An ongoing challenge for advisers is ensuring compliance with the complex set of regulations that govern their marketing practices. A recent program hosted by ACA Compliance Group (ACA) distilled some of the nuances that arise when applying these regulations to the marketing of interests in private funds. The program featured Mark Lawler, ACA senior principal consultant, Matthew Shepherd, ACA principal consultant, and Erika Roess, senior principal consultant at ACA Performance Services. This second article in a two-part series discusses the permissibility of using backtested performance and partial client lists in advertising materials; portability of track records; compensation of solicitors referring separately managed account clients; marketing to investors in private funds; and compliance with private placement requirements. The first article discussed regulations governing performance advertising, compliance with GIPS, recordkeeping requirements relating to marketing materials and the use of past-specific recommendations. For coverage of other ACA events, see “Hedge Fund Managers Are Advised to Build Robust Infrastructure” (Mar. 3, 2016); and “Recommended Actions for Hedge Fund Managers in Light of SEC Enforcement Trends” (Oct. 22, 2015).