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The Hedge Fund Offering Memorandum is a crucial document used when launching or marketing a hedge fund to potential investors in England and Wales. It serves as the primary disclosure document, providing comprehensive information about the fund's strategy, risks, terms, and operations. The document must comply with UK regulatory requirements, including FCA regulations and the Financial Services and Markets Act 2000. The Offering Memorandum is essential for ensuring transparent communication with investors while protecting the fund manager from potential liability through proper risk disclosure.

1. Important Information and Disclaimer: Legal disclaimers, regulatory notices, and key risk warnings required under FSMA and FCA regulations

2. Directory: Contact information for key service providers including investment manager, administrator, custodian, auditor

3. Executive Summary: Overview of the fund, investment strategy, and key terms in compliance with FSMA and AIFMD requirements

4. Investment Program: Detailed description of investment objectives, strategies, and restrictions as required by FCA COLL and FUND sourcebooks

5. Risk Factors: Comprehensive disclosure of all material risks as required by FSMA and FCA regulations

6. Management and Administration: Details of the fund's management team and service providers, including regulatory status and responsibilities

7. Fees and Expenses: Complete fee structure including management and performance fees, with transparency requirements under AIFMD

8. Subscription and Redemption Procedures: Process for investing in and withdrawing from the fund, including all regulatory requirements