Hedge Funds Spotlight: Get in Formation

A lawyer’s most important role in connection with the launch of a hedge fund involves the preparation and review of foundational documents, including formation documents for the hedge fund and its manager, the private placement memorandum, limited partnership agreement, subscription agreement, investor questionnaire, and agreements with the fund’s service providers. Counsel advising a hedge fund should understand legal and regulatory considerations, including compliance with securities laws, when drafting and negotiating the key agreements comprising an offering of hedge fund interests.

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Related Content

• Private Placement Memorandum (Hedge Fund Limited Partnership Interests) (DE)
  Consult this form private placement memorandum (or PPM) for an example of common disclosures made to investors when marketing a hedge fund.
• Hedge Funds Structure and Organization
  Read this practice note for background on types of hedge funds, common fund structures, and the various service providers who help market, operate, and advise hedge funds.
• General Partner Operating Agreement (Hedge Fund) (DE LLC)
  Review this form operating agreement that governs the general partner entity in a hedge fund organized as a Delaware limited partnership—a common structure for domestic hedge funds.

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