ADV / Form D

Question 1

Filling in the ADV

ERA

Answer 1

Exempt Reporting Advisor

Under $150m AUM at the Management Company

Question 2

Filling in the ADV

RIA (Registered Investment Advisor)

Answer 2

A firm or individual who provides investment advice or manages investment portfolios for clients in exchange for compensation. Registered with regulatory authorities, such as the Securities and Exchange Commission (SEC) in the United States, and must adhere to specific legal and regulatory obligations to act in the best interests of their clients. They have a fiduciary duty to provide advice that is in the best interest of their clients and must disclose any potential conflicts of interest.

Question 3

Filling in the ADV

AUM

Answer 3

Assests Under Management

Question 4

Filling in the FORM D

Sale of Assets

Answer 4

Refers to a section where the issuer provides information about the sale or disposition of significant assets. This section requires the issuer to disclose details such as the nature of the assets being sold, the terms of the sale, and any other pertinent information regarding the transaction. It aims to provide transparency to potential investors about the asset sales as part of the securities offering and how those proceeds might be utilized by the issuer.

Question 5

Filling in the FORM D

When is filling done?

Answer 5

Within 24 hour PRIOR to first close

Question 6

Power of Attorny

Answer 6

Expires every 30 days. Kicks off the Form D

Question 7

Annual Form D Refiling

Answer 7

Must be filed before 365 days after the first filing.

Only one renewal per fund.

Question 8

SEC Form ID

Answer 8

Appplication with the SEC to file for a CIK (Central Index Key) number, needed to firle the Form D.

Question 9

Form D

Answer 9

SEC

Question 10

Who do you file with Form ADV

Answer 10

FINRA and is State Specific.
Filed for the Managment Company, not the fund.

Question 11

Form ADV Rewal

Answer 11

Must renew for the life of the fund at the begining of the calendar year.

On the customer, Carta does not do this.

All Funds undermanagment at managment level is under the same ADV form

Question 12

Blue Sky Filings

Answer 12

State Level Form.

Must disclose where LPs reside.

Only every time that you add a new state that a LP resides in, you will need a new Blue Sky Filing in that new state.

Within 14 days of the first close