On June 8, 2012, the SEC's Division of Investment Management issued its responses to frequently asked questions regarding Form PF. The responses cover various Form PF issues, including the treatment of funds-of-funds, investments in internal private funds, the definition of a "hedge fund" for purposes of Form PF and the aggregation of accounts managed by related persons. With respect to funds-of-funds, the SEC clarified that advisers to funds-of-funds will be required to file a Form PF to the extent they have $150 million or more in private fund assets under management; however, disregarded private funds and disregarded investments will not be included for determining whether such adviser meets the large private fund adviser threshold or the $5 billion "early filing" threshold.
The responses may be accessed here.
If you have any questions, please contact an attorney in Seward & Kissel's Investment Management Group.
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