# Large private fund advisers `kaal:entity:large-private-fund-advisers` **Status.** derived This node is assembled mechanically from the 6 claims that carry the concept tag `large-private-fund-advisers`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself. ## Every claim under this term 6 claims across 2 works, 2013 to 2014. **2013** - [2337268-013](https://wulfkaal.github.io/claims/2337268-013) [definitional/asserted] -- Advisers with more than $150 million in regulatory assets under management are defined as large private fund advisers and must register with the SEC. > Investment advisers having more than $150 million regulatory assets under management (RAUM) are defined as large private fund advisers and are required to register with the SEC.23 Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268 - [2337268-023](https://wulfkaal.github.io/claims/2337268-023) [condition/asserted] -- The frequency of Form PF reporting is keyed to size: advisers with at least $1.5 billion RAUM attributable to hedge funds must update quarterly, while advisers below that level file only annually. > Large private fund advisers, defined as investment advisers with at least $1.5 billion RAUM attributable to hedge funds,67 must update Form PF filings on a quarterly basis.68 Investment advisers with less than $1.5 billion RAUM only have to file Form PF on an annual basis.69 Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268 **2014** - [2447306-013](https://wulfkaal.github.io/claims/2447306-013) [empirical/evidenced] -- Form PF compliance cost is sharply size dependent: quarterly filing large funds spent on average $155,286 on the initial filing, roughly sixteen times the $9,520 average reported by annually filing smaller funds. > Quarterly filing large funds spent on average $155,286 for the initial filing of Form PF. By contrast, annually filing smaller funds only spend on average $9,520 for the first time filing of Form PF. Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306 - [2447306-015](https://wulfkaal.github.io/claims/2447306-015) [empirical/evidenced] -- Recurring Form PF cost is also size dependent: quarterly filing large fund advisers pay on average $72,143 for subsequent filings while smaller advisers spend on average $5,262. > Quarterly filing large fund advisers on average pay $72,143 for subsequent Form PF filings. Smaller private fund advertiser, on the other hand, spent only on average $5,262 for subsequent Form PF filings. Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306 - [2447306-016](https://wulfkaal.github.io/claims/2447306-016) [empirical/evidenced] -- For quarterly filing larger private fund advisers, the SEC substantially overestimated the cost of subsequent Form PF filings; the survey's estimate is roughly half of what the SEC projected. > With regards to quarterly filing larger private fund advisers, however, the SEC appears to be substantially overestimating the cost of subsequent Form PF filings. Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306 - [2447306-018](https://wulfkaal.github.io/claims/2447306-018) [empirical/evidenced] -- The SEC's time burden estimates for Form PF are miscalibrated in the same direction as its cost estimates for large filers: the study's data suggest the agency overestimates the hours larger private fund advisers need. > However, the relatively small sample of quarterly filing larger private fund advisers in this study suggest that the SEC may be overestimating the time requirements of Form PF filings for larger private fund advisers. Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306 ## Verify Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust. curl -s https://wulfkaal.github.io/entities/large-private-fund-advisers.md | sha256sum **Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.