Operational, compliance, and tax guides for the people who administer alternative investments rather than allocate to them — fund administrators, transfer agents, compliance and legal teams, tax professionals, and sponsor operations staff.
Looking for asset class and structure guides instead? See alternative asset class guides.
Fund operations
Fund Administration — What administrators do, NAV calculation, capital calls, private equity fund accounting, distribution waterfalls, expense allocation, audits, and how to choose an administrator.
Transfer Agency — Maintaining the investor register: onboarding, accredited investor verification, subscription processing, investor reporting, distribution and DRIP processing, and transfer restrictions.
Compliance
Private Placement Compliance — Regulation D offerings, Form D filing, 506(b) vs. 506(c), blue sky filings, subscription agreements, offering escrow, AML and KYC, FINRA Rule 2310, and selling agreements.
Due Diligence — The DDQ, operational vs. investment workstreams, third-party providers, evaluating a sponsor track record, and the broker-dealer reasonable-basis obligation.
Tax and reporting
Alts Tax and Investor Reporting — K-1 vs. 1099, UBTI in exempt accounts, K-1 delivery timelines, state composite filings and withholding, and reading a K-1.
Related
- The full guide index — everything on the site, both tracks
- Glossary — definitions for the terminology used throughout
- SQX Alts directory — fund administrators, transfer agents, due diligence providers, and other service firms
