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California Private Fund Manager / Exempt Reporting Adviser Compliance
California is the largest RIA market in the U.S.. FIN Group provides fractional CCO services, Form ADV (Part 1A only for ERAs) filings, annual reviews, and exam support for Private Fund Manager / Exempt Reporting Advisers operating here.
Who needs to register in California
Any Private Fund Manager / Exempt Reporting Adviser with a principal place of business in California, or with clients located in California above the de minimis threshold, must register with the California Department of Financial Protection and Innovation (DFPI) or — if eligible — with the SEC.
California-specific nuance
California requires the Form ADV Part 2A brochure, Form ADV Part 2B for each supervised person, and a $125 IARD initial filing fee plus annual renewal.
Regulator: California Department of Financial Protection and Innovation (DFPI)
Annual obligations for Private Funds
The core federal calendar that applies on top of California's requirements:
- File Form ADV Part 1A within 60 days of crossing $150M AUM threshold for full registration
- File Form PF for private fund advisers with $150M+ in private fund AUM
- Comply with the new Private Fund Adviser Rules (quarterly statements, annual audit, fairness opinions)
- Maintain a written compliance program addressing valuation, allocations, and conflicts
- Custody Rule (206(4)-2) compliance via qualified custodian and annual surprise audit
- Investor side-letter tracking and most-favored-nation disclosures
How FIN Group helps California Private Funds
Fractional CCO
A named, senior CCO who owns your Form ADV (Part 1A only for ERAs) filings, annual review, and exam response.
Explore Fractional CCOCompliance Calendar Software
RegReview tracks every state, federal, and firm-level deadline with automatic reminders.
Explore Compliance Calendar SoftwareMarketing Compliance Review
ADScanner reviews every piece of marketing for Rule 206(4)-1 / FINRA 2210 issues in seconds.
Explore Marketing Compliance ReviewInvestor Onboarding
InvestPrep handles KYC, AML, and subscription documents end-to-end.
Explore Investor OnboardingPrivate Fund compliance in other states
Also exploring a different registration type? California RIA · California Broker-Dealer
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