Hedge Fund Agreements Line by Line, 2nd Edition: A User's Guide to LLC Operating Contracts

In the original Hedge Fund Agreements Line by Line, author Gregory J. Nowak took a standard operating agreement, broke it down step by step, and explained all parts of the venture from forming a company to liquidating assets and dissolving the partnership. This second edition is all new, re-written to deal with issues facing hedge funds in the current market environment, and takes into account the lessons learned from the market meltdown of 2008 to early 2009. It has an expanded valuation section that addresses FAS 157 and 157-4 issues, and a robust Designated Asset system that deals with side pockets and special assets in Master Feeder and single-strategy structures. The author has included a running commentary on the Model Operating Agreement of the ABC Fund, LLC, with a practitioner's insights on why certain provisions are drafted the way they are. An indispensable tool for any hedge fund manager, this book offers a swift yet informative read on all legal aspects of forming and operating this investment vehicle. The included CD-Rom provides searchable PDF and Word versions of the book and sample agreements.

The Line by Line series provides analyses of key contracts, agreements, and other documents pertinent to the practice of various areas of law. Each book includes full-text forms; additional sample provisions; descriptions of key terminology; detailed line-by-line guidance on the use and interpretation of each significant provision; options for alternate language where appropriate; relevant issues, statutes, and cases; and best practices for drafting and negotiating each document for both practitioners and clients alike.

About the Author

Gregory J. Nowak, Esq. is a partner in the commercial practice of Pepper Hamilton LLP. Concentrating on matters arising under corporate law and the federal securities laws in particular, the Investment Company Act of 1940 and the Investment Advisers Act of 1940 his practice includes providing advice to hedge funds, mutual funds, funds of funds, and hybrid private equity funds, as well as the formation, ongoing operation, merger, and liquidation of such entities. He also counsels clients on mergers and acquisitions, SEC, FINRA and CFTC regulatory matters, and matters concerning the formation and operation of broker dealers. A graduate of the Cornell Law School (JD 1984), LaSalle University (BA in Economics 1981), and New York University (LL.M. in Taxation 1988), he lives in Whitemarsh Township, Pennsylvania with his wife and four children.