Keep all financial records (ledgers, bank statements, capital account records, fee calculations), investment records (due diligence files, term sheets, purchase agreements, valuations), investor records (subscription documents, KYC/AML files, correspondence), compliance records (policies, filings, code of ethics acknowledgments), and communications (emails related to advisory activity).
The Advisers Act requires five-year retention, with the first two years in an easily accessible location. Organizational documents and partnership agreements should be kept for the life of the fund and beyond. When in doubt, keep it.
This article is for informational purposes only and does not constitute legal advice. Consult qualified professionals for guidance specific to your situation.