Advising Private Funds provides attorneys and their compliance officers with a comprehensive guide to advising private funds and their advisers. This reader-friendly guide offers practical guidance on a wide spectrum of issues that confront fund managers. It addresses manager compensation and exit strategies, including the sale or public offering by an investment adviser. Chapters cover structuring funds in a tax-efficient manner and in compliance with the U.S. federal securities laws. The primary authors of the guide are partners in the Investment Management Group of Davis Polk & Wardwell LLP, a leading international law firm. Contributing authors are partners or counsel in various groups of the law firm, including: Tax Employee Retirement Income Security Act Broker-Dealer Financial Institution Litigation Mergers and Acquisitions