Form PF Requires Investor Type Concentrations

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The folks at Hedge Op, have written an article elaborating on Question 16 of Section 1b – Investor Representations of Subscription Agreements.  Concentration of investor types will be required.

Question 16 asks the manager to “specify the approximate percentage of the reporting fund’s equity that is beneficially owned” by each listed category of investors (detailed below), with the total adding up to approximately 100%.

In order to accurately answer Question 16, a private fund manager will need to know which of the following groups each of its private fund investors (or transferees, if applicable) falls into:

(a) Individuals that are United States persons (including their trusts);

(b) Individuals that are not United States persons (including their trusts);

(c) Broker-dealers;

(d) Insurance companies;

(e) Investment companies registered with the SEC;

(f) Private funds;

(g) Non-profits;

(h) Pension plans (excluding governmental pension plans);

(i) Banking or thrift institutions (proprietary);

(j) State or municipal government entities (excluding governmental pension plans);

(k) State or municipal government pension plans;

(l) Sovereign wealth funds and foreign official institutions; or

(m) Investors that are not United States persons and about which the foregoing beneficial ownership information is not known and cannot reasonably be obtained because the beneficial interest is held through a chain involving one or more third-party intermediaries.

Form PF includes a catch-all category “Other” for any investors not fitting into any of the above categories.

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