Commingled funds remain a feature of most institutional investor portfolios. In addition to the organizational documents, commingled-fund documentation typically includes a private placement memorandum, subscription documents, and a side letter that addresses specific issues in the documents that are particular to the investor.  Investors typically focus on the fund’s organizational documents and the side letter, because those documents typically establish the basic rights, duties and obligations of the parties. However, there are also significant issues to consider when reviewing and completing subscription documents.

THE DOCUMENTS

Investors in commingled funds must complete and execute the fund’s particular form of subscription documents to subscribe to the fund. Although each fund uses its own forms, there is significant commonality among most forms of subscription documents. Subscription documents are typically comprised of a subscription agre