Asset manager licence: SFC Type 9 in Hong Kong or a CMS licence in Singapore
SFC Type 9 or a Singapore CMS licence for an asset manager: capital, retail access, staffing and residence, timelines, fees, virtual assets and how to choose.
Fund vehicles
Lending licences: EU, UK, Hong Kong, Singapore and Kazakhstan
Lending licences in the EU (CCD2, AIFMD II), UK (FCA, BNPL), Hong Kong, Singapore and Kazakhstan: capital, timelines, rate caps and entry routes.
Financial Licences: How to Choose, Obtain and Maintain One
Which product needs a PI, EMI, CASP, investment firm or bank licence; the EU, UK, Asia, UAE and US; capital from €20,000 to €5 million, FCA processing times, entry without own licence and EU sanctions for Russian UBOs.
Redomiciliation Routes: Moving a Company or a Fund to Another Register
Nineteen continuation regimes compared: which registers admit a company and let it leave, exit tax, substance, licences, fees, funds and the alternatives.
Fund Tax Architecture: Who Pays, Where and On What
The tax chain of an investment fund: asset and source country, transparent/opaque classification, feeders and blockers, three LP classes on one portfolio (UBTI, ECI, FIRPTA, §1446, PFIC), manager and carry.
Fund Valuation: NAV, Dealing Prices and Liquidity
How fund NAV is produced, who answers when it is wrong, and why value is not cash: fair-value hierarchy, AIFMD and SEC Rule 2a-5, dealing cut-offs, NAV-error thresholds, gates and side pockets.
Cross-Border Fund Distribution: Marketing, Promotion and Investor Communications
The four axes of cross-border fund distribution: product exemption, intermediary status, investor category and communication type — US Reg D/Reg S, UK financial promotion, EU pre-marketing, Singapore CISNet.
Fund, SPV, Syndicate, Club Deal and Managed Account: Legal Distinctions
How to tell an investment fund from an SPV, syndicate, club deal, joint venture, managed account and holding company: pooling, discretion and control axes, AIFMD/ESMA tests, FSMA s.235, Howey and the Investment Company Act, Cayman and Singapore.
Where the Fund Manager Sits: Choosing the Manager's Jurisdiction
Choosing the fund manager's jurisdiction: licence thresholds, timelines, substance, tax on management fee and carry, investor access. SG, HK, UAE, UK, US, EU.
Investment Fund Domicile: Jurisdiction, Structure and Launch
How to choose the jurisdiction and legal form of an investment fund: domiciles in the US, Cayman Islands, BVI, Jersey, Luxembourg, Ireland, Singapore, Hong Kong and the Gulf.
ERA: Exempt Reporting Adviser in the United States
What is an Exempt Reporting Adviser, how ERA differs from RIA, how venture-capital and private-fund adviser exemptions work, and what events trigger registration.
Fund Secondaries: LP-Led, GP-Led and Continuation Vehicles
LP-led and GP-led fund secondaries: continuation fund mechanics, status quo option, fairness opinions, conflicts of interest, and 2025-2026 market data.
Fund LPA: Clawback, LPAC and GP Removal
How an LPA protects LPs: clawback and escrow, recycling limits, LPAC powers, for-cause and no-fault removal, key person events and ILPA standards.
Fund Finance: Subscription Lines and NAV Facilities
Fund-level debt explained: subscription lines on uncalled commitments, NAV facilities on the portfolio, hybrids and GP lines. IRR impact and LP checklist.
Hong Kong FIHV vs Singapore 13O: The Two SFO Regimes Compared
Hong Kong FIHV against Singapore 13O and 13U: HK$240m vs S$20m thresholds, substance costs, Bill 2026 status and the CIES vs GIP migration bonus compared.
Designated Investments and Specified Income: The Scope of Singapore's Fund Tax Exemptions
What counts as designated investments under Singapore's 13D/13O/13U fund tax exemptions: Fifth Schedule scope, exclusions, crypto, SG property. July 2026.
Section 13O for a Singapore Single Family Office: 2026 Conditions
Section 13O for Singapore single family offices in 2026: S$20m in designated investments, two investment professionals, S$200K–1m spending, CDR, MAS award.
Luxembourg: funds, holding companies and fintech licences
Luxembourg for private capital: RAIF and SIF funds under a third-party ManCo, SOPARFI participation exemption, PPLI insurance wrappers, tax and substance.
SCSp: The Luxembourg Partnership for Funds
How the Luxembourg SCSp works: tax transparency, GP/LP mechanics and the LPA, use with RAIF and AIFM, comparison with the SCS and the Delaware LP, launch timeline.
Private Funds: A Legal Guide to Structure, Documents and Terms
The legal architecture of a private fund: fund vehicle, investment manager, LPA documents, waterfall distributions, carry and fee terms. The four structural elements of UHNW capital management.
Investment Funds: Structure, Management and Launch
How investment funds work: LP and VCC vehicles, Cayman, Delaware, Luxembourg and Singapore, manager licensing, NAV and carried interest, providers and launch.
Singapore — Business, Investments, Residence, Banking
Singapore as a hub for private capital: company formation, tax residence, funds, and banking under territorial taxation. Where to start and how to structure.
Setting Up a Private Fund in Singapore: VCFM, Section 13D/13O/13U and VCC Combined
Setting up a private fund in Singapore: combining VCC, VCFM manager and Section 13D/13O/13U tax regimes—why registration alone is not enough.
Carried interest 2026: the jurisdiction map for fund principals
Carried interest in 2026: the UK moves it into trading profits (34.075%/47%) and reaches non-residents, Luxembourg offers 11.45% or exemption, Italy 26%, France 31.4% PFU, the US keeps § 1061.
Ireland Section 110 SPVs and ICAVs: Taxation and US Investors
How an Irish Section 110 SPV zeroes its tax base through profit-participating notes, why the ICAV can check-the-box and kill PFIC, and where ATAD and anti-hybrid bite.
Investor Onboarding in a Fund: From Qualification and KYC to LPA and Capital Call
Complete guide to entering a fund: accredited investor and qualified purchaser qualification, KYC and source of wealth, tax forms W-8BEN/W-9, subscription agreement, LPA, and capital call mechanics.
Feeder fund: access to a fund through an intermediate structure
Master-feeder and feeder platforms: how the intermediate structure works, two tiers of fees, tax transparency, and risks.
AngelList: How a Family Office Runs "Club" Deals
How family offices use AngelList to run syndicates: deal-by-deal SPVs, fund administration, banking, and platform fees. Infrastructure for direct venture investing.
Moonfare: private equity for those without $10M for a single fund
How Moonfare opens access to private equity funds through feeder structures: minimum checks, secondary windows, fees, and intermediary risks explained.
Carta: Cap Table Management, Fund Administration, and a Data Privacy Lesson
How Carta became the industry standard for cap table management and fund administration, and why it exited secondary trading after a 2024 data scandal.
Gibraltar — LP&GP fund
Gibraltar LP/GP private fund: up to 50 participants without GFSC authorisation, the 2025 rules for self-managed funds, structure and tax position.
Delaware LP for Funds: GP/LP, Carry, and Blocker Structures
Fund structured as Delaware limited partnership: GP and LP roles, pass-through taxation and Schedule K-1, carried interest and §1061 rule, blocker corporations for foreign and tax-exempt investors.
What is a Fund of Funds?
How a fund of funds works: an LP buys a stake in a fund that holds many PE or venture funds — the diversification math, the double fee load, and when it makes sense.
Luxembourg Funds: UCITS, SIF and RAIF
Funds in Luxembourg: retail UCITS and alternative SIF/RAIF — structures, subscription tax (taxe d'abonnement), AIFM and the EU passport, CSSF supervision.
Cayman Fund: Exempted Company, ELP and SPC under CIMA Supervision
Cayman investment funds: Mutual Funds Act and Private Funds Act, exempted company, ELP and SPC structures, tax neutrality, economic substance and EU/FATF status.
UK LLP for International Partnerships
Limited Liability Partnership in the UK: limited liability, tax transparency, salaried member rules, and application for international partnerships and funds.
Capital Call: mechanics of capital calls in funds
How a GP draws uncalled commitments from LPs: capital call mechanics, notice periods and default remedies in PE and VC funds, for private-capital investors.
Malta: Cell Companies and the MFSA Licensing Hub
Cell company is a Maltese corporate structure where multiple segregated cells operate under one license and capital. PCC and ICC models for insurance, funds, and payments.
Delaware Series LLC fund
The Delaware Series LLC as a fund and investment-structuring tool: segregated series, liability ring-fencing, and where it fits for US private-capital vehicles.
BVI and Cayman Incubator Funds: Formation and Regulatory Requirements
BVI offers statutory incubator and approved fund regimes, and Cayman offers limited-investor registration and SPC platforms for emerging managers. Launch quickly with minimal service providers, build track record, then convert to full fund.
UAE: Fund Management in ADGM and DIFC Under Own and Third-Party Licenses
How to launch fund management in UAE's ADGM and DIFC: own Category 3C license, regulatory hosting platforms, representative offices, and external fund manager regimes.
Singapore: Fund Management Under Own and Third-Party Licenses
Singapore regulates fund managers through CMS licences under the Securities and Futures Act 2001: A/I and retail LFMC, VCFM formats and hosting options.
Third-party ManCo in the EU: AIFM as a Service (Luxembourg, Ireland)
How third-party ManCo / AIFM-as-a-service works in Luxembourg and Ireland, key providers (Waystone, IQ-EQ, Apex/FundRock, etc.), fund launch requirements and substance rules.
UK Regulatory Hosting: Appointed Representatives and Host AIFMs
How to launch a fund and raise capital in the UK without the sponsor's own FCA licence: host AIFM and secondment, appointed representative under FSMA s.39, third-party ManCo in the EU, risks and AR reform after Greensill.
Offshore Funds and UK Tax
Legal guide to UK reporting fund status, non-reporting funds, offshore income gains, foreign ETFs and investment portfolios.
PFIC and Form 8621
Why foreign mutual funds, ETFs and passive holding companies can create PFIC issues for U.S. persons: Form 8621, QEF, mark-to-market and excess distributions.
SPV: a special purpose vehicle for venture investments
How a special purpose vehicle isolates risk from assets in venture deals: a separate legal entity with a limited mandate — structure, mechanics, and why investors use it.
Source of Funds and Source of Wealth: Documents and Compliance for Banks
Source of Funds vs Source of Wealth in bank onboarding and EDD: documents private clients need for large transactions and compliance.
Section 13O and Section 13U: Singapore Fund Tax Exemption Schemes
Singapore's 13O, 13OA and 13U schemes exempt fund income from 17% tax: AUM, spending and investment-professional tests, MAS award and FDD Cir 05/2026.
Section 13D: Singapore Tax Regime for Offshore Funds
Section 13D Income Tax Act 1947 — Singapore exemption for offshore funds managed by a local fund manager: conditions, restrictions, and differences from 13O/13U.
VCC Singapore: Variable Capital Company for funds
Singapore VCC for funds: umbrella and sub-funds with segregated assets, MAS manager and director rules, ACRA fees, 13O/13U tax, Cayman and ICAV compared.
Venture capital fund manager — VCFM
Singapore VCFM licensing: qualifying venture funds, eligible investors, Form 1 application, MAS fees, Form 25A annual filing and continuing duties.
How to invest in unicorn shares on the secondary market
How to buy pre-IPO unicorn shares on the secondary market: deals between existing shareholders. Access, structures and minimums for private-capital investors.
Side letter: individual LP terms in a fund
Side letters in private funds: bilateral agreements granting an LP terms beyond the standard subscription docs. What they cover, MFN clauses and how LPs negotiate them.