Structures and Strategies

We conduct due diligence on a full range of alternative investment structures and strategies.  Alternative investments are offered in a variety of structures, including:

  • Real estate investment trusts, or REITs;
  • Closed-end funds, including interval funds;
  • Business development companies, or BDCs;
  • Private partnerships or limited liability companies; and
  • Delaware statutory trusts, or DSTs.

Each of these structures involves particular legal, tax, governance and business considerations.  Our team of experienced attorneys and financial professionals has the know-how necessary to understand, evaluate and assess programs utilizing each of these structures, and to advise our clients accordingly.

Various strategies and asset classes may be included within a given product structure, including:

Real Estate

Real estate-focused alternative investments constitute an important component of a diversified portfolio.  Real estate programs reviewed include non-traded REITs, private real estate funds, Delaware Statutory Trusts, and closed-end or interval funds that invest in real estate assets.  Over time our team has reviewed hundreds of real estate programs in myriad structures; this experience has honed our skills in assessing:

  • Property underwriting;
  • Asset and property management;
  • Property accounting;
  • Real estate valuation; and
  • Property and portfolio performance.

We also have the ability to evaluate the impact of macroeconomic trends, as well as market and submarket considerations on a strategy or portfolio.


We have substantial experience investigating investment products that implement credit strategies, through business development companies, or BDCs, interval funds and other closed-end funds, and other structures.  Evaluation of credit strategies involves a number of key considerations, such as:

  • The manager’s credit underwriting capabilities;
  • The experience and quality of any sub-advisors;
  • Borrower profile, including size, creditworthiness, and sector;
  • Any equity or other growth component of the strategy; and
  • Overall risk profile of the portfolio.

Ultimately, credit strategies can offer investors attractive yield-oriented investments, but it is critical to understand the risk profile of a particular strategy and the manager’s ability to manage that risk.

Private Equity

Private equity is becoming increasingly accessible to retail investors in a variety of structures and strategies.  We have experience with a variety of private equity vehicles, including:

  • Publicly registered and privately offered funds;
  • Investment origination and secondary market focuses;
  • Direct investing and investing through underlying funds; and
  • Closed-end funds and other fund structures.

Our understanding of the various strategies involved in private equity investing – growth capital, mezzanine financing, buyout, and venture capital – enable us to provide meaningful insight into a program’s investment profile.  Our due diligence covers a range of considerations, including the experience and track record of the manager; the risk/return profile of the strategy and portfolio; liquidity considerations; and fees and other structural components of the offering.


Our team has experience evaluating all types of energy programs, including:

  • Tax-advantaged drilling programs, from exploratory to developmental, vertical and horizontal, offshore and onshore;
  • Royalty programs;
  • Programs involving the acquisition and redevelopment of existing, income-producing wells; and
  • Programs that invest in a range of income- and growth-oriented energy and energy-related assets.

We have deep knowledge of the structural and tax aspects of energy investing, and partner with a petroleum consulting firm to bring its expertise to bear on analysis of technical aspects of a program’s investments.

Hedge Funds and Commodity Pools

Evaluating a managed fund requires a fundamental understanding of capital markets, sophisticated trading and investment strategies, as well as operations and internal controls.  Review of managed funds encompasses a wide variety of products implementing a range of strategies, including:

  • Hedge funds;
  • Commodity pools;
  • Managed futures programs;
  • Money managers; and
  • Funds of funds.

In addition to understanding and analyzing particular strategies, due diligence of these programs requires an in-depth analysis of operations, including policies and procedures, internal controls, and use of service providers.