Documentation Basics:
A private investment fund (whether it is structured as a company, limited partnership, LLC or a unit trust) will have highly-customised constitutional documentation (making it different to a standard offshore company), alongside Fund Manager-driven documents covering fund specifics.
Fund-level Documentation:
The investment fund will have two core documents covering the fund specifics, such as the anticipated investment objective/investment strategy and the risk factors that are relevant to the fund.
Offering Documentation: Typically either a short-form Term Sheet, a medium-length Offering Memorandum or a Private Placement Memorandum.
Subscription Agreement: The formal contract between the Fund and the investor.
Entity-level Documentation:
The constitutional documentation of the Fund will depend on the legal form that it will use and will be highly customised, as compared to a SPV.
In the case of a company (such as a British Virgin Islands Business Company):
Memorandum of Association
Articles of Association
In the case of a partnership (such as an English Private Fund Limited Partnership):
Limited Partnership Agreement
In the case of a LLC (such as a Delaware LLC):
Articles of Organisation
LLC Operating Agreement
In the case of an unit trust (such as the Cayman Islands Unit Trust):
Trust Deed