{"concept_id":"ALTSS-FUND-001","slug":"fundraising","canonical_name":"Fundraising (Fund)","aliases":["fund raising","capital raising","GP fundraising"],"kind":"process","authority":"industry","facets":["FRI"],"domains":["FUNDRAISING"],"display_title":"Fundraising (Private Fund Fundraising)","search_aliases":["what is fundraising in private equity","how do private equity funds raise capital","private fund fundraising process","first close and final close","can a private fund advertise"],"one_sentence_definition":"Fundraising is the process by which a private fund manager markets a new fund to prospective investors, negotiates its terms and accepts binding capital commitments at one or more closings, ending at the fund's final close.","plain_english":"A manager launching a closed-end fund has to persuade investors to promise money before the fund owns anything. It prepares an offering document and supporting materials, meets prospective investors, answers their due diligence, negotiates the partnership agreement and side letters, and admits investors at one or more closings. Investors then pay in the promised capital over several years as the manager calls it.","parent_concepts":[],"child_concepts":["first-close","final-close","pre-marketing"],"related_concepts":["fundraising-period","private-placement-memorandum","subscription-agreement","placement-agent","anchor-investor","side-letter","regulation-d"],"comparison_concepts":[],"not_the_same_as":[{"slug":"fundraising-period","distinction":"The fundraising period is the time window, usually measured to the final close; fundraising is the whole process, including the preparation and marketing before the first close."},{"slug":"capital-call","distinction":"Fundraising secures commitments; capital calls draw those commitments down after the fund has closed."},{"slug":"investor-relations","distinction":"Investor relations is the manager's continuing function with existing and prospective LPs; a fundraise is one campaign within it."}],"formula_ids":[],"worked_examples":[{"title":"Illustrative equalisation at a second close ($ millions)","paragraphs":["A fund holds its first close and calls 15% of commitments over the next six months. An LP admitted at a second close 182 days later with a $20m commitment pays a catch-up contribution of $3.0m (15% of $20m) plus, under an LPA that charges 8% simple interest, an [equalisation](/glossary/equalization) charge of about **$0.12m** (3.0 × 8% × 182/365), which is usually allocated to the earlier investors. The rate, the day-count basis and whether management fees are equalised separately all vary by LPA."],"calc":{"fn":"equalization_interest","inputs":{"amount_catch_up":3,"rate":0.08,"days":182},"expected":{"equalization_interest":0.1197},"tol":0.0005}}],"sections":[{"heading":"How a fundraise runs","paragraphs":["Most closed-end fundraises pass through four stages, which overlap in practice.","1. **Preparation.** The manager settles the strategy, target size and hard cap, economics, governance terms and legal structure (main fund, parallel or feeder vehicles). It drafts the [private placement memorandum](/glossary/private-placement-memorandum), the [limited partnership agreement](/glossary/limited-partnership-agreement) (LPA), a presentation, track-record materials and answers to standard due diligence questionnaires, and opens a data room.\n2. **Marketing and diligence.** Meetings with prospective LPs, investment and operational due diligence, reference calls, and negotiation of the LPA and side letters. Institutional LPs usually need investment-committee or board approval, and that calendar often sets the pace.\n3. **Closings.** At the [first close](/glossary/first-close) the GP accepts the first subscriptions and the fund starts with binding commitments. Investors admitted at later closings normally pay an equalisation amount so that they carry their share of capital already called and fees already charged.\n4. **Final close.** The [final close](/glossary/final-close) ends the offering. LPAs commonly limit the time allowed between first and final close, and the total of accepted commitments becomes the fund size on which commitment-based fees are charged."]},{"heading":"Soft and hard commitments","paragraphs":["A soft commitment, or \"soft circle\", is market usage for a prospective LP's non-binding indication of the amount it expects to commit, often given before its investment committee has approved the fund. It creates no obligation, and both sides treat it as a forecast. A hard commitment is the LP's contractual obligation to provide capital, in response to capital calls, up to the amount in its [subscription agreement](/glossary/subscription-agreement); the Institutional Limited Partners Association (ILPA) defines a fund commitment in those terms in its Principles 3.0. It binds once the GP accepts the subscription and admits the LP at a closing, and only hard commitments count toward fund size. The distinction also fixes the Form D clock: the form's instructions define the date of first sale as the date on which the first investor is irrevocably contractually committed to invest."]},{"heading":"Who does the work","paragraphs":["The GP's investor-relations or capital-formation team runs the process with fund counsel, the fund administrator (which processes subscription agreements and investor identity and anti-money-laundering checks) and often a [placement agent](/glossary/placement-agent). On the LP side, investment staff, consultants and committees run diligence and approval. ILPA Principles 3.0 ask GPs to disclose their economic arrangements with placement agents in the diligence materials, to bear placement agent fees themselves (placement expenses may be borne by the fund), and to offset the management fee in full where placement agent fees are allocated to the fund."]},{"heading":"US rules that shape a fundraise","paragraphs":["Interests in a private fund are generally securities (Form D lists pooled investment fund interests among the types of securities offered), so a US raise has to fit a securities-law exemption and an Investment Company Act exclusion, and the manager's communications fall under the adviser rules.","- **Offering exemption.** Most private funds rely on Rule 506 of [Regulation D](/glossary/regulation-d). Under Rule 506(b) the fund may not use general solicitation and may sell to any number of accredited investors and to no more than 35 non-accredited but sophisticated purchasers in any 90-day period. Under Rule 506(c) it may solicit and advertise publicly, but every purchaser must be accredited, and the issuer must verify each purchaser's status through reasonable steps. A staff no-action letter of 12 March 2025 accepts a minimum investment of at least $200,000 for natural persons or $1 million for entities, with written representations that the investor is accredited and that the investment is not financed by a third party, as a way to meet the verification requirement.\n- **Form D.** The fund files a Form D notice no later than 15 calendar days after its date of first sale and amends it annually while the offering continues. The form reports the total offering amount, the amount sold and the number of investors, but not their identities.\n- **Fund exclusion.** A 3(c)(1) fund is limited to 100 beneficial owners (250 for a qualifying venture capital fund); a 3(c)(7) fund may admit only qualified purchasers. Neither may make a public offering, so the investor list itself is a compliance control.\n- **Marketing materials.** For a registered adviser, pitch books and other advertisements are subject to the [Marketing Rule](/glossary/marketing-rule): gross performance may not be shown unless net performance is also shown with at least equal prominence, in a format designed to facilitate comparison, and calculated over the same time period using the same type of return and methodology.\n- **Intermediaries.** Under section 15(a)(1) of the Exchange Act a broker or dealer generally may not use interstate commerce to effect or induce transactions in securities unless registered with the SEC; third-party placement agents paid to sell fund interests are commonly registered broker-dealers.\n- **Public pension investors.** Rule 206(4)-5 bars an SEC-registered adviser, an exempt reporting adviser or a foreign private adviser from providing advisory services for compensation to a government entity, including through a fund in which it invests, for two years after certain political contributions by the adviser or its covered associates. The Securities and Exchange Commission (SEC) proposed rescinding the rule in Release IA-6994, dated 3 September 2026 and published in the Federal Register on 10 September 2026; it remains in force unless and until rescission is adopted."]},{"heading":"EU and UK marketing rules","paragraphs":["In the EU, marketing an alternative investment fund to professional investors is regulated under the [Alternative Investment Fund Managers Directive](/glossary/aifmd) (AIFMD). After notifying its home regulator, an authorised EU manager may market an EU fund it manages to professional investors in its home member state (Article 31) and, under the marketing passport, in other member states (Article 32). Non-EU managers rely on national private placement regimes where a member state keeps one (Article 42). Testing interest before a fund is established or notified is [pre-marketing](/glossary/pre-marketing), defined and conditioned by Directive (EU) 2019/1160: the material may not let investors commit and may not be subscription forms or final fund documents, an EU manager must send its home regulator an informal letter within two weeks of starting, and a professional investor's subscription within 18 months is treated as the result of marketing. The directive required member states to apply these pre-marketing rules from 2 August 2021.","In the UK, a non-UK (third-country) manager, or a full-scope UK manager marketing a non-UK fund, markets under the national private placement regime in Part 6, Chapter 3 of the Alternative Investment Fund Managers Regulations 2013, which generally requires written notification to the Financial Conduct Authority before marketing begins (regulations 57 to 59, in force as of 2 October 2026)."]},{"heading":"What LPs weigh","paragraphs":["Beyond strategy and expected returns, LP diligence concentrates on whether the people offering the fund produced the track record, team stability and how economics are shared, fund size relative to the opportunity, terms and alignment (ILPA recommends a GP commitment contributed in cash rather than through management-fee waivers), operational infrastructure and conflicts of interest. For a manager's first or second fund these questions are harder to answer from fund-level history, which is why first-time and [emerging managers](/glossary/emerging-manager) may rely on anchor investors, seed arrangements or minority investors in the management company to complete a raise."]}],"classification_rules":[],"calculation_rules":[],"common_mistakes":["Counting soft circles or verbal indications as commitments. Only subscriptions the GP has accepted at a closing bind the investor.","Reading a Form D's amount sold as the final fund size. The notice is due 15 days after the date of first sale and is amended annually, so it can lag the actual raise.","Using general solicitation, such as public web pages or press interviews about the fund, in a Rule 506(b) offering.","Admitting an accredited investor who is not a qualified purchaser to a 3(c)(7) fund.","Showing gross IRR in a pitch book without net IRR of equal prominence, or calculating the two on different bases, for example one with and one without a subscription line."],"edge_cases":["Evergreen and semi-liquid funds take subscriptions continuously, so fundraising is an ongoing activity with no final close.","A fund of one or separately managed account is negotiated with a single investor and has no sequence of closings.","Continuation vehicles raise capital from secondary buyers and from existing LPs who elect to roll, usually through an adviser-run process.","Raising above the hard cap, or extending the period to the final close, normally needs whatever consent the LPA specifies."],"external_standard_mappings":[{"standard":"ILPA Principles 3.0","reference":"GP and Fund Economics: placement agent fees (p.16); GP commitment and ownership (p.17)","relation":"related","source_id":"SRC-ILPA-PRINCIPLES-3","note":"LP-side recommendations on how fundraising costs and GP alignment should be handled."}],"source_ids":["SRC-EU-AIFMD-2011-61","SRC-EU-CBDF-2019-1160","SRC-ILPA-PRINCIPLES-3","SRC-UK-LEG-SI-2013-1773","SRC-US-ECFR-230-502","SRC-US-ECFR-230-506","SRC-US-ECFR-239-500","SRC-US-ECFR-275-206-4-1","SRC-US-ECFR-275-206-4-5","SRC-US-FR-2026-18424","SRC-US-SEC-FAQ-MARKETING","SRC-US-SEC-FORM-D-FORM","SRC-US-SEC-NAL-LATHAM-506C-2025","SRC-US-USC-15-78O","SRC-US-USC-15-80A-3"],"citations":[{"source_id":"SRC-US-ECFR-230-506","pinpoint":"17 CFR 230.506(b)(2)(i)-(ii); 230.506(c)(2)","supports":"Rule 506(b) purchaser limits; Rule 506(c) general solicitation, accredited-only sales and verification","source":{"source_id":"SRC-US-ECFR-230-506","title":"17 CFR 230.506 - Exemption for limited offers and sales without regard to dollar amount of offering (Rule 506(b) and 506(c))","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/230.506","publication_date":"eCFR current as of 2026-09-29; last amended 2021-06-09","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-ECFR-230-502","pinpoint":"17 CFR 230.502(c)","supports":"No general solicitation or general advertising except as provided in 230.504(b)(1) or 230.506(c)","source":{"source_id":"SRC-US-ECFR-230-502","title":"17 CFR 230.502 - General conditions to be met (Regulation D: information requirements, limitation on manner of offering, limitations on resale)","publisher":"U.S. Securities and Exchange Commission (CFR text via LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/230.502","publication_date":"LII text accessed 2026-10-01; last amended 2021-01-14 per LII","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-SEC-NAL-LATHAM-506C-2025","pinpoint":"Staff response of 2025-03-12 and incoming letter","supports":"Minimum-investment route to 506(c) verification ($200,000 / $1,000,000) and its conditions","source":{"source_id":"SRC-US-SEC-NAL-LATHAM-506C-2025","title":"No-Action Letter: Latham & Watkins LLP (Rule 506(c) verification via minimum investment amounts)","publisher":"U.S. Securities and Exchange Commission, Division of Corporation Finance","document_type":"guidance","url":"https://www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division-corporation-finance-no-action/latham-watkins-503c-031225","publication_date":"2025-03-12","jurisdiction":"US","status":"in force (staff position)","last_verified":"2026-10-01"}},{"source_id":"SRC-US-ECFR-239-500","pinpoint":"17 CFR 239.500(a)(1), (a)(3)(iii)","supports":"Form D due 15 days after first sale; annual amendment while the offering continues","source":{"source_id":"SRC-US-ECFR-239-500","title":"17 CFR 239.500 - Form D, notice of sales of securities under Regulation D and section 4(a)(5) of the Securities Act of 1933","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/239.500","publication_date":"eCFR current as of 2026-09-29; last amended 2016 (81 FR 83553, Nov. 21, 2016; eCFR version dated 2017-05-23)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-SEC-FORM-D-FORM","pinpoint":"General Instructions (When to file); Item 7 instruction; Item 9; Items 13-14","supports":"Date of first sale is the date on which the first investor is irrevocably contractually committed to invest; Form D reports offering and sales amounts and investor counts, not investor identities","source":{"source_id":"SRC-US-SEC-FORM-D-FORM","title":"Form D - Notice of Exempt Offering of Securities (form and instructions, paper version)","publisher":"U.S. Securities and Exchange Commission","document_type":"form","url":"https://www.sec.gov/files/formd.pdf","publication_date":"SEC1972 (5/17); OMB No. 3235-0076, expires 2027-07-31","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-USC-15-80A-3","pinpoint":"Sec. 3(c)(1), 3(c)(1)(C)(i), 3(c)(7)(A)","supports":"100-owner limit (250 for a qualifying venture capital fund); qualified-purchaser-only funds; no public offering","source":{"source_id":"SRC-US-USC-15-80A-3","title":"15 U.S.C. 80a-3 - Definition of investment company (Investment Company Act sec. 3, incl. 3(c)(1) and 3(c)(7))","publisher":"U.S. Congress (United States Code; LII mirror)","document_type":"statute","url":"https://www.law.cornell.edu/uscode/text/15/80a-3","publication_date":"Current US Code text as published by LII (accessed 2026-10-01)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-ECFR-275-206-4-1","pinpoint":"17 CFR 275.206(4)-1(d)(1)(i)-(ii)","supports":"Gross performance only with net performance of at least equal prominence, comparable format, same time period, same type of return and methodology","source":{"source_id":"SRC-US-ECFR-275-206-4-1","title":"17 CFR 275.206(4)-1 - Investment adviser marketing (Marketing Rule)","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/275.206(4)-1","publication_date":"eCFR current as of 2026-09-29; last amended 2022-04-15 (later versions technical)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-USC-15-78O","pinpoint":"Sec. 15(a)(1)","supports":"Broker-dealer registration requirement","source":{"source_id":"SRC-US-USC-15-78O","title":"15 U.S.C. 78o - Registration and regulation of brokers and dealers (Securities Exchange Act sec. 15)","publisher":"U.S. Congress (United States Code; LII mirror)","document_type":"statute","url":"https://www.law.cornell.edu/uscode/text/15/78o","publication_date":"Current US Code text as published by LII (accessed 2026-10-01)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-ECFR-275-206-4-5","pinpoint":"17 CFR 275.206(4)-5(a)(1), (c), (f)(3)","supports":"Two-year time-out for registered advisers, ERAs and foreign private advisers; covered investment pools including 3(c)(1) and 3(c)(7) funds","source":{"source_id":"SRC-US-ECFR-275-206-4-5","title":"17 CFR 275.206(4)-5 - Political contributions by certain investment advisers (pay-to-play rule)","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/275.206(4)-5","publication_date":"CFR text current as published by LII (accessed 2026-10-01); last amended 2011","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FR-2026-18424","pinpoint":"91 FR 57698 (2026-09-10): SUMMARY; DATES; \"Dated: September 3, 2026\"","supports":"Release IA-6994 proposes rescission; comments due 2026-11-09; not adopted","source":{"source_id":"SRC-US-FR-2026-18424","title":"Political Contributions by Certain Investment Advisers (proposed rescission of Rule 206(4)-5), Release No. IA-6994, 91 FR 57698","publisher":"U.S. Securities and Exchange Commission (Federal Register via govinfo)","document_type":"release","url":"https://www.govinfo.gov/content/pkg/FR-2026-09-10/pdf/2026-18424.pdf","publication_date":"Release dated 2026-09-03; published 2026-09-10; comments due 2026-11-09","jurisdiction":"US","status":"proposed","last_verified":"2026-10-01"}},{"source_id":"SRC-EU-AIFMD-2011-61","pinpoint":"Arts. 31(1)-(2), 32(1)-(2), 42(1)","supports":"Marketing of EU AIFs by authorised EU AIFMs to professional investors after notification (home state and passport); national private placement for non-EU AIFMs at member-state option","source":{"source_id":"SRC-EU-AIFMD-2011-61","title":"Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD)","authors":"European Parliament and Council","publisher":"Official Journal of the EU, L 174, 1.7.2011","document_type":"directive","url":"https://eur-lex.europa.eu/eli/dir/2011/61/oj/eng","year":2011,"publication_date":"Adopted 8 June 2011; transposition by 22 July 2013","jurisdiction":"EU","status":"In force; amended by Directive (EU) 2024/927 (AIFMD II)","last_verified":"2026-10-01"}},{"source_id":"SRC-EU-CBDF-2019-1160","pinpoint":"Art. 2 (inserting AIFMD Art. 4(1)(aea) and Art. 30a(1)-(2)); Art. 3(1)","supports":"Pre-marketing definition and conditions, two-week informal letter by an EU AIFM, 18-month rule; member states apply from 2021-08-02","source":{"source_id":"SRC-EU-CBDF-2019-1160","title":"Directive (EU) 2019/1160 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (pre-marketing)","publisher":"European Parliament and Council (text via legislation.gov.uk, The National Archives)","document_type":"directive","url":"https://www.legislation.gov.uk/eudr/2019/1160/article/2","publication_date":"Adopted 20 June 2019","jurisdiction":"EU","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-UK-LEG-SI-2013-1773","pinpoint":"Part 6, Chapter 3 (regs 57-59), legislation.gov.uk text up to date to 2026-10-02","supports":"UK national private placement: written notification to the FCA before marketing (reg 57 full-scope UK AIFMs of third-country AIFs; regs 58-59 third-country AIFMs, except AIFs recognised under FSMA s.271A)","source":{"source_id":"SRC-UK-LEG-SI-2013-1773","title":"The Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773)","publisher":"UK Government (legislation.gov.uk)","document_type":"regulation","url":"https://www.legislation.gov.uk/uksi/2013/1773/contents","publication_date":"Revised text; contents page states up to date with changes known to be in force on or before 1 October 2026","jurisdiction":"UK","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-ILPA-PRINCIPLES-3","pinpoint":"p. 16 (placement agent fees); p. 17 (GP commitment); p. 41 (Definitions: Commitment (Fund); Closing (Fund))","supports":"Placement agent disclosure, fee bearing and offset; GP commitment in cash; a fund commitment as the LP's contractual obligation up to the amount in its subscription agreement","source":{"source_id":"SRC-ILPA-PRINCIPLES-3","title":"ILPA Principles 3.0: Fostering Transparency, Governance and Alignment of Interests for General and Limited Partners","authors":"Institutional Limited Partners Association","publisher":"ILPA","document_type":"guidance","url":"https://ilpa.org/wp-content/uploads/2019/06/ILPA-Principles-3.0_2019.pdf","year":2019,"publication_date":"Third edition, released 27 June 2019","jurisdiction":"intl","status":"Current edition (no 4.0 found as of 2026-10-01)","last_verified":"2026-10-01"}},{"source_id":"SRC-US-SEC-FAQ-MARKETING","pinpoint":"Marketing Compliance FAQ, \"Calculating Gross and Net Performance\" (posted 2024-02-06)","supports":"Staff view: gross IRR excluding subscription facilities cannot be paired with net IRR including them","source":{"source_id":"SRC-US-SEC-FAQ-MARKETING","title":"Marketing Compliance - Frequently Asked Questions","publisher":"U.S. Securities and Exchange Commission, Division of Investment Management (staff)","document_type":"guidance","url":"https://www.sec.gov/rules-regulations/staff-guidance/division-investment-management-frequently-asked-questions/marketing-compliance-frequently-asked-questions","publication_date":"Last updated 2026-01-15","jurisdiction":"US","status":"current (staff views, not rules)","last_verified":"2026-10-01"}}],"faq":[{"q":"How long does it take to raise a private equity fund?","a":"There is no standard length. The LPA usually limits the period from first to final close; the marketing phase before the first close depends on the manager's record, market conditions and investors' approval cycles. Published averages come from commercial datasets that define the start and end dates differently."},{"q":"Can a private fund advertise in the US?","a":"Only in a Rule 506(c) offering, where every purchaser is an accredited investor whose status the issuer has verified through reasonable steps. Under Rule 506(b) general solicitation is prohibited. A registered adviser's advertisements are also subject to the Marketing Rule."}],"seo":{},"first_published":null,"last_reviewed":"2026-10-02","last_modified":"2026-10-02","content_version":"2.0.0","url":"https://altss.com/glossary/fundraising","json_url":"https://altss.com/reference/concepts/fundraising.json","title":"Fundraising (Private Fund Fundraising)","formulas":[],"sources":[{"source_id":"SRC-EU-AIFMD-2011-61","title":"Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD)","authors":"European Parliament and Council","publisher":"Official Journal of the EU, L 174, 1.7.2011","document_type":"directive","url":"https://eur-lex.europa.eu/eli/dir/2011/61/oj/eng","year":2011,"publication_date":"Adopted 8 June 2011; transposition by 22 July 2013","jurisdiction":"EU","status":"In force; amended by Directive (EU) 2024/927 (AIFMD II)","last_verified":"2026-10-01"},{"source_id":"SRC-EU-CBDF-2019-1160","title":"Directive (EU) 2019/1160 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (pre-marketing)","publisher":"European Parliament and Council (text via legislation.gov.uk, The National Archives)","document_type":"directive","url":"https://www.legislation.gov.uk/eudr/2019/1160/article/2","publication_date":"Adopted 20 June 2019","jurisdiction":"EU","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-ILPA-PRINCIPLES-3","title":"ILPA Principles 3.0: Fostering Transparency, Governance and Alignment of Interests for General and Limited Partners","authors":"Institutional Limited Partners Association","publisher":"ILPA","document_type":"guidance","url":"https://ilpa.org/wp-content/uploads/2019/06/ILPA-Principles-3.0_2019.pdf","year":2019,"publication_date":"Third edition, released 27 June 2019","jurisdiction":"intl","status":"Current edition (no 4.0 found as of 2026-10-01)","last_verified":"2026-10-01"},{"source_id":"SRC-UK-LEG-SI-2013-1773","title":"The Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773)","publisher":"UK Government (legislation.gov.uk)","document_type":"regulation","url":"https://www.legislation.gov.uk/uksi/2013/1773/contents","publication_date":"Revised text; contents page states up to date with changes known to be in force on or before 1 October 2026","jurisdiction":"UK","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-ECFR-230-502","title":"17 CFR 230.502 - General conditions to be met (Regulation D: information requirements, limitation on manner of offering, limitations on resale)","publisher":"U.S. Securities and Exchange Commission (CFR text via LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/230.502","publication_date":"LII text accessed 2026-10-01; last amended 2021-01-14 per LII","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-ECFR-230-506","title":"17 CFR 230.506 - Exemption for limited offers and sales without regard to dollar amount of offering (Rule 506(b) and 506(c))","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/230.506","publication_date":"eCFR current as of 2026-09-29; last amended 2021-06-09","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-ECFR-239-500","title":"17 CFR 239.500 - Form D, notice of sales of securities under Regulation D and section 4(a)(5) of the Securities Act of 1933","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/239.500","publication_date":"eCFR current as of 2026-09-29; last amended 2016 (81 FR 83553, Nov. 21, 2016; eCFR version dated 2017-05-23)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-ECFR-275-206-4-1","title":"17 CFR 275.206(4)-1 - Investment adviser marketing (Marketing Rule)","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/17/275.206(4)-1","publication_date":"eCFR current as of 2026-09-29; last amended 2022-04-15 (later versions technical)","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-US-ECFR-275-206-4-5","title":"17 CFR 275.206(4)-5 - Political contributions by certain investment advisers (pay-to-play rule)","publisher":"U.S. Securities and Exchange Commission (CFR text via eCFR; 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