Operating Agreement
(Hedge Fund) (Delaware LLC)

Summary

The operating agreement is the basic legal agreement which governs the rights and obligations of the investors and the manager for a hedge fund organized as a limited liability company, or LLC. This operating agreement assumes that the hedge fund is a Delaware entity, as is commonly the case for domestic hedge funds. This template includes practical guidance and drafting notes. For additional hedge fund formation resources, see: • Hedge Fund and Its Offering: Drafting and Reviewing the Key Documentation • Hedge Funds Structure and Organization • Private Placement Memorandum (Hedge Fund Limited Partnership Interests) (DE) • Private Investment Fund/ Hedge Fund Investor Questionnaire • General Partner Operating Agreement (Hedge Fund) (DE LLC)