected performance to have a reasonable basis for the criteria used and assumptions made in calculating the projected performance. That requirement was later removed, on the basis that Rule 2210’s existing general content standards already preclude the communication of unreasonable projected performance information.  The SEC emphasized that the general content standards, together with the recordkeeping requirement, effectively require members to substantiate the basis for projected performance and targeted returns before communicating them to investors, including maintaining records supporting the underlying criteria and assumptions. 	2. Disclosure of information sufficient to enable the intended audience to understand (i) the criteria used and assumptions made in calculating the projected performance and (ii) the risks and limitations of using the projected performance in making investment decisions. FINRA does not prescribe the methodology for calculating projected performance under the first prong of the disclosure requirement. Instead, member firms are expected to provide a general description of the methodology used sufficient to enable the intended audience to understand the basis for the methodology, as well as the assumptions underlying the projections. The second prong is intended to help ensure that investors do not unreasonably rely on projected performance information given the uncertainty and risk attendant to it.  An earlier version of the amendment would have required the member to include in its first prong disclosure whether its calculation of projected performance was net of anticipated fees and expenses, and in its second prong disclosure reasons why the projected performance might differ from actual performance; however, , but those provisions were removed on the basis that the remaining requirements of the disclosure standard, as well as the general content standards in Rule 2210(d), were sufficient to ensure that investors receive the information necessary to consider the risks and limitations of the projected performance information.  	3. Records required to be kept pursuant to Rule 2210(b)(4)(A)(iv) include information concerning the source of any projected performance or targeted return.  FINRA has stated that the proposed recordkeeping requirement would be consistent with the other types of records currently required to be maintained pursuant to FINRA Rule 2210(b)(4) and would help regulators to evaluate members’ compliance with the terms of the proposed rule change.  The new flexibility also creates potential compliance traps. An investor’s accredited investor or qualified purchaser status does not, by itself, establish that a projection is appropriate for that investor, and a presentation prepared in compliance with the investment adviser Marketing Rule does not automatically satisfy FINRA’s requirements when used by a placement agent. Nor does removal of the express reasonable basis and certain disclosure provisions eliminate the need to substantiate projections and explain their assumptions, treatment of fees, and material limitations. Fund managers and member firms should assess not only the content of a presentation, but also its intended audience and the basis for their audience determinations, distribution controls, and supporting records before relying on the exception. Next Steps FINRA is expected, consistent with its usual practice, to issue a regulatory notice discussing the rule change and stating an effective date for the amendment. Given that the rule change is permissive in nature, FINRA should not need to set an effective date too far in the future or a separate implementation date.  Placement agents and other member firms wishing to begin using projected performance may start immediately drafting and implementing policies and procedures identifying the circumstances under which projected performance information can be provided to investors, and the types of investors for whom it is appropriate. At the same time, managers of private funds that engage placement agents, including affiliated brokers, should open communications with their placement agents about the expanded use of projected performance information in communications with prospective institutional and other financially sophisticated investors. Goodwin can help fund managers and placement agents assess which existing presentations may qualify for the new exception, identify eligible investor audiences, and develop the policies, disclosure, and supporting records needed to use projected performance and targeted returns..  ChatGPT said: FINRA’s new exception allows placement agents to use projected performance and targeted returns with sophisticated investors, subject to specific disclosure, investor suitability, and compliance requirements.   This might also interest you.   Resolve Digital PR for SEO Build authority with Digital PR, links, and content. Ad  You said: make these all lowercase: alert, Investment Funds, Private Equity, Real Estate, Financial Services, Real Estate, Venture Capital & Private Equity Funds, Brokers, Exchanges, and Trading, Hedge Funds, Private Market Liquidity  ChatGPT said: alert, investment funds, private equity, real estate, financial services, real estate, venture capital & private equity funds, brokers, exchanges, and trading, hedge funds, private market liquidity   This might also interest you.   RizeUp Media Marketing Only For Lawyers Work with a team focused exclusively on helping law firms grow. Ad  You said: write web meta description: Goodwin Advises Runable on $21 Millon Series A The Technology team advised Runable on a $21 million Series A funding round co-led by Susquehanna Venture Capital and Nexus Venture Partners, with participation from existing investors. Runable plans to use the fresh capital to add more channels to its customer acquisition and marketing tools, deepen campaign measurement, and enable its AI agent to identify and fix campaign-related issues autonomously.   Runable operates an AI agent that helps small businesses build, manage, and grow their operations. Runable’s AI agent can create websites, mobile and internal applications, pitch decks, market analyses, prospect lists and marketing videos. It can also set up databases, authentication systems, payment infrastructure, and deployment. The Goodwin team was led by Andrew Harper, Kate Souza, Jordan Lee, JB Schiller, Michelle Wong, Ce Li, Gozde Guckaya, Ora Grinberg, and Shlomo Gottesman, with invaluable assistance from Anashe Nicoghosian and Kees van der Kooij. For more information on the deal, please read the press release.  ChatGPT said: Goodwin advised Runable on its $21 million Series A funding round to expand its AI-powered tools for customer acquisition, marketing automation, and campaign optimization.

Goodwin Advises Runable on $21 Millon Series A

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