Interesting Listen: Ropes & Gray Podcast on Fund of Funds Products

Ropes & Gray recently released a podcast titled, “Fully Invested: Fund of Funds” that covers the basics of these products which are designed to invest in other privately offered alternative investment vehicles. They provide an overview of the different types of investments typically made by a fund of funds, the evolution of the fund of funds structure, and what both sponsors and investors should keep in mind when considering providing or investing in a fund of funds product. The presenters note that, “some sponsors have formed private equity funds of funds products that are registered investment companies under the Investment Company Act of 1940 which, as a result of increased SEC regulation over such funds, allows them to accept investors that are not qualified purchasers and, therefore, market to a broader investor base.”