We want LI to be one of the friendliest places on the internet, where lawyers and law students help each other with their career related queries and occasionally discuss other stuff that might affect their lives too. In other words:
1. Be kind, respectful and helpful to each other.
2. Be bona fide, truthful, genuine and curious.
3. Assume the best intention of others.
Therefore, in using the site, you must agree to do your best to uphold these community guidelines.
Note that what you find here is written and moderated by anonymous people on the internet.
Therefore everything you read here is very likely unverified, rumour, speculation and/or downright false.
In continuing to read anything here, you must therefore agree not to take anything you read here as factual and that you will exercise due caution, diligence and common sense before acting on any information you may come across here.
You also agree to report any inaccurate or malicious comments with the buttons. Moderators take action within 24 hours, as required and appropriate under law.
Our full terms and conditions apply too.
Do you solemnly agree to all of the above?
I am interning with an Investment Funds team next month. Are there any books or any other resources that you think I should go through before I start my internship? I really want to do well in this internship and this internship may be my last shot at getting a job. Any help is much appreciated. Thank you!
Along with this, read the AIF Regs and PMS Regs. Focus on Cat I and Cat II AIFs and leave Cat III AIFs (although the regs don't really have all that much any way). Even in the ILPA doc, don't get into funds which are "open ended" (people can put and withdraw money any time other than when the fund winds down). Take a quick look at the PMS Regs - I'm not a funds lawyer so I'm not sure how many PMSs are being registered these days. A funds lawyer can may be give you some insight.
Cat I and Cat II AIFs are tax transparent pursuant to 115UB of the Income tax Act. Tax for Cat III AIFs is 160-164 (representative assessee + indeterminate trust). Read these sections.
Ideally, read the trust act and understand it. Loads of people don't fundamentally understand what a trust is. None of this is rocket science, it's just that it's boring shit, so people gloss over it and continue with their life.
Also, realise that there is a lot of jargon which ultimately translates to simple concepts. For example, "LP" or limited partner is just a term for an investor in an investment fund. "GP" or general partner is the manager (the person who makes the investment decision).
I think if you read all of the above and take 6 months to figure out the registration process and draft a couple of Cat I/II equity and debt funds each and 2-3 Cat III redeemable hedge funds, that's really all there is to it. More or less. Then it's just a slog of doing the same shit for a different client.