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Fund formation masters thread

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;.;.;.;....;;;;;...;;;;;.;.;.;;;..;;.;;
  06/12/19
So much of how you go about creating the fund or structure d...
PrimarkSpecial
  06/12/19
...
The Molochian Pimp's Assassination
  06/12/19
how much does it cost to set up a master-feeder fund
exeunt
  06/12/19
A simple hedge fund master feeder structure with plain vanil...
PrimarkSpecial
  06/12/19
European or American waterfall?
,..,,......,....,,,,..,.,...
  06/12/19
signature blocks indented by level or vertically aligned?
...,...,.::..;,.,:,:,,..,::.,:,.,.:.:.,:.::.,
  06/12/19
...
Autism is great
  06/12/19
what a fucking retarted way to try to make money
Autism is great
  06/12/19
Reading an LPA right now (client is prospective LP) and lite...
Jim_Kelly
  06/12/19
How is it anymore boring than an SPA or cap table or other d...
,..,,......,....,,,,..,.,...
  06/12/19
tbh part of it is probably because I don't see that many (ma...
Jim_Kelly
  06/12/19
I come in when the funds are stood up and build them a corpo...
ARE Reptile
  06/12/19
Lol your job is such garbage and you work for an insurance c...
Autism is great
  06/12/19
Not sure exactly what he does but insurance comp are active ...
PrimarkSpecial
  06/13/19
silicon rather than latex buttplugs
Maori woman performing defiant haka
  06/12/19
Most of the structure is driven by tax considerations, e.g.,...
nutella
  06/12/19
...
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  06/12/19


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Date: June 12th, 2019 4:08 PM
Author: ;.;.;.;....;;;;;...;;;;;.;.;.;;;..;;.;;


Post tips ITT

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38379587)



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Date: June 12th, 2019 5:55 PM
Author: PrimarkSpecial (CircuitCitySpecial)

So much of how you go about creating the fund or structure depends mainly on your investments, tax considerations, and investors. I think ppl forget about that and try to do a one-size fits all structure. Instead of parallel funds, look at a master-feeder structure. If the feeder may contain planned assets then consider doing a hard wired feeder so that you can count non-planned benefit investor assets too. If you include a hurdle rate, preference is for a soft hurdle.

Not sure if u have specific Qs or not.

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380122)



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Date: June 12th, 2019 7:07 PM
Author: The Molochian Pimp's Assassination



(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380411)



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Date: June 12th, 2019 10:08 PM
Author: exeunt (0x6c542c3a976e324ccb84d594cbc084bd57597849)

how much does it cost to set up a master-feeder fund

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38381268)



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Date: June 12th, 2019 11:07 PM
Author: PrimarkSpecial (CircuitCitySpecial)

A simple hedge fund master feeder structure with plain vanilla trading and assuming no (or limited) ERISA, I'd guess about $100 to 150k+ in legal costs (depending a lot on the firm used NY Biglaw or some boutique hedge law firm). I haven't billed for this in a long time but that's my guess. Inhouse mo now.

You'd front the organizational cost, but should be able to get repaid by the fund.

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38381522)



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Date: June 12th, 2019 7:03 PM
Author: ,..,,......,....,,,,..,.,...


European or American waterfall?

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380396)



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Date: June 12th, 2019 7:04 PM
Author: ...,...,.::..;,.,:,:,,..,::.,:,.,.:.:.,:.::.,


signature blocks indented by level or vertically aligned?

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380400)



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Date: June 12th, 2019 7:05 PM
Author: Autism is great



(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380405)



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Date: June 12th, 2019 7:04 PM
Author: Autism is great

what a fucking retarted way to try to make money

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380403)



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Date: June 12th, 2019 7:18 PM
Author: Jim_Kelly

Reading an LPA right now (client is prospective LP) and literally fell asleep slumped back in my chair. No idea how you guys do this all day.

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380440)



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Date: June 12th, 2019 7:22 PM
Author: ,..,,......,....,,,,..,.,...


How is it anymore boring than an SPA or cap table or other document you usually look at ?

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380457)



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Date: June 12th, 2019 7:24 PM
Author: Jim_Kelly

tbh part of it is probably because I don't see that many (maybe 5/year) and so the issues, what to look for, etc. aren't as clear to me and I largely read every word - like when anyone comments on something they don't do all day and it's plainly obvious that they don't really know what they're doing

I far prefer reading VC financing docs or M&A agreements - those I can go through quickly, know what to look for, know what I can at best skim, etc.

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380460)



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Date: June 12th, 2019 7:21 PM
Author: ARE Reptile

I come in when the funds are stood up and build them a corporate governance framework complete with audit committees, comp committees, training, compliance regimes, audit and risk etc.... Same money, also very fucking boring, but slightly less repetitive.

For the most part it comes down to knowing what kind of fund Im dealing with and picking the right pre-derived rules engine and going from there. Very cut and paste. I get to hire a fuckton of people though.

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380452)



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Date: June 12th, 2019 10:25 PM
Author: Autism is great

Lol your job is such garbage and you work for an insurance company

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38381325)



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Date: June 13th, 2019 5:25 PM
Author: PrimarkSpecial (CircuitCitySpecial)

Not sure exactly what he does but insurance comp are active in asset mgt/investments.

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38384859)



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Date: June 12th, 2019 7:25 PM
Author: Maori woman performing defiant haka

silicon rather than latex buttplugs

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380464)



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Date: June 12th, 2019 7:32 PM
Author: nutella

Most of the structure is driven by tax considerations, e.g., need offshore (cayman) UBTI blocker for non taxable investors if you’re using leverage in the fund.

(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38380486)



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Date: June 12th, 2019 10:07 PM
Author: ;.;.;.;....;;;;;...;;;;;.;.;.;;;..;;.;;




(http://www.autoadmit.com/thread.php?thread_id=4281608&forum_id=2#38381263)