Ron Geffner, Founding Partner
Sadis & Goldberg


This is a do-not-miss episode! Attorney Ron Geffner of Sadis & Goldberg talks about the most important legal and business aspects of running a private fund. Plus, how to choose a securities lawyer, the importance of building relationships founded in trust and compatibility, legal pitfalls to avoid, how to develop a successful fund management business and why your intuition can be a worthy guide.


In this episode, Ron and I talked about:

    • Why you should choose your attorney the way you would choose a brain surgeon.
    • The typical fund launch process.
    • Why it matters where your first dollar comes from.
    • Common issues beyond your fund launch.
    • The importance of delivering on what you (your fund docs) say you will.
    • Basic mistakes fund managers make.
    • How to consider hypothetical performance.
    • The 4 biggest areas of risk for fund managers.
    • Evolving trends in fund structure.
    • What makes an ideal attorney-client relationship.


1:23 | “It’s not just hiring somebody to launch your product. And that’s a mistake people often make, or I’ll get calls, and they’ve used a lawyer who doesn’t really know what they’re doing. And the easiest way to resolve that problem is, unfortunately, to start fresh. It’s more economically efficient. So it’s thinking about your business or the life arc of the business, not just that immediate moment.”

4:46 | “It’s really having empathy and identity and being relatable to your client and understanding their issues. Because it’s not one size fits all. Everybody has blind spots and weak spots. And what I often tell people is I’m going to be your least expensive partner. And I would always advise that no matter who you hire — your auditor, your administrator, as best as you can — you’re not hiring institutions, you’re hiring people.”

7:26 | “The reality is a lot of managers haven’t run a business. They’ve been within an institution. And running a business is its own experience.”

20:38 | “There’s no Home Depot for the private fund industry. It’s buyer beware, if you’re going to be a do-it-yourself, kind of human. The big issue fundamentally, is managers may engage law firms that look great on paper, but the economics of the law firm’s billing rates do not match up with either the stomach of the manager wanting to pay it or the economics of the firm. As a result, they hesitate to call their counsel. Following that line tends to lead to bigger problems.”

55:38 | “Our intuition is far more important than we might give it credit for…If your gut is telling you something, maybe pause and listen to your gut.”

56:03 | “In real estate, its location, location, location. In this game, its relationship, relationship, relationship. The world is based on relationships. And it’s a relationship business. This is very much a relationship business.”


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