Vss Fund Management Llc

Allegations: THE ORDER ALLEGED THAT VSS AND MR. STEVENSON FAILED TO PROVIDE LIMITED PARTNERS IN A PRIVATE FUND MANAGED BY VSS WITH PRELIMINARY INFORMATION RELATING TO A POTENTIAL CHANGE IN VALUE OF THE FUND'S ASSETS IN CONNECTION WITH AN OFFER BY MR. STEVENSON TO PURCHASE THE LIMITED PARTNERSHIP INTERESTS. Status: Final Sanction Detail: VSS AND MR. STEVENSON WERE ORDERED TO JOINTLY AND SEVERALLY PAY A CIVIL MONEY PENALTY OF $200,000 TO THE SEC WITHIN 10 DAYS OF ENTRY OF THE ORDER. THE PENALTY WAS PAID THE WEEK OF 9/10/2018. Summary: VSS AND JEFFREY STEVENSON SUBMITTED, AND THE SEC ACCEPTED, AN OFFER TO SETTLE AN ADMINISTRATIVE PROCEEDING, WHICH RELATED TO THE ALLEGED FAILURE TO PROVIDE LIMITED PARTNERS IN A PRIVATE FUND MANAGED BY VSS WITH PRELIMINARY INFORMATION RELATING TO A POTENTIAL CHANGE IN THE VALUE OF THE FUND'S ASSETS IN CONNECTION WITH AN OFFER BY MR. STEVENSON TO PURCHASE LIMITED PARTNERSHIP INTERESTS. THE FUND, WITH A 1998 VINTAGE, HAD INVESTED APPROXIMATELY $900 MILLION AND DISTRIBUTED APPROXIMATELY $1.36 BILLION IN CAPITAL WITH $6.8 MILLION IN REMAINING NET ASSET VALUE. PURSUANT TO THE ORDER, VSS AND MR. STEVENSON WERE CENSURED, ORDERED TO CEASE AND DESIST FROM VIOLATIONS OF SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-8 THEREUNDER, AND ORDERED TO PAY A $200,000 FINE.