Hedge fund managers are frequently described as a “secretive” bunch.  To the extent that characterization is valid, its roots may reside in the recognition that for hedge fund managers, publicity carries with it substantial potential downside, and little possibility for upside.  One of the more notable potential downsides is that any advertising or marketing by hedge fund managers may be construed as a “general solicitation” of investors.  Since many hedge funds offer their interests to accredited investors in reliance on Regulation D under the Securities Act of 1933, and Reg D prohibits general solicitations, hedge fund managers are effectively prohibited from advertising.  However, hedge fund managers are starting to use digital rights management and enterprise rights management technology to significantly expand the scope of their marketing efforts while remaining within the Reg D safe harbor.  We explain in detail how they are doing this.