A good rule of thumb is to assume that everything matters.
At this point you might well feel like doing at least a bit of window-shopping; maybe you’re even interested in kicking the tires a bit on some of these new vehicles. Before heading over to the showroom, let’s consider some general pointers and also some of the nitty-gritty issues you’ll want to ask the dealer about.
The primary focus of this chapter is private transactions—investing in hedge, venture, and PE funds, and doing direct angel deals—because these are the most unfamiliar to most investors. But, of course, many of the issues regarding evaluation of hedge fund managers will also be pertinent to liquid alternatives and smart ...