In our many years of experience in the private fund industry, we routinely find that firms have expert investment team members, experienced in-house accounting staff and back office teams, and some have skilled in-house counsel. However, many private fund managers lack expert in-house compliance staff, which is not surprising given the limited number of experienced compliance professionals in general, particularly those with private fund industry experience.
Firms have quality service provider options available for legal counsel, fund administration, audit, prime broker and custodian services and IT support. However, it is often very difficult to find quality compliance service providers with extensive relevant experience who will stand up to regulatory scrutiny and the increasing expectations of institutional investors.
The compliance needs of each firm are unique to that firm and the compliance needs of private fund managers are certainly unique to private funds. Simply applying broker-dealer or other industry compliance experience, policies and procedures to a private fund business is not sufficient. Regulators and your most discriminating investors will expect your compliance team to have the requisite knowledge and expertise to fully understand both the relevant compliance and regulatory landscape as well as the private fund industry.
CORE’s approach in designing its business and services is to fill the compliance gap for private fund managers. Our CORE team comes alongside clients to provide the regulatory and compliance expertise firms need but cannot find, afford, or do not need on a fully dedicated basis. Through years of experience and focus on the private fund industry, our CORE team understands the unique challenges of private funds and can provide our clients with tried and tested solutions that work for private fund managers and satisfy regulators.