FundOpsHQ features conversations with fund operations professionals including CFOs, controllers, fund accountants, and service providers across the investment management industry.
Episodes address the operational aspects of managing investment funds: reporting processes, audit preparation, technology decisions, compliance considerations, and the day-to-day challenges of fund administration.
Guests share practical insights from their direct experience working with hedge funds, private equity, venture capital, private credit, real estate, and infrastructure funds.
The podcast serves professionals at all stages of their careers, from those building foundational knowledge to experienced practitioners seeking perspectives from peers across the industry.
Javad Mostofizadeh, WilmerHale: What GPs Get Wrong About Side Letters, Fees & Compliance
-- Summary --
Danny Bloomstine interviews Javad Mostofizadeh, a partner at Wilmer Hale, about the intricacies of fund formation law, particularly in the venture capital and private equity sectors. Javad shares insights on the role of fund formation lawyers, the importance of side letters, and the complexities of SEC registration. He also discusses management fee waivers, the significance of LPACs, and offers advice for emerging fund managers. The conversation highlights the challenges and strategies involved in navigating the legal landscape of investment funds.
-- Takeaways --
Fund formation lawyers do more than just create fund documents.
Side letters can complicate fund agreements but are essential for investor relations.
Engaging lawyers early can prevent legal pitfalls during fund launches.
Management fee waivers can provide tax advantages but come with risks.
LPACs help manage investor consent and conflicts of interest.
The SEC has specific rules that can impact fund operations.
Emerging managers should keep fund structures simple to avoid complexity.
Understanding tax implications is crucial for fund managers.
The European waterfall structure is becoming more common in fund distributions.
Career success in fund formation law requires a blend of legal knowledge and practical experience.
-- Chapters --
00:00 Introduction to Fund Formation Law
01:01 The Role of a Fund Formation Lawyer
03:16 Understanding Side Letters in Fund Formation
10:08 Negotiating Side Letters: Timing and Strategy
16:29 Advice for Emerging Fund Managers
18:13 SEC Registration and Obligations for Investment Funds
23:32 Management Fee Waivers and Their Implications
32:48 Career Advice in Fund Formation Law
19 Feb 2026
Adam Tope, DLA Piper - Fund Formation, GP & LP Led Secondaries, & Emerging Manager Advice
In this conversation, Adam Tope, a partner at DLA Piper, shares insights into the world of secondaries transactions, fund formation, and the challenges faced by emerging managers. He discusses the complexities of GP-led versus LP-led transactions, the operational intricacies involved, and the evolving trends in the secondaries market. Adam also highlights the importance of track record attribution for new fund managers, the significance of keeping fund structures simple, and the role of technology in streamlining fund management processes. He emphasizes the need for aspiring fund lawyers to understand the financial aspects of fund management and the importance of building relationships with LPs.
Takeaways
Secondary transactions provide liquidity for funds.
GP-led transactions are more complex than LP-led ones.
Emerging managers often lack direct relationships with LPs.
Track record attribution is a significant hurdle for new managers.
Simplicity in fund structuring aids in fundraising.
Operating partners can enhance fund management but may face scrutiny.
Fund expenses are often misunderstood by new managers.
Technology is streamlining the fund management process.
Reading financial news is crucial for understanding the market.
Understanding SEC regulations is vital for fund managers.
Chapters
00:00 Introduction to Secondaries Transactions
02:37 Understanding GP-Led vs LP-Led Transactions
05:15 Operational Complexity in Secondary Transactions
08:21 Trends in the Secondaries Market
10:45 Challenges for New Fund Managers
13:36 Track Record Attribution for Emerging Managers
16:20 Fund Structuring and Terms Negotiation
19:01 The Role of Operating Partners
21:55 Timeline for Fund Launch and Documentation
24:32 Team Structure in Fund Formation
27:00 Technology in Fund Management
29:34 Entrepreneurial Background and Its Impact
31:57 Understanding Fund Expenses
34:50 Advice for Aspiring Fund Lawyers
11 Feb 2026
Neil ODonnell & Mehak Rashid, Legal Scale: Simplicity Can Save Emerging Managers Costly Mistakes
In this conversation, Danny Bloomstine speaks with Neil O'Donnell and Mehak Rashid, Managing Partners at LegalScale LLP, about the intricacies of launching a fund, the role of venture debt, and the transition from large law firms to boutique practices. They discuss the importance of simplicity in fund structures, the dynamics of investor incentives, and the significance of maintaining a strong professional network. The conversation also highlights the evolving landscape of venture debt and the critical factors that influence successful financing strategies.
Chapters
00:00 Introduction to LegalScale LLP and Fund Launching
03:31 Understanding Fund Structures and Investor Incentives
08:27 Exploring Venture Debt: Definition and Use Cases
15:40 Success Stories in Venture Debt Financing
20:05 Navigating Covenants and Market Changes in Venture Debt
24:38 Transitioning from Big Law to Boutique Firms
28:02 Advice for Emerging Fund Managers
31:45 Building a Professional Network and Relationships
3 Feb 2026
Nick Maroules, BDO: Inside Fund Auditing, LP Transparency & ILPA Reporting
Danny Bloomstine interviews Nick Maroules, a leader in asset management at BDO USA. They discuss Nick's journey in the industry, the pivotal role of auditors in fund management, the complexities of different fund types, and the evolving expectations of limited partners regarding transparency and reporting. The conversation also touches on regulatory impacts, the importance of ILPA templates for standardized reporting, and practical advice for aspiring professionals in the field.
Chapters
00:00 Introduction to Asset Management and Auditing
02:20 The Role of Auditors in Fund Management
04:40 Team Structure and Engagement in Auditing
07:24 Complexity in Fund Types and Auditing Challenges
09:46 Evolving LP Expectations and Transparency
12:33 Regulatory Impact on Auditing Practices
15:03 ILPA Templates and Standardized Reporting
17:23 Performance Templates and Their Importance
20:07 Advice for Early Career Professionals in Finance
2 Feb 2026
How Fund Valuations Actually Work w. Monica Blocker, Houlihan Capital
Keywords
valuation, financial advisory, hedge funds, private equity, venture capital, crypto funds, independent valuation, compliance, asset management, investment banking
Summary
In this conversation, Danny Bloomstine interviews Monica Blocker, Director of Business Development at Houlihan Capital. They discuss the role of independent valuation firms in the financial advisory landscape, particularly for hedge funds, private equity, and venture capital. Monica explains the complexities of valuing illiquid assets, the importance of compliance, and the unique challenges posed by crypto assets. The conversation also touches on the significance of fairness opinions in continuation vehicles and the evolving expectations from LPs regarding independent valuations.
Chapters
00:00 Introduction to Houlihan Capital and Monica Blocker
02:33 Client Engagement Lifecycle in Valuation Services
03:55 Understanding Level 1, 2, and 3 Valuations
05:42 Pros and Cons of Independent Valuation Firms
09:56 Valuing Crypto Assets vs Traditional Securities
12:15 Valuation Approaches for Level 3 Assets
14:34 Common Mistakes in Valuation Practices
17:54 Information Rights and Their Impact on Valuation
21:41 Fairness Opinions for Continuation Vehicles
24:15 The Evolving Role of Independent Valuation Providers
26 Jan 2026
Navigating Real Estate Challenges with AI with PwC's Marcel Kanngiesser
The conversation covers the introduction to PwC's Real Estate Consulting Practice, the client base and services offered, the scope of projects and engagements, an example of a client engagement, the transition from assurance and audit to consulting, the impact of global experience on work approach, the role of Chief of Staff at PwC, AI in real estate and value creation opportunities, and career advice for early professionals.
Takeaways
Real Estate Consulting Practice
Client Base and Services
AI in Real Estate
Chief of Staff Role
Global Citizen and Career Advice
Chapters
00:00 Introduction to PwC's Real Estate Consulting Practice
09:31 Example of a Client Engagement
19:30 Transition from Assurance and Audit to Consulting
27:59 Role of Chief of Staff at PwC
34:46 AI in Real Estate and Value Creation Opportunities
41:49 Career Advice for Early Professionals
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