Primer: Structuring the General Partner and Management Company for a Private Equity or Venture Capital Fund
We are often asked by new and emerging managers about the fund itself: where to form it, what the management fee should be, how carried interest should work, what rights investors should receive, and what the partnership agreement should say. Those are important questions. But they are not the only […]
Primer: Carried Interest in Private Equity and Venture Capital Funds
We are often asked about the prevalent market options for structuring carried interest provisions in private equity and venture capital funds. In this post, we’ll speak of mainstream private equity and venture capital funds, so to speak. Terms differ in special situations, like co-investment funds, continuation funds, top-up funds, funds […]
Primer: Selecting the Domicile for Your Private Equity or Venture Capital Fund
We are often asked, by both new and established managers of private equity and venture capital funds, “Where should I form my next fund?” The answer is, in many cases, Delaware or the Cayman Islands. For managers seeking reputable institutional capital across the United States, Europe, Asia, Latin America, the […]
AI Policy for Fund Managers
Fund managers encounter AI tools everywhere, including in research workflows, communications, marketing, portfolio monitoring and compliance. If your firm uses AI in any meaningful way and doesn’t have a written policy, that gap may be showing up in due diligence questionnaires (DDQs), examinations or the firm’s own operations when something […]
California’s SB 1319: What Alternative Fund Managers Should Know
Fund managers with California public pension investors should be tracking Senate Bill 1319, which is making its way through legislative committees. If enacted, it would increase the burden on California public pensions to disclose greater proprietary and confidential information than is required under current law.
AI Notetakers and the Books and Records Rule: What Registered Advisers Actually Need to Think About
AI notetakers are everywhere. The conversation about whether and how to use them – from consent obligations and confidentiality risks to which platforms are appropriate for business use – is already well underway. This post is narrower and examines what Rule 204-2 under the Investment Advisers Act of 1940 – […]
Form ADV Peer Benchmarking: The View You Don’t Get From Your Own Brochure
Why disclosure looks different when viewed across the market Annual Form ADV amendments are in. For most registered advisers, the brochure is updated, the filing is done, and attention has already moved on. But your disclosure hasn’t stopped being read. Somewhere it is already being evaluated against a peer set. […]
What Funds and Other Institutional Investors Need to Know About Section 16 Reporting for Foreign Private Issuers
In December 2025, the Holding Foreign Insiders Accountable Act (HFIAA) was signed into law, subjecting directors and officers of foreign private issuers (FPIs) to the insider reporting requirements under Section 16(a) of the US Securities Exchange Act of 1934 (Exchange Act). For years, directors and officers of FPIs with US-registered […]