Host Gary J. Ross and Ben Kwon, Partner at Nixon Peabody, longtime co-chair of the ABA BLS Fund Formation subcommittee and guest on Episode 17, get together once again to talk about fund formation. Ben starts by talking about the Fifth Circuit’s vacating of SEC’s Private Fund Adviser Rules, and why fund managers should still consider the rules. Gary and Ben go on to discuss equalization fees paid by later investors, how to handle LPs who fail to meet capital calls, when to set up an offshore feeder, fees collected by managers (beyond management fees and carry), and several other topics, including the upcoming ABA BLS meeting in San Diego.