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New York City                                         Westchester
Serving the alternative investment funds industry
FORMATION OF PRIVATE INVESTMENT FUNDS

We advise clients on all aspects of fund formation: from determining the
appropriate fund structure and drafting the formation documents for the
funds and the management company to making the required regulatory
filings and documenting the entry of investors. Typical fund formation
activities include:
Determining the appropriate fund structure:

           - Master-Feeder / Side-by-Side
           - Domestic / Off-shore
           - Domicile / Jurisdiction
           - Choice of legal entity (LP, LLC, Corporation, etc.)
     
Drafting / negotiation of formation documents:

           - Limited Partnership Agreements for the fund entities
           - Private Placement Memoranda for the fund
           - Limited Liability Company Operating Agreements for the
             investment manager / sponsor entity
           - Shareholder agreements for corporate entities
           - Investment Management Agreements between the fund(s)
             and the investment manager
           - Subscription Agreements, Powers of Attorney, other investor
             documents
           - Investor Side Letters

Regulatory filings:

           -  SEC / state registration of the investment adviser entity
           -  Form ADV filing and amendments for federally-registered
              investment advisers
           -  State filings for the formation of the limited partnership/s /
               limited liability company
           -  Form D filings for the private placement of the fund’s
               securities with investors
           -  State “blue sky” securities filings for the private placement
              of the fund’s securities in relevant states

Management Company / Sponsor matters:

           -  Prime brokerage agreement
           -  Clearing and other brokerage arrangements
           -  Administration and custody agreements
           -  Accounting and audit engagements
           -  Investor solicitation, marketing, investor relations
           -  Compliance manual

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FRENKEL SUKHMAN LLP
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Tarrytown, NY 10591
914-739-1600
914-206-4084 fax
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