How Private Funds Stay Legal

From Regulation D exemptions to Form D filings, there’s a precise legal framework that separates legitimate offerings from risky ones. If you're raising capital—or investing it—you need to understand how these rules work, or you could unintentionally break them.

This guide reveals what the SEC expects—but most private investors never learn. You'll uncover the key differences between Rule 506(b) and 506(c), why offering documents like the PPM and Subscription Agreement are critical, and how to stay on the right side of anti-fraud laws. Whether you're building a fund or evaluating one, mastering these compliance essentials protects your capital and your reputation.