Practical Guidance of Directors on Oversight of Alternative Investments

In January 2026, MFDF, with assistance from Simpson Thacher & Bartlett, published an updated White Paper titled Practical Guidance for Fund Directors on Oversight of Alternative Investments. The MFDF White Paper is intended to serve as a starting point for fund directors overseeing alternative assets in retail products. The Paper highlights types of registered investment product structures and the oversight responsibilities of the Board, including potential challenges that may arise, and questions that fund independent directors and trustees may wish to consider when overseeing an alternative product. Areas such as valuation, liquidity, fund performance, and operational and portfolio management considerations (among others) may require deeper Board discussion. Some of these investments may present unique challenges, and boards may find special education on these investments helpful to navigate this emerging space.

MFDF would like to thank Simpson Thacher & Bartlett for sharing their expertise and contributing to this White Paper.