In a typical multi-strategy fund (“Multi-Strat”), a fund structure is established by an investment manager (the “Investment Manager”) that runs multiple investment strategy portfolios within it, oftentimes with different portfolio managers (the “PMs”) responsible for each strategy under the Investment Manager’s overall supervision. While Multi-Strats have grown significantly in size and popularity in recent years, they present unique structuring challenges that need to be considered when they are being established. This memo will address: Fund Entity Structure, Attraction & Retention of PMs, and Investment Manager Concerns.
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