The registered liquid alt rush continues unabated.  Since 2008, there has been a 116% increase in the number of registered liquid alternative funds (Alt Funds) and a 360% increase in Alt Fund assets.  Sponsors have now created 468 Alt Funds with $172 billion of assets.  Before stepping on the gas to join this rush, you should start by answering a simple question – is it viable for my organization to offer an Alt Fund?  In a guest article, Bibb L. Strench, Counsel in the Washington, D.C. office of Seward & Kissel LLP, addresses the chief legal and practical factors that hedge fund managers should consider in answering that question.  In particular, Strench discusses strategic eligibility, liquidity, leverage, derivatives, valuation, tax, “strategy engineering” (e.g., via use of commodity mutual funds), closed-end funds, ETFs, entry points into the registered alternative fund business (including umbrella alternative funds), registered alternative fund fees and expenses, advertising and marketing possibilities, and operational and compliance considerations.  See also “Five Key Compliance Challenges for Alternative Mutual Funds: Valuation, Liquidity, Leverage, Disclosure and Director Oversight,” Hedge Fund Law Report, Vol. 7, No. 28 (Jul. 24, 2014).