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Abstract: 

In this article, the author discusses the duties of care and loyalty that advisers of private investment funds are deemed to owe to their clients, focusing on liquidity requests, liquidity management tools, and alternatives to traditional methods of hedge fund liquidity. He then turns to closed-end funds, including investor defaults, valuation challenges, and end-of-life planning. He closes discussing a variety of other issues of current importance for managers of both open and closed-end funds.

Keywords: Pending Liquidity Requests; Planning for Future Withdrawal/Redemption Requests; Hedge Fund Liquidity; Investor Defaults; Valuation; Avoiding Insider Trading and Use of MNPI

Affiliations:  1: Paul Hastings LLP.