Fund of Fund structure - What are the requirements

[Tony L.]

Hello all,

Not sure if others have experience with this but what are the legal requirements if you are pooling money from friends and family and not necessarily syndicating your own deal but investing (as an lLC or LP entity) into an experienced sponsors deal? We would be collecting a minuscule operating/admin fee for finding the right sponsor. I just want to see if its worth it to proceed or if I should have my investors wait until we find our own deal.

Would this be similar to if I was to syndicate a deal myself where I would raise under 506(b)? I assume the documents needed would be Operating agreement but don't know if subdoc or PPM would be required.