Form ADV
Form ADV is the uniform form that investment advisers, including most venture and private equity fund managers above the exempt reporting threshold, file with the SEC to register or report, disclosing their business, ownership, conflicts and, in Schedule D Section 7.B, each private fund they advise along with its auditor, administrator and prime broker.
Example
A GP with $160M in regulatory assets under management files Form ADV as a registered adviser. Schedule D Section 7.B lists each fund, its gross asset value, its auditor and the name of its administrator, which is how anyone can see which administrators top venture firms actually use.
Confused with
Form D. Form D is filed per offering when a fund raises under Regulation D. Form ADV is filed by the adviser about itself and all its funds.
Related terms
- Form D Form D is the notice of exempt offering of securities that an issuer, including a private fund, must file with the SEC within 15 days of the first sale in an offering relying on Regulation D, disclosing the issuer, the exemption claimed, the amount sold and the total offering amount.
- Fund administrator A fund administrator is the firm, or the software operated in-house, that maintains a private fund's books: partner capital accounts, capital call and distribution processing, fee and waterfall calculations, NAV, investor statements and audit support.