# kaal:claim:2811718-037

**Claim.** Lacking standards for private fund investor due diligence can partly be attributed to private funds' unique market position: unlike mutual funds, private funds evolved as unregistered entities free from most regulatory oversight, so their due diligence evolved without regulatory oversight as well.

**Type.** mechanism  **Support.** argued

**Holds when.**

- United States private funds compared to registered mutual funds

**Source quote.**

> Lacking standards for private fund IDD can partially be attributed to private funds' unique position in markets. Unlike mutual funds, private funds evolved as unregistered entities, free from most regulatory oversight. Accordingly, the private fund IDD evolved without regulatory oversight.

**From.** Wulf A. Kaal, *Private Fund Investor Due Diligence – Evidence from 1995 to 2015* (2016), IV. Discussion, page 60

**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

**Topics.** private-funds

**Keywords.** regulatory-history, standards-vacuum, private-funds, mutual-funds

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/2998097-031

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.