A documentation shift
The unprecedented gates, suspended redemptions and net asset valuation calculations, as well as a proliferation of side pockets (real or synthetic) has led to a serious re-evaluation of hedge fund documentation.
While overall the hedge fund industry is contracting, the legal area is expanding. Certainly, two new legal firms have opened recently in the Cayman Islands. Both newcomers are well-established law firms, and they have similar reasons for setting up in the jurisdiction during what many see as one of the most exciting times for the legal profession advising hedge funds since their creation.
Hedge fund first aid and crisis management seems to be occupying the majority of time for most lawyers. The
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