Yes, for private investment funds, the general partner is generally considered an investment adviser under the Investment Adviser Act. Let’s start with the definition of an investment adviser from the Investment Advisers Act: “any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the … Read more »
Tag: Abrahamson
Counting Clients under the Investment Advisers Act – The Demise of the Hedge Fund Rule
Section 203(b) lays out the exceptions to registration under the Investment Advisers Act. Section 203(b)(3) exempts you if during the previous 12 months (i) you have fewer than 15 clients and (ii) you do not hold yourself out as an investment adviser. For private investment funds, the general partner is generally considered an investment adviser … Read more »