Welcome to Insights, where we delve into the evolving legal landscape of private investment funds, offering practical guidance to help fund managers and investors navigate today’s complex environment. Insights serves as a valuable resource for exploring current industry trends, key regulatory updates, and practical tools, designed to address the unique challenges faced by stakeholders in the private investment funds sector. Some of our posts will provide introductory insights, while others will delve into complex emerging legal issues.
Explore our posts for insights into critical topics such as fund marketing rules, fund governance and liquidity management, all curated to empower your decision-making.
Disclaimer: The content provided here is for informational purposes only and does not constitute legal or tax advice. Readers should consult with a qualified legal or tax advisor to address specific legal concerns or questions.
EM Pro Tips: SMAs
Separately managed accounts have become an increasingly common entry point for emerging managers, particularly in venture, growth, and specialized private markets strategies. For many first-time or early-stage sponsors, an SMA is often the most practical way to secure initial capital, demonstrate an investment process, or begin building a live track record without incurring the cost and complexity of launching a commingled fund. In some cases, an institutional investor will insist on an SMA as a condition to backing a new platform at all.