Private Fund Investor Due Diligence – Evidence from 1995 to 2015

Private Fund Investor Due Diligence – Evidence from 1995 to 2015

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2811718

Wulf A. Kaal


University of St. Thomas, Minnesota – School of Law; European Corporate Governance Institute (ECGI)

July 19, 2016

Review of Banking and Financial Law, 2016
U of St. Thomas (Minnesota) Legal Studies Research Paper No. 16-15 
Abstract: 

The importance of private fund investor due diligence in the investment allocation process, in capital formation, and in private fund litigation has reached unprecedented levels and is further increasing. To provide the industry with data, data trend analyses, and guidance on applicable legal standards, the author examines two datasets: (1) private investment fund advisers’ SEC Form ADV II filings from 2007 to 2014 (N=100392), and (2) the publicly available litigation record pertaining to private fund investor due diligence from 1995 to 2015 (N=572). After highlighting important changes in the quality and quantity of private fund investor due diligence in SEC Form ADV Part II, the author evaluates the corresponding litigation record and analyzes expert guidance on applicable best practices.

Number of Pages in PDF File: 37

Keywords: Private Investment Fund, Investor, Investor Due Diligence, SEC Form ADV Part II, Disclosures, Case Law, Legal Standards, Expert Testimony, Time Series

JEL Classification: G23, G24, G28, K22

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