1 Introduction to Alternative Investment Operations Introduction Classifying Fund Manager Activities Comparing Investment and Operational Functions Operations Role in Facilitating Investment Procedures Dependency of the Investment Function on the Operational Functions What Is Unique About Alternative Investments Operations? Different Alternative Investment Strategies Merit Specific Operational Practices Operational Risk Management: Trading Operations and Compliance Example Chapter Summary 2 Trade Operations: Execution, Settlement and Reconciliation Introduction to Trade Operations What Is Being Traded Trade Idea Generation Trading Strategy Compared to Trade Idea Generation Trade Implementation Order Entry Pre-Trade Blotters Electronic Versus Physical Pre-Trade Blotters Pre-Trade Compliance Checks Trade Execution Trade Give-Ups Trade Confirmation Trade Clearing Trade Settlement Trade Reconciliation Trade Allocation Human and Computer Trading Chapter Summary 3 Cash Management, Oversight and Movement Introduction to Cash Usage in Alternative Investments Four Primary Categories of Cash Cash Storage Locations Master-Feeder Structure Cash Accounts for Different Funds Cash for Expenses Expense Policies Cash Movement for Expenses Cash To Facilitate Trading Cash Sweeping Frequency Cash To and From Investors Unencumbered Cash Cash Controls Cash Initiators and Approvers Single Initiator Approver Model Cash Threshold Model Different Initiator Approver With No Threshold Model Chapter Summary 4 Compliance Operations and Governance Considerations Introduction to Compliance Operations and Governance Considerations Mandatory Compliance Sources of Mandatory Compliance Rules Voluntary Compliance Regulatory Guidance Self-Imposed Obligations Operational Compliance Alternative Investment Governance Considerations Chief Compliance Officer Models Chief Compliance Officer Duties Common Compliance Documents Common Compliance Policies Chapter Summary 5 The Role of Service Providers in Alternative Investment Operations Introduction to Alternative Investment Service Providers Fund Administrators Conflict of Interest Considerations Role in Valuation Valuation Consultants Compliance Consultant Personal Trading Program Oversight Electronic Communication Monitoring Oversight Mock Audits Other Services Legal Counsel Accountants and Auditors Custodian Other Service Providers Chapter Summary 6 Information Technology Operations Introduction to the Role of Technology in Operations Information Security Policy Information Technology Consultants Data Rooms Cybersecurity Penetration Testing Software Patches Vendor Cybersecurity Analysis Business Continuity and Disaster Recovery Big Data in Alternative Investment Operations Chapter Summary 7 Additional Operational Functions and Tasks Introduction to Additional Operational Functions Operational Risk Management Fund Reporting Human Resources Management Security Master Files Unique Identifiers: CUSIP and ISIN Multiple Versus Universal Security Master Files File Verification Sources Trading and Valuation Implications Insurance Treasury Function Portfolio Financing Counterparty Management Collateral and Margin Management Chapter Summary 8 Private Equity Operations Introduction to Private Equity Operations Private Equity Structure Private Equity Administration Private Equity Valuation Policy Example Private Equity Operations Funding Process Funding Timelines Capital Call Procedures Private Equity Compliance Case Study Chapter Summary 9 Fund of Funds Operations Introduction to Fund of Funds Operations Operations Role in Liquidity Management Redemption Timeline Management Example Other Redemption Timing Considerations Facility Management Separately Managed Account Allocations Fund of Funds Administration Chapter Summary 10 Documenting and Analyzing Fund Operations Introduction to Operations Documentation Purposes of Fund Operations Documentation Operational Change Management Tracking Investor Facing Operations Documentation Operational Due Diligence Questionnaire Chapter Summary 11 Ongoing Operations Management, Training, Surveillance and Testing Introduction to Operations Training, Surveillance and Testing Operations Training Three Types of Operations Training Operational Procedures Gaps Operations Testing and Surveillance Operations Testing Schedules and Frequency Internal Audit Case Study Chapter Summary 12 Analysis of Fund Operations and Future Trends Introduction to Analysis of Fund Operations Through Operational Due Diligence Who Performs Operational Due Diligence? The Pre-Operational Due Diligence Processes Pre-Due Diligence Step 1: Analysis of Other Due Diligence Pre-Due Diligence Step 2: Developing a Review Timeline Pre-Due Diligence Step 3: Constructing a Review Team Alternative Investment Fund Manager Operational Due Diligence Process Step 1: Document Collection and Analysis Affiliated Fund Document Requests Asking the Fund Manager to Complete a Questionnaire Service Provider Documentation Document Analysis Stage 1: Functional Expert Review Stage 2: Project Lead Review Stage 3: 360° Team Review Step 2: On-Site Meeting Phase 1: Interviews Phase 2: On-Site Document Review Phase 3: System and process walkthroughs Phase 4: Office Tour Step 3: Service Provider Confirmation and Review Step 4: Report Generation and Recommendations Ongoing Operational Due Diligence Future Operational Trends Chapter Summary.