Ricardo W. Davidovich
Biography
Ricardo W. Davidovich advises investment managers, fund sponsors, and institutional investors on the full lifecycle of private investment funds and advisory businesses—from fund and management company structuring and formation to seed capital arrangements, investor onboarding, marketing and capital raising, and ongoing compliance.
Ricardo’s work focuses on U.S. investment management regulation and related regulatory risk under the Investment Advisers Act of 1940, the Investment Company Act of 1940, and the Commodity Exchange Act, including compliance matters involving the SEC, FINRA, the NFA and CFTC, and Blue Sky compliance issues. He represents both U.S. and non-U.S. clients, ranging from emerging managers and start-ups to multi-billion-dollar managers and funds, and he also supports clients through regulatory examinations and investigations.
With more than 25 years advising institutional investors, fund managers, and investment managers, Ricardo brings a market-informed perspective to structuring and negotiating investment arrangements and to solving day-to-day operational and regulatory issues. Clients describe his approach as business-minded and practical, including as “an astute businessman” who “really helps grow your business, keeps you out of trouble and knows how to fix things when something goes wrong.” He is recognized by Who’s Who Legal USA – Private Funds (2023), is a frequent industry speaker on regulatory and fund structuring issues and serves on Haynes Boone's Board of Directors.
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- American Bar Association, Hedge Fund Subcommittee
- New York Bar State Association
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- Recognized by Who's Who Legal USA - Private Funds, 2023
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- “The Changing Regulatory Landscape – Issues Affecting Institutional Investors (Sovereign Wealth Funds, State Plans, Endowments and More),” speaker, IMDDA webinar, April 9, 2024.
- “Global Regulatory Update," speaker, Goldman Sachs Third Annual Hedge Fund Legal and Regulatory Seminar, March 21, 2017.
- “U.S. Legal Issues for Brazilian Fund Managers,” panelist, Credit Suisse 2017 Prime Services Leadership Conference, New York, March 9, 2017.
- "Hedge Fund Performance Advertising: Recent SEC Enforcements on Use of Performance Numbers," author, The Hedge Fund Journal, July-August 2016.
- "Global Regulatory Update," speaker, Goldman Sachs Second Annual Prime Services GC/CCO Conference, March 1, 2016.
- "The Force Awakens," speaker, 2016 Cayman Alternatives Investment Summit, February 5, 2016.
- "Kinetic Partners: New York Launch of the Global Regulatory Outlook 2015," speaker, October 29, 2014.
- "The Hedge Fund Series: Launch and Strategy Sessions," author, HedgeAnswers, March 2014, November and September 2013.
- "How to Start a Hedge Fund," speaker, February 4, 2014.
- "Understanding the Regulatory Regime Governing the Use of Social Media by Hedge Fund Managers and Broker-Dealers," author, The Hedge Fund Law Report, Vol. 5 No. 47, December 13, 2012.
- 4th Annual Global Fund Domiciles Seminar, IFI Global, October 3, 2012.
- GAIM Ops Conference Cayman 2012, International Centre for Business Information, April 2012.
- GAIM USA Conference 2011, International Centre for Business Information, January 2012.
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Education
- J.D., Fordham University School of Law, 1993
- B.A., Binghamton University State University of New York, 1990
Admissions
- New York
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What types of clients do you work with in the investment management space?
I represent investment managers and investment funds, as well as institutional investors that allocate to those funds. My clients range from emerging managers and start-ups to multi-billion-dollar managers and funds, including both U.S. and non-U.S. platforms.
What do you help with when a manager is launching or retooling a private fund?
I help with structuring and formation, including management company considerations and seed capital arrangements. I also advise on marketing and capital raising, registrations, and the ongoing compliance issues that come with operating a fund business. It starts with understanding the manager’s strategy, investor base, the nature of the underlying investments and tax needs.
What do you do to help institutional investors?
Assisting institutional investors requires a deep understanding of the client’s sensitivities as well as their tax concerns and needs so we can really focus on the prospective investment’s structure and side letter requirements. Having a background in fund representation allows me to rely on my deep knowledge of fund issues and structuring to advise investors as to current market terms and where the pitfalls and issues in a fund’s documents lie.
Which U.S. regulatory regimes most often drive your advice?
Much of my work centers on the Investment Advisers Act of 1940, the Investment Company Act of 1940, and the Commodity Exchange Act. I also guide clients through SEC, FINRA, NFA and CFTC, and state “Blue Sky” compliance questions.
How do you support clients during examinations and investigations?
I help clients prepare for and respond to regulatory examinations, and I support them when issues escalate into investigations. My focus is practical risk management—understanding what regulators are asking for and helping clients address gaps in a way that aligns with how the business operates.
