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What we do:

Our edge

“Substantial private fund partner legal and business know-how across the spectrum of trading strategies organizations”

Separate from the pack

“Decades of in-house, public sector, and institutional experience directly to bear on each client engagement — without the overhead, inefficiency,…

Collaborative

“Partner level attorney support no matter the scope”
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About us

A Boutique Law Firm Built by Former In-House Counsel.
Alternative Fund PLLC was founded to give private fund managers something the large law firms can't: partner-level attorneys who have actually run corporate, investor, regulatory, operations, and securities law legal functions from inside a fund — not just advised from the outside. Our team brings more than three decades of combined law firm experience as well as the General Counsel, Chief Compliance Officer, and Chief Operating Officer experience at hedge funds, private equity firms, and global institutional asset managers, including firms such as BNP Paribas, Nikko Asset Management and a subsidiary to Magnetar Capital. We've built private fund manager frameworks, launched master-feeder structures, and helped managers win institutional allocations — not in theory, but as the executives responsible for getting it right.
What that means for you:
Direct partner access. You work with the people who've held your seat, not junior associates. Lower cost, same rigor. Boutique structure without big-law overhead. End-to-end support. Fund formation, SEC/CFTC compliance, operations, and investor-readiness under one roof. Real-world judgment. Guidance shaped by having actually managed the risk, not just written about it.
That "real world" depth distinguishes us: we understand your business as operators, not just as outside counsel, and we stay closely engaged with your transactions from inception through close. We are a true extension of the team, available, closely familiar with your specific portfolio and fund structure, and ready to move with urgency when transactions demand it. That is the model we operate.
Who We Work With
We support the full spectrum of private fund managers — from first-time emerging managers launching a standalone fund to established institutional platforms managing billions in AUM. Our clients include: SEC-registered and exempt investment advisers and commodity trading advisers Hedge funds, private equity funds, and venture funds Family offices and fund-of-funds managers Managers preparing for their first institutional allocation, We collaborate with CEOs, portfolio managers, CIOs,, COOs, CCOs, fund manager executives, consultancy firms, law firms and the spectrum of asset manager and trading organizations.
Strategies & Structures We Support
Long/short equity, market-neutral, global macro, event-driven, convertible and volatility arbitrage, managed futures (CTAs/CPOs), fixed income, real estate, catastrophe bonds and reinsurance-linked securities, fund-of-funds, and more — across onshore, offshore, and master-feeder structures.
We brings decades of in-house, public sector, and institutional experience directly to bear on each client engagement — without the overhead, inefficiency, or junior associate hand-offs that characterize larger practices. Our streamlined structure eliminates unnecessary overhead, allowing us to deliver partner-caliber work at cost structures that are materially more competitive than large-firm alternatives.
  • Every engagement is led and personally managed by a senior attorney with direct deal experience.
  • Our narrow focus on alternative asset managers means we do not dilute resources across unrelated practice groups.
  • We bring institutional knowledge of investor expectations, counterparty behavior, and regulatory risk that generalist counsel simply cannot replicate.
  • Our cost structure allows for top-tier expertise without the overhead premium of large-firm billing.
  • We are a trusted business partner, not just a document vendor — available, responsive, and invested in your success.
  • Bespoke & viable solutions to problems
  • Scalable, pragmatic & strategic
  • Knowledge, experience & relationships to facilitate asset growth
contact us

Video of Private Fund Formation Structure Examples

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private fund start ups to established
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onshore-offshore private firms
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private equity funds
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hedge funds
  

Scope of bespoke expertise

Alternative options to launch a more viable fund
“We have executed a number of onshore and offshore private fund vehicles for clients which seek to manage start-up costs…
Fund formation for emerging and established managers
“Private fund formation and advisory firm build out”
Fund manager compliance, regulations or operations
“viable front to back office exempt to SEC regulatory, compliance-operations framework & support”
Private manager business attorneys
“deep (in house & public sector experienced) fund manager attorneys sets us apart”
Investor solicitation support
“spectrum of fund strategies, investors, offering structures and fund managers”
Investor & Regulatory Readiness / Risk Management
“Get investor- and SEC-ready before you need to be”
Fund manager business matter, partner transaction & governance
“in-house-public sector trading, corporate and SEC experienced attorneys sets us apart”
C-suite legal, compliance & operations expertise — without the full-time cost
“Fund manager GC, CCO or COO fractional support”

Faqs
  • Do I need to register as an investment adviser, or does an exemption apply?
    Whether a registration exemption applies is fact-specific and depends on your fund's structure, strategy, assets under management, and domicile, among other factors. Alternative Fund PLLC helps managers determine the right state or federal registration path — or confirm an exemption applies — to reduce fixed costs and preserve cash during the early stages of a fund's life
  • Raising assets US or offshore?
    We work with jurisdictions across U.S., Delaware, BVI, Bermuda, Cayman Islands, Ireland to name a few dependent on variables such as target investors, jurisdiction, tax matters, marketing strategy, assets under management, infrastructure, etc.
  • an I offer multiple strategies or asset classes under one fund structure?
    Yes. Delaware and a limited number of other U.S. states, along with certain offshore jurisdictions, permit a segregated portfolio company (SPC) or similar umbrella structure. This allows a manager to run multiple strategies or separately managed accounts under one entity while legally ring-fencing each portfolio's assets from the others, avoiding cross-collateral exposure.
  • Typical stand alone US private fund offering?
    A conventional offering consist of (i) a bespoke offering memorandum describing teams, people, strategy, asset class, liquidity, etc., (ii) a governing document detailing, among other things, valuation, liquidity, fees, alignment of interests, (iii) a subscription agreement tailored to the material terms to evidence ownership interests; (iv) governing documents across investment adviser, partners, pooled investment vehicle, to name a few.
  • How to offset the cost of an typical offering structure prior to raising outside assets?
    A pre-solicitation offering structure (Incubator Fund) may be created to test a trading strategy and build a track record using "proprietary" assets before offering the pooled investment vehicle to outside investors typically called an incubator fund.
  • Considerations after raise assets?
    Investor seek safety of assets. To maintain and raise additional assets its important to reflect skin i the game by projecting a risk managed firm. Risk management means better managed returns.
  • How to separate from the fund manager pack?
    A gap analysis can be specific to an area of stress or a firm wide diagnostic review across the enterprise. Tailored recommendations, close gaps and final report used as a marketing tool to project safety of assets and a better risk managed firm.
  • Help with strategic fund marketing support?
    We have relationships with third-parties that seek to raise assets for private fund managers across broker-dealers, placement agents and investors. Depending on strategy, track record and pedigree, we seek to place a client in the best position to succeed.
  • Marketing considerations to attract high net worth, family offices or institutional investors?
    The opportunity at an initial meeting with a potential sophisticated investor to place yourself in the best position to succeed. Depending on strategy, return profile of risk adjusted returns, market demand, firm framework in place (skin in the game) viable operations, assets under management, among other things,, determines the target market investor across high-net worth, family offices and/or institutional investors.
  • How to grow a scalable and viable investment advisory organization?
    Our knowledge, experience and relationships increases the likely-hood of success and long-term viability by avoiding the pit falls that can lead to cash burn, regulatory or reputational risk.

Schedule an informational call with an attorney

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    Select client examples

    We launch the spectrum of offshore offering structures to our clients attracting both US and offshore investors streamlining the process across the spectrum of strategies and offering structures on a viable basis applying our years or experience, expertise and offshore relationships.
    Offshore Offering Structures
    We form the spectrum of exempt reporting, SEC and state registered investment advisers on federal and state level across investment and commodity trading advisers driven by each client's facts and circumstances.  Alternative options and offering structure drive the analysis across SEC, state, exemptions, etc. and regulatory build out.  We support clients across compliance, operations, regulatory and risk management regulatory build-out framework.
    SEC, NFA, State Adviser Registration
    For pioneer portfolio manager launching to support master - feeder structure, a stand alone fund driven by tax and risk management issues, a key consideration when launching a new strategy.  This strategy will invest in mutual funds with a focus on equities under a successful quantitative strategy.
    US Parallel Fund
    Pioneer portfolio manager, of such firms as BNP Paribas, AQR and Magnetar Capital.  Executed fund formation, corporate governance, asset raising, marketing and private fund advisor build-out and on-going support leading to the growth of its successful U.S. strategy specializing in closed end trading funds across teams and people managing assets across high net worth, family offices and institutional investors.
    Closed End Trading LLC
    Formerly one of the largest traders of a convertible arbitrage strategy.  Enterprise level diagnostic review, gap analysis, recommendation report in connection with a number of U.S. and offshore funds, equity funds, registered investment advisers, operations and compliance framework across its enterprise. Objective to increase efficiencies, create robust best practices infrastructure and materially reduce risk, legacy costs to attract and win new institutional assets.  Also, engaged across new fund offerings (onshore-offshore), marketing, operations, fractional General Counsel and COO support to execute goal.
    Argent Financial Group, Greenwich CT
    Co-founded catastrophic bond and reinsurance onshore and offshore master-feeder and advisory firm organization to facilitate catastrophic bond and reinsurance strategy. Collaborated with re-insurance portfolio manager and well known reinsurance firm and strategic seed investor to facilitate pragmatic growth and help win institutional assets from leading Qualified Institutional Buyers with $100 million or more of net worth.
    Anchor Risk Advisors LLC
    Engaged by well known New York City aw firm to collaborate and provide private fund expertise to a Swedish based private fund manager in connection with U.S. sub-advisory relationship to manage a reinsurance strategy for a large US alternative asset manager represented by global private fund manager law firm.
    Ress Capital
    For a global asset management managing the largest fixed income strategies in Asia, our Managing Partner executed the strategy and spectrum of offshore structures, teams and people to provide both strategic and execution support to client's CEO and CIO across a global best practices infrastructure of fund formation, compliance framework, operational risk management, legal and marketing framework managing relevant teams and people for a global fund of funds platform managed by several SEC investment and commodity advisers managing AUM in excess of 10 billion.  Our Managing Partner worked closely as a trusted adviser to the CEO across marketing and business strategy and the coordinated execution of numerous private funds and managed accounts for a global fund of funds business.
    Nikko Asset Management, New York Subsidiary
    Launched an offshore start-up master-feeder structure into existing US stand-alone fund to accommodate institutional investor’s substantial investment.  BVI tax blocker entity and availability for investment within a four-week time frame.    Although this type of offering structure may typically takes 6-8 weeks, as a highly experienced and nimble law firm we satisfied client need to make it happen for investor assets. in a viable and practical manner working with our established offshore law firm and counter-parties.
    RMCEF LTD
    Engaged by global firm AON COO Chicago subsidiary to perform diagnostic review and analysis review across execution and support of $250 Ml AUM launch of an offshore private equity fund of funds structure.
    Aon Consulting
    For US commercial real estate fund, executed multi-layered offshore and onshore master feeder structure and reorganized existing investment manager organization from segregated series platform to its own master-feeder structure.  Prepared robust offering memoranda and structure for client organization to mitigate cost and facilitate independent offerings to its US and offshore  investors.
    US & Offshore Commercial Loan Origination Real Estate Offerings
    For global Bank of Ireland ICAV structure, quarterbacked the execution of cornerstone strategy for offshore manager of managers structure across fund formation, collaborating with outside counsel, organizational and regulatory framework, sub-advisory relationship, fund manager due diligence, onboarding and operations for spectrum of US and offshore manager strategies to facilitate strategic investor, Guggenheim Asset Management.
    Guggenheim Asset Management
    For US hedge/private equity hybrid manager reorganized BVI segregated series structure to increase operational and legal efficiencies and transfer of US and offshore assets into new BVI master-feeder structure to improve economic and legal efficiencies.
    Onshore & Offshore British Virgin Islands Segregated Series Structure
    Client requested gap analysis for pre-existing registered CPO and CTA firm to become investor ready across offering structures for onshore-offshore investors.
    Offshore and Onshore Offering Structure, CTA & CPO NFA Registered
    Texas based Commodity Trading Adviser & Pool Registered with the NFA.  For U.S. manager executed stand alone structure and filed for approval NFA compliant offering structure in connection with a managed futures strategy and framework and to offer same to Qualified Persons through its registration offering process with the NFA.
    Consistent Capital LP
    For a well established multi-strategy private fund investment advisory firm managed by former manager of Wellington Asset Management, collaborated with CFO on firm wide gap analysis across private fund offerings & organizational framework to materially reduce legacy costs and augment solicitation strategy geared toward institutional investors for its multiple hedge fund, private equity and managed accounts.
    Schneider Capital
    For well established private equity loan origination strategy and firm, engaged to collaborate with CEO to provide diagnostic review, compliance gap analysis, recommendations and execute solutions to attract assets post conversion from a conventional closed end private equity fund  to an open ended hedge fund structure.
    Edgewood Capital Hybrid Hedge-Private Equity Strategy
    Principal facilitated ongoing seed relationships and joint venture, investor due diligence readiness, and ultimate investments by well known re-insurance institutional investors and execution of an offshore CAT bond (insurance linked) strategy and US Investment Adviser structure to facilitate strategy and additional investments.
    XL Re, Bermuda Reinsurance Company

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