Form ADV is the disclosure document investment advisers file with the SEC and state regulators. It collects information about your firm, your funds, your ownership structure, and any disciplinary history. The filing is public. Anyone can look you up on the SEC's IAPD website.
Form ADV has three main parts. Part 1A covers your business operations, ownership, clients, employees, and affiliations. Schedule D (attached to Part 1A) reports details about each private fund you advise. Part 2 (the "brochure") describes your services, fees, and conflicts of interest. If you are an Exempt Reporting Adviser, you only complete a subset of Part 1A and Schedule D, skipping Parts 2 and 3 entirely.
You file Form ADV electronically through the IARD system. The initial filing is due within 60 days of your first fund's initial close, and you must file an annual amendment within 90 days of each fiscal year end. Late or missing filings appear in your public record and can raise questions during LP diligence.
For the full guide, see Form ADV for Private Fund Managers: The Complete ERA Filing Guide.
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