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Minnesota Private Fund Manager / Exempt Reporting Adviser Compliance
Minnesota is home to several major wealth managers. 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 Minnesota
Any Private Fund Manager / Exempt Reporting Adviser with a principal place of business in Minnesota, or with clients located in Minnesota above the de minimis threshold, must register with the Minnesota Department of Commerce — Securities Unit or — if eligible — with the SEC.
Minnesota-specific nuance
Minnesota charges $100 for RIA registration and requires specific disclosure of proprietary product recommendations.
Regulator: Minnesota Department of Commerce — Securities Unit
Annual obligations for Private Funds
The core federal calendar that applies on top of Minnesota'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 Minnesota 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? Minnesota RIA · Minnesota Broker-Dealer
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