When your fund invests in another fund or acquires private market securities, the documents you sign determine your rights, restrictions, and risk exposure for years. A comprehensive guide to reviewing LPAs, purchase agreements, and governance documents.
Federal ERA status doesn't exempt you from state regulation. Even if you qualify as an Exempt Reporting Adviser with the SEC, you still need to navigate state investment adviser laws in every state where you have a place of business or sufficient clients.
Private funds operate in a web of exemptions. You're exempt from registering your securities offering. You're exempt from registering as an investment company. But each exemption comes with its own requirements.
Not all investors want the same deal. Whether you're raising a traditional fund or syndicating deal-by-deal, you'll likely encounter LPs requesting specific rights or terms that differ from your standard documents.
When you raise capital for a private fund or SPV, you're selling securities. Even though private placements are exempt from SEC registration, you still need to make notice filings at both the federal and state level.
Launching a fund involves more than raising capital. Before your first close, you need the right legal structure and investor-facing documents. A comprehensive guide to fund formation.
Understanding your regulatory obligations under the Investment Advisers Act of 1940 is essential—but it doesn't have to be overwhelming. A guide for emerging managers.