Vedder Price

Fund of Funds Vedder Services

Our attorneys offer practical solutions for fund of hedge funds and private equity fund of funds and their managers (collectively, FOFs). We have substantial experience representing FOFs in all aspects of their business.

Below is a summary of some of the services we provide to these clients:

Formation and Structuring

  • Preparation of offering materials for commingled products, fund-of-one products and separate accounts
  • Assistance with Form D and state blue sky filings

Operational Due Diligence/Underlying Manager Investments

  • Review of underlying fund offering materials
  • Review of operational due diligence questionnaires
  • Assistance with background checks, including obtaining court files and police reports
  • Assistance with underlying fund side letter negotiation
  • Assistance with secondary market transactions of underlying fund investors
  • Evaluation of litigation involving investments in suspended or gated managers

Marketing/Client Relations

  • New product development (registered and unregistered)
  • Review of performance advertising
  • Assistance with international offering issues
  • Negotiation of distribution arrangements
  • Assistance with investor side letters

Service Provider Arrangements

  • Lines of credit (traditional and structured products)
  • Custody and administrative agreements
  • Traditional brokerage, futures and derivatives agreements


  • Adviser registration and exemptions
  • Commodity trading adviser/commodity pool operator registration and exemptions
  • Review of compliance policies and procedures
  • Analysis of pay-to-play issues
  • Assistance with the annual compliance review process
  • Conducting mock SEC examinations
  • Developing risk assessments