Investor Guide
Qualified Investor Guide — Checklist Before Private Fund Subscription
Private fund subscription requires more than meeting the financial threshold. We outline operational checks investors should run before commitment.
This is an English executive summary. The full Korean original is available at baystateam.com/insights/2025-10-15_qualified-investor-guide.html. Full English translation in preparation.
Overview
Qualifying financially is the entry condition; understanding the operational fit is the actual decision. We outline the checks we recommend before subscription.
Liquidity reality
Lock-up periods, side-letter terms, and distribution mechanics should be modeled against the investor's liquidity profile.
Tax wrapper
Pass-through vs corporate treatment varies; coordinate with tax advisor before commitment.
Fee transparency
Management fee, carry waterfall, and operating expense allocation should all be transparent.
Reporting cadence
Reporting frequency, format, and audit timing affect ongoing portfolio management.