For years internally managed private funds (IMFs) have been a seldom-used business model which has not proliferated in the private funds industry. Given the current regulatory environment, however, private fund advisers may want to consider forming an IMF that is tailored to their investor base in order to organize and operate their business in a more cost-efficient manner outside the purview of the Investment Advisers Act of 1940 (the Advisers Act) and related SEC regulation and examination
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