Download PDF William K. Sjostrom, Jr. Historically, hedge fund advisers have not had to register under the Investment Advisers Act of 1940 (the Advisers Act)[1] because of the private adviser exemption. This exemption applied to an investment adviser who (1) had fewer than … [Read more...] about A Brief History of Hedge Fund Adviser Registration and Its Consequences for Private Equity and Venture Capital Advisers