Our Investment Management lawyers have extensive experience in structuring, forming and providing ongoing legal services for domestic and off-shore hedge funds, funds of funds and private equity funds.
These funds are usually organized as limited partnerships or limited liability companies exempt from the registration requirements of the Investment Company Act of 1940, as amended, pursuant to Section 3(c)(1) or Section 3(c)(7). Typically, they are offered and sold pursuant to an exemption available under Rule 506 of Regulation D and are considered "covered securities" under the National Securities Markets Improvement Act of 1996 ("NSMIA"). As of February 2006, investment managers of hedge funds and certain private equity funds with assets under management of more than $25,000,000 and more than 14 investors are required to register with the Securities and Exchange Commission ("SEC") as investment advisers. More »