The IQ-EQ Angle

In this episode, we explore why firms need to ensure their LPAs, side letters, Form ADV disclosures and other governing materials accurately reflect how they operate in practice, particularly as performance pressure increases investor scrutiny.

The discussion highlights where misalignment can create risk, from disclosure gaps and operational inconsistencies to investor questions and regulatory exposure. It also examines why firms should treat governing documents as living materials that need to keep pace with actual processes, controls and decision-making.

In this episode, we explore how fund structures, investor expectations and wealth planning are evolving in parallel. From rising assets under management targets and the shifting role of multi-manager platforms, to the growth of separately managed accounts and hybrid models, the discussion highlights how managers are adapting their strategies for a changing capital environment.

This episode explores how fund formation strategies are evolving in response to shifting fundraising dynamics, growing interest in Rule 506(c), and increasing demand for more flexible investment structures — the rise of SPVs, continuation vehicles, and bespoke solutions designed to meet liquidity needs and investor preferences, while also examining how these trends intersect with expanding access for high-net-worth and retail-adjacent investors. There are key compliance considerations that come with these developments, including disclosure obligations, marketing rule requirements, accredited investor verification, and the operational complexity of managing multiple structures and investor types.

Investor due diligence questionnaires (DDQs) have shifted from high-level compliance snapshots to SEC exam-style requests for evidence, and the SEC’s modernized Regulation S‑P is accelerating that change. In this episode we walk through the rule’s key requirements – written incident-response programs, service-provider oversight, expanded recordkeeping, and 30‑day breach notifications – and show how those expectations now show up directly in DDQs. We close with practical steps for advisers, including maintaining a living DDQ, centralizing support materials, aligning DDQ responses with Form ADVs, and operationalizing incident-response and vendor-oversight workflows.