This is the second article in our two-part series on hedge fund expense caps. This article catalogues the benefits and burdens of caps – from the perspectives of managers and investors – then offers six concrete recommendations to managers for implementing caps in a way that emphasizes the benefits while mitigating the burdens. The first article in this series defined expense caps and discussed whether expense caps can be offered only to select investors; expenses typically covered by caps; structuring of expense caps; and the levels at which expense caps are set. See “How Can Hedge Fund Managers Structure, Negotiate and Implement Expense Caps to Amplify Capital Raising Efforts? (Part One of Two),” Hedge Fund Law Report, Vol. 6, No. 25 (Jun. 20, 2013).