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Operational Leaders


Sep 30, 2020

Sometimes the decision to make an investment can turn on the contents of a fund’s offering documents.  Few people understand that better than Ed Kless.  Ed has been a trusted advisor to some of the nation’s top endowments and other leading institutional allocators for over 25 years.  He has held the position of General Counsel at the University of Virginia Investment Management Company, and for the past five years, he has served his clients as outside counsel and partner at the Hirschler law firm.

In this episode, Ed covers a wide-range of topics involving investment agreements, including a review of top issues allocators worry most about and why the fiduciary-duty standard is such a key provision.  He also explains why basic terms in agreements tend to be the same across the hedge fund industry – from large, established managers to new entrants – and why that doesn’t always make sense. 

In addition, Ed weighs in on private equity documents and the significance of an allocator’s leverage, or lack thereof.  He concludes with some observations about changes to key provisions in fund documents over the past 10 years and some of the more significant issues that industry is grappling with now.

To learn more about Ed Klees and the Hirschler Law Firm, please visit his webpage.