Capping the Legal Costs of First-Time Funds

After a long hiatus, a number of brave entrepreneurs are setting out to organize pooled investment vehicles (PIVs) structured to invest in traditional venture capital and buyouts. The surge in first-time funds is fueled in part by the appetite of asset managers for alternative investment opportunities and in part by the maturation of existing funds, which has given junior partners the necessary experience and contacts to strike out on their own.