kaal:claim:2714974-015

Co-investment arrangements become problematic when a fund grants a co-investment opportunity in exchange for a future or increased fund commitment and the practice is not adequately disclosed, especially where the fund's governing documents would prohibit the allocation.

If such private fund advisers' practices are not adequately disclosed, co-investments can often be problematic.

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016), Hedge Fund Mandatory Disclosure, p. 14
https://ssrn.com/abstract=2714974 · source PDF

Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

• applies where limited partners are also co-investors
• turns on adequacy of disclosure and the fund's governing documents

conditionsupport: arguedfailure: Undisclosed co-investment allocationfamily: disclosure-ineffectivenessdisclosure

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