Standard Tuition $400 US
Senior Fellow Scott Sherman, JD, General Counsel, CCO, Tiger Management Advisors LLC
This course will cover a variety of topics relating to legal, regulatory, operational and investment due diligence in order to mitigate the risks associated with investing in privately placed funds. This Course will include Lecturers that perform due diligence on behalf of a range of investors, including state plans, plan asset investors subject to ERISA, taxable investor, tax-exempt investors as well as non-US investors, and thus you will hear varied perspectives on issues that should be at the forefront of each of your pre-investment reviews.
At the conclusion of this session, students will have mastered the following:
1. What are 3 fundamental tenets (“must haves”) of a successful due diligence program?
2. Alignment of interests between investment advisers and clients has been a hot topic for both investors and regulators. What areas of a due diligence program (i.e. employee personal trading, valuation, trade allocation policies, succession planning, etc.) are most important to consider when attempting to better align manager and investor interests?
3. Have diligence processes and negotiations with alternative investment managers changed in the wake of the Kerner piece? What are new areas of focus built into the diligence procedures of large allocators recently?
4. Indemnification and Exculpation: Is the liability of fund managers sufficient under most fund documents? Under what circumstances should managers be indemnified by the funds they manage? What happens if a manager settles a claim without an admission of guilt?
5. Gating and suspensions: Will investors be protected during the next market downturn or illiquidity event? How to structure gating and suspension mechanisms that protect investor interests.
6. Fees and Expenses: Auditing the fees and expenses charged to your fund/account. Common issues that arise with respect to expense allocations
7. Inhibiting liquidity: Are liquidating vehicles merely disguised side pockets? Should managers earn full fees on such vehicles if investor capital is not returned in a timely fashion?
Senior Fellow From Practice:
- Scott Sherman, JD, General Counsel, CCO, Tiger Management Advisors LLC
- David Warsoff, Executive Director, JP Morgan Alternative Asset Management
- Ifeyinwa Oguagha, JD, Assistant Counsel, NY State Common Retirement Fund
- Maura Harris, CPA, Sr Vice President, Director of Operational Due Diligence, Permal Group
- Nicole Tortarolo, JD, Executive Director, Head of Investment Structuring A&Q Hedge Fund Solution, UBS Alternative & Quantitative Investments
Credit Hours: 1
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information
Credit Hours: 2
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information
Course ID Number: 9290
On-Demand Web Programs and Segments are approved in:
Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6, North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14and Wyoming*.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.
*RCA will apply for credit upon request. Louisiana and New Hampshire: RCA will apply for credit upon request for audio-only on-demand web programs.
1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
2Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
3Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.
4New Hamphsire: The approval is for three years from recorded date.
5New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
6New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
7North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
8Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
9Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
10Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.
11Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
12Tennessee: The approval is for the calendar year in which the live program was presented.
13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
14Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.