This course explores the changing roles of fund investors in global financial markets today. This course will focus on the role of three types of investors: private equity (including venture and buyout funds), hedge and sovereign wealth funds. We will seek to understand the types of investment strategies employed by different types of private investors. We will compare the regulatory environment and business approaches of such investors with registered investors such as mutual funds. We will discuss the implications of private fund investors for financial markets in the U.S. and other jurisdictions. We will also discuss the regulatory climates within which funds operate, including with respect to the Securities Act of 1933, the Investment Company Act of 1940 Act, the Investment Advisers Act of 1940, and other relevant laws and regulations in the United States and elsewhere. Topics to be discussed include: regulation of mutual funds, structures of private equity and hedge funds, private equity funds in international perspective, the implications of the failure of Long Term Capital Management for hedge funds, Dodd-Frank hedge fund provisions, vulture investors, the emergence and operation of sovereign wealth funds, and recent legal disputes involving funds. Students have the option of combining this course with the spring January short term course (LAW 5285) Investment Management Regulation for a single grade. First day of class will meet on Monday, January 14th.