ERAs complete a specific subset of Part 1A, plus Schedule D. You do not complete Part 2 (the brochure) or Part 3 (Form CRS). The required items are:
- Item 1: Identifying information (name, CRD number, contact details)
- Item 2.B: SEC registration and exemption status
- Item 2.C: State notice filing jurisdictions
- Item 3: Form of organization and ownership
- Item 6: Other business activities
- Item 7: Financial industry affiliations
- Item 10: Control persons
- Item 11: Disciplinary history
- Schedule D: Details on each private fund you advise
Schedule D is where most of the work is. You report each fund's type, gross and net asset value, number of investors, auditor, and other service providers. If you manage multiple SPVs or co-investment vehicles, each one requires its own Schedule D entry. The item-level questions in Part 1A are mostly short selections and checkboxes, but accuracy matters because the filing is public and LPs review it during diligence.
For the full walkthrough, see Form ADV for Private Fund Managers: The Complete ERA Filing Guide.
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