Guides to hedge funds, private equity and venture capital
Plain-English explanations of how private funds work, built on data from SEC filings.
All private funds
Form D explained
What SEC Form D is, when hedge funds must file it, how to read each section (amount sold, investors, minimum, exemptions) and its limits as a research tool.
Accredited investor, qualified purchaser and qualified client
The three eligibility tests for hedge fund investors explained: 2026 thresholds for accredited investors, qualified purchasers and qualified clients, and which funds require which.
Rule 506(b) vs Rule 506(c)
The difference between Rule 506(b) and 506(c) private offerings: who may invest, whether a fund may advertise, how accredited status is verified, and how many hedge funds use each.
3(c)(1) vs 3(c)(7) funds
How Section 3(c)(1) and 3(c)(7) hedge funds differ: the 100-investor cap, the qualified purchaser test, and what the data shows about their size and minimums.
Hedge funds
How to invest in a hedge fund
Who can invest in a hedge fund, typical minimums, how to find and research funds using SEC filings, and the steps from first call to subscription.
What is an emerging hedge fund manager?
What counts as an emerging hedge fund manager, why allocators seek them out, the risks, and data on the newer, smaller U.S. hedge funds filing with the SEC.
Hedge fund minimum investments
Typical hedge fund minimum investments from SEC Form D data: median, most common amounts, how minimums differ for emerging and large funds, and how waivers work.
How to start a hedge fund
The steps to launch a hedge fund: legal structure, offering documents, service providers, adviser registration, Form D and raising the first capital, with data on how new funds actually start.
Hedge fund fees explained
How hedge fund fees work: the management fee, the performance fee or allocation, high-water marks, hurdle rates, expenses, and what to ask before investing.
Offshore and master-feeder hedge funds
Why so many hedge funds are in the Cayman Islands, how master-feeder structures work, and which investors use onshore and offshore feeders, with data from SEC filings.
How to research a hedge fund
A due diligence checklist for researching a hedge fund with free public sources: Form D, Form ADV, 13F filings, disciplinary history, service providers and red flags.
Hedge fund strategies explained
A plain-English guide to the main hedge fund strategies: long/short equity, global macro, event-driven, relative value, credit, quantitative, multi-strategy and managed futures.
Private equity
How to invest in private equity
Who can invest in private equity funds, typical minimums, how capital calls and the fund life work, and the routes individual investors use, with data from SEC Form D filings.
Private equity vs hedge funds
How private equity funds and hedge funds differ: what they own, how long money is locked up, how fees and returns are measured, and how many of each file with the SEC.
Private equity fees and carried interest
How private equity funds charge: management fees on committed capital, carried interest, the preferred return and catch-up, and European vs American waterfalls.
Venture capital
Private equity and venture capital
IRR, TVPI and DPI explained
What IRR, TVPI, DPI, RVPI and PME mean for private equity and venture capital funds, why vintage year matters, and how to read a manager's track record.
What is an SPV?
What special purpose vehicles and co-investment funds are, why so many venture and private equity Form D filings are "a series of" vehicles, and how they differ from blind-pool funds.
Research
Education, not advice. This guide explains general rules and market practice. It is not legal, tax or investment advice, not an offer or solicitation, and not a recommendation of any fund. Rules change; confirm details with the SEC and a qualified professional. Disclosures