An overview of the legal and practical considerations when establishing a private equity fund, real estate fund, or hedge fund. We will review the relevant sections of the Investment Company Act of 1940 (the “40 Act”), the Investment Advisers Act of 1940 (the “Advisers Act”), and the rules promulgated thereunder, including the most commonly used exceptions to registration under the 40 Act and Advisers Act.

We will also review relevant provisions of the Securities Act of 1933 (the “33 Act”) and relevant regulations promulgated thereunder, state investment adviser regulation and blue sky laws, and relevant regulations promulgated by the CFTC. We will consider specific terms of various kinds of funds that are customary and “market”, and the various service providers that may be required, as well as strategies and products that have become common recently. Finally, we will consider disclosure requirements in private placement memoranda.