# kaal:claim:2811718-006

**Claim.** The existing resources fail on both sides: industry materials describe best practices without setting out the legal requirements for private fund due diligence, and the available case law provides only marginal guidance.

**Type.** failure  **Support.** argued

**Holds when.**

- United States
- resources available as of 2016

**Source quote.**

> Available resources describe best practices but do not sufficiently outline the legal requirements pertaining to private investment fund due diligence.19 The available case law only marginally provides relevant guidance on private fund IDD.

**From.** Wulf A. Kaal, *Private Fund Investor Due Diligence – Evidence from 1995 to 2015* (2016), I. Introduction, page 9

**Cite as.** Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016). SSRN: https://ssrn.com/abstract=2811718

**Verify.** sha256 of source PDF `b52152af561288173840a1cabbcf8f4b337e73507c856ee01600799073f4156f` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20Private%20Fund%20Investor%20Due%20Diligence%20%E2%80%93%20Evidence%20from%201995%20to%202015.pdf

**Failure mode.** best practice materials do not supply legal standards  (family: harmonization-and-standardization-failure)

**Topics.** law-and-legal-systems

**Keywords.** best-practices, legal-standards, case-law, guidance-gap

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