Funds
Funds
We work with fund managers to structure legally compliant investment funds, from fund-of-funds to private equity funds and everything in between. We handle private placement memorandums (PPMs), operating agreements, limited partnership agreements, subscription documents, and Regulation D and state filings so you can confidently raise capital like a pro.
Private Placement Memorandums and Subscription Booklets
The documents that protect you. We draft bulletproof PPMs and subscription packages that clearly outline the deal, risks, and investor rights, keeping you compliant with securities laws and building investor trust. These are your legal shields, and we build them to defend you.
Operating Agreements and Limited Partnership Agreements
The foundation of your entity. We create customized governing documents that clearly define how your business operates, distributes profits, and makes decisions, built to protect you, align your team, and satisfy investor expectations.
Federal and State Blue Sky Securities Filings
Stay on the SEC’s good side. We handle all required securities filings, including Reg D and state-level Blue Sky filings, so your offering is compliant in every jurisdiction you raise capital. No missed deadlines. No legal gaps.
Frequently Asked Questions
1. What is a Fund of Funds (FoF)?
A Fund of Funds is a vehicle that pools investor capital and allocates it into multiple other investment funds, rather than directly into deals or assets. It’s a great way to offer diversification and leverage top-tier operators, without managing properties or projects yourself.
2. What’s the difference between a private fund and a public fund?
Private funds are offered under exemptions from registration, typically under Regulation D. They’re often used for hedge funds, private equity, venture capital, or real estate. Public funds, on the other hand, are registered with the SEC and available to the broader public, like mutual funds or ETFs, and come with heavier compliance requirements.
3. What types of private funds can I create?
You can launch various types of funds, including real estate funds, fund of funds, venture capital funds, debt funds, and income-focused vehicles. We’ll help you determine the right structure for your strategy, target investor base, and long-term goals.
4. What documents are needed to start a fund?
At a minimum, you’ll need:
- Private Placement Memorandum (PPM)
- Limited Partnership Agreement or Operating Agreement
- Subscription Agreement
- Investor Questionnaire
- Federal and State Securities Filings (Form D + Blue Sky)
RaiseLaw drafts everything, customized to your fund model, risk profile, and investor needs.
5. What are the key compliance issues for private funds?
The biggest risks come from crossing the line into broker-dealer territory, giving individualized investment advice, or triggering registration under the Investment Company Act. We design your fund to avoid these pitfalls and keep you operating legally and efficiently.
6. How does RaiseLaw help fund managers?
We build the full legal infrastructure for your fund, from entity formation to regulatory filings. But beyond the legal docs, we help you think through strategy, structure, investor flow, and risk, because we’ve built and raised capital for our own funds, too.
7. What’s the Investment Company Act, and why does it matter?
The Investment Company Act of 1940 governs the operation of pooled investment vehicles. Most private funds avoid registration by qualifying for an exemption (like 3(c)(1) or 3(c)(7)). If your fund structure doesn’t fit those boxes, you could face serious regulatory scrutiny, which is why getting the setup right is crucial.
8. Can I advertise my fund to the public?
Only if you’re operating under Rule 506(c), which allows general solicitation, but requires every investor to be verified as accredited. Most fund managers choose this route when they have a strong online presence and need to scale quickly.
9. What’s Form ADV and who needs to file it?
Form ADV is a required disclosure for Registered Investment Advisers (RIAs). If your fund offers individualized investment advice or multiple investment options, you may trigger RIA registration. We’ll help you avoid registration (if that’s your goal) or guide you through the process if you do need it.
10. What happens if I don’t comply with securities law?
Fund Foundations 101
