Investors who are performing or planning to undertake due diligence on hedge funds can glean practical guidance from SEC examinations of fund managers. This was the primary theme of a recent webinar presented by the Investment Management Due Diligence Association (IMDDA) featuring Kristina Staples, managing director of ACA Compliance Group. This article summarizes Staples’ primary insights from the webinar. For more on due diligence, see “RCA Asset Manager Panel Offers Insights on Hedge Fund Due Diligence” (Apr. 2, 2015); “Operational Due Diligence From the Hedge Fund Investor Perspective: Deal Breakers, Liquidity, Valuation, Consultants and On-Site Visits” (Apr. 25, 2014); and “Evolving Operational Due Diligence Trends and Best Practices for Due Diligence on Emerging Hedge Fund Managers” (Apr. 18, 2014). For additional commentary from Staples, see “Five Steps That CCOs Can Take to Avoid Supervisory Liability, and Other Hedge Fund Manager CCO Best Practices” (Mar. 27, 2015). For coverage of a previous IMDDA webinar, see “How Managers May Address Increasing Demands of Limited Partners for Standardized Reporting of Fund Fees and Expenses” (Sep. 1, 2016).