US Fund Insights
Land of the LP, home of the 3(c)(1).
The US is the largest alternative investment market in the world, and the regulatory complexity reflects that. SEC registration, state-level requirements, Regulation D exemptions, the eternal question of Delaware vs. everywhere else. These articles cover US fund formation, SEC and state compliance, LP tax considerations, and the mechanics of getting a fund off the ground stateside.
Building a compliance program for your first fund: what the SEC actually expects
The SEC examines newly formed fund advisers with increased frequency. Here is how to build a compliance program that holds up under scrutiny.
Carried interest taxation under Section 1061: what fund managers need to plan for
The three-year holding period for carried interest catches many first-time managers off guard. Here is how Section 1061 works, where the structuring traps are, and what to get right before your first close.
ERISA plan assets: when accepting pension money changes everything about your fund
Taking capital from US pension plans and IRAs can trigger ERISA's fiduciary rules across your entire fund. Here is how the 25% test works, what the VCOC exception requires, and how to structure around the exposure.
Form PF after the 2024 overhaul: what private fund advisers actually need to file
The SEC rewrote Form PF in 2024 and extended the compliance deadline to October 2026. Here is who has to file, what changed, and how to avoid the enforcement actions that hit seven advisers last year.
Your LPA is your fund's operating system: getting private fund documentation right
The Limited Partnership Agreement is not a formality. It governs every dollar that flows through your fund for 10+ years. Here is what to get right the first time.
Accredited investor verification: what emerging fund managers actually need to do
Getting investor accreditation wrong can blow up your fund offering. Here is how the verification framework works and where first-time managers trip up.
Delaware LP formation: why it is the default for US venture funds
Over 70% of US venture funds form in Delaware. Here is what that actually means for your fund structure, tax treatment, and ongoing obligations.
SEC registration for emerging fund managers: exemptions you need to know
Most first-time fund managers do not need full SEC registration. The exemption framework exists for a reason — here is how to use it properly.
VC fund pricing in United States
$3.5k
+ 0.75%
of fund size
Best for funds under 2M
$20k
+ 0.2%
of fund size
Best for funds 2M - 26M
$20k
+ 0.15%
of fund size
Best for funds over 26M