David J. Efron is co-head of the Investment Management Group. He practices in the areas of domestic and offshore hedge and hybrid funds, including fund formations and restructurings. Additionally, he advises hedge fund managers on structure, compensation and various other matters relating to their management companies, and structures seed-capital and joint venture arrangements. David also represents hedge fund managers in connection with SEC regulatory issues and compliance-related matters.

David is listed in Chambers GlobalChambers USA, Expert Guide to the World’s Leading Banking, Finance and Transactional Law LawyersThe Legal 500 US and Who’s Who Legal: The International Who’s Who of Private Funds Lawyers. In particular, The Legal 500 US has praised his “superb judgement and deep expertise” and recognized him as “an extraordinarily capable attorney. He has a mastery of the pertinent matters, but he also brings a pragmatic approach.” Chambers Global and Chambers USA noted that David is “an outstanding lawyer, with excellent judgment and the necessary soft touch during the delicate negotiations that occur during a start-up/launch” and that “he is attuned to the business considerations and provides measured, reasoned advice that reflects his deep experience and industry knowledge.” A published author on subjects relating to investment management, he is a sought-after speaker for hedge fund industry conferences and seminars and a frequent guest lecturer at New York-area law schools and business schools. David received his B.A. from Vassar College, his J.D. from Syracuse University College of Law and an LL.M. degree in securities regulation, with distinction, from Georgetown University Law Center.

Publications

Hedge Funds: Formation, Operation and Regulation (ALM Law Journal Press), 2013-2018 (co-author)

“Divorcing Your Seeder: Exit Strategy Considerations For Hedge Fund Managers Entering Seeding Arrangements (Part Two of Two),” Hedge Fund Legal & Compliance Digest, February 2017 (quoted)

“Hedge Fund Employee Compensation,” Practical Law, September 2016 (contributor)

Schulte Roth Partners Discuss Hedge Fund Seeding,” The Hedge Fund Journal, July/August 2016 (quoted)

“Co-Investments with SRZ’s Leading Fund Formation Group,” The Hedge Fund Journal, March 2016 (quoted)

“Solving the Legal Issues,” Absolute Return: Special Report – Road Map to Starting a Hedge Fund, 2003 (co-author)

“Domestic Private Investment Funds: Structure and Regulatory Overview,” NSCP Currents, September/October 1999 (co-author)

“The 1940 Act’s ‘Bad Boy’ Disqualifier: A Reconsideration,” The Investment Lawyer, April 1996

“Muddied Waters: Awards of Punitive Damages in Disputes Arbitrated Pursuant to Brokerage Firm Customer Agreements,” 7 DePaul Business Law Journal 333, 1995

Speaking Engagements

“Regulatory Outlook,” SRZ 28th Annual Private Investment Funds Seminar, New York, January 2019

KPMG Essentials for Funds to Launch & Grow Today’s Environment, New York, October 2018

“Target Operating Model,” Ernst & Young Emerging Managers Alternative Summit, New York, June 2018

Tax Reform Update,” SRZ Webinar, March 2018

“Fund Economics,” SRZ 27th Annual Private Investment Funds Seminar, New York, January 2018

“Hot Topics for Hedge Fund Managers,” PLI Hedge Fund Management 2017, New York, September 2017

Maples and Calder Investment Funds Forum, Grand Cayman, Cayman Islands, February 2017

“Attracting and Retaining Capital,” SRZ 26th Annual Private Investment Funds Seminar, New York, January 2017

Guest Lecturer, Securities Regulation: The Broker-Dealer Perspective Class, Fordham University School of Law, November 2016

“General Counsel Perspectives on the State of the Industry,” IBA 17th Annual International Conference on Private Investment Funds, London, March 2016

“Co-Investments Today: Structures, Terms and Fiduciary Duties” and “Evolving Terms and Considerations Across the Fund Spectrum,” SRZ 25th Annual Private Investment Funds Seminar, New York, January 2016

KPMG General Counsel Peer Exchange, New York, October 2015

Georgetown University Law Center Inaugural Corporate Symposium, Washington, D.C., April 2015

“Current Trends with Emerging Managers,” Morgan Stanley Prime Brokerage (Consulting Services) Presentation, New York, March 2015

“Product and Marketing Strategies for Growth in a Performance Constrained World,” Bank of America Merrill Lynch COO/CFO Hedge Fund Symposium, Deer Valley, Utah, March 2015

“Marketing Challenges: U.S. and EU Considerations,” SRZ 24th Annual Private Investment Funds Seminar, New York, January 2015

“New Product Trends” and “Operational Due Diligence,” Bank of America Merrill Lynch COO/CFO Hedge Fund Symposium, Deer Valley, Utah, March 2014

“A New Paradigm: Customized Solutions for Investors,” SRZ 23rd Annual Private Investment Funds Seminar, New York, January 2014

“Long-Only and Other Tailored Private Funds,” SRZ Investment Management Hot Topics, New York, June 2013

“Trends in Fund Governance and Investor Scrutiny,” UBS Premier Hedge Fund Client Conference, Naples, April 2013

“Operational Issues,” SRZ London Investment Management Hot Topics, March 2013

“Capital Raising in 2013,” SRZ 22nd Annual Private Investment Funds Seminar, New York, January 2013

“CFTC Update: What Fund Managers Need to Know,” SRZ Investment Management Hot Topics, New York, October 2012 

“Investment Due Diligence Process and Hedge Fund Best Practices,” Hedge Fund Cares Conference, New York, October 2012 

“Potential Impact of JOBS Act on Hedge Fund Industry,” Goldman Sachs Webinar, April 2012

“Regulatory Developments in 2012 — U.S. Focus,” International Bar Association 13th Annual International Conference on Private Investment Funds, London, March 2012

“Mobility of Investment Professionals and Executives,” SRZ 21st Annual Private Investment Funds Seminar, January 2012

Bank of America/Merrill Lynch Hedge Fund Client Conference, December 2011

“New Whistleblower Rules: The Impact on Fund Managers,” SRZ Investment Management Hot Topics, New York, October 2011

“Ethical Issues Facing In-House Counsel,” SRZ Investment Management Alumni Roundtable, New York, July 2011

Guest Lecturer, New York Law School, New York, June 2011

“Crisis Management,” UBS Premier Hedge Fund Client Conference, Naples, FL, May 2011

Guest Lecturer, Columbia Business School, New York, April 2011

Maples Investment Funds Forum, Cayman Islands, February 2011

“Relationships with Investors,” SRZ 20th Annual Private Investment Funds Seminar, New York, January 2011

"Key Issues Facing CFOs," SEI's Alternative Investment Fund CFO Forum, New York, November 2010

Guest Lecturer, New York Law School, New York, August 2010

“The Changing Landscape of the Investor-Manager Relationships Negotiating with Sizeable Investors,” SRZ Investment Management Hot Topics, New York, May 2010

Guest Lecturer, Columbia Business School, New York, February 2010

“New Investor Terms and Demands,” SRZ 19th Annual Private Investment Funds Seminar, New York, January 2010

Guest Lecturer, New York Law School, New York, September 2009

UBS Capital Introduction Investor Forum, New York, March 2009

Guest Lecturer, Columbia Business School, New York, February 2009

“Liquidity Terms: Structuring for the Future,” SRZ 18th Annual Private Investment Funds Seminar, New York, January 2009

“Hedge Fund Roundtable,” UBS Prime Broker Breakfast, New York, December 2008

“Seeding Arrangements: Key Considerations and Current Trends,” SRZ Greenwich Private Investment Funds Seminar, Old Greenwich, CT, May 2007

“Seeding Arrangements: Current Trends and Compliance,” SRZ Investment Management Hot Topics Seminar, New York, April 2007

“The Life and Times of a Hedge Fund,” Campbell’s Cayman Fund Focus Conference, Cayman Islands, February 2007

“Regulatory Sweeps: Past, Present & Future,” SRZ Hedge Fund Compliance Investment Management Hot Topics Seminar Series, March 2006

“Distribution Channels Available to Hedge Fund Managers,” SRZ 15th Annual Private Investment Funds Seminar, January 2006

“Update on Hedge Funds – The New Hedge Fund Adviser Registration Rule,” Glasser Legal Works Ninth Annual Investment Management Compliance Summit, September 2005

“Hedge Funds Updated: Registration and Regulation,” NRS 19th Annual Fall Compliance Conference, October 2004

“Effectively Complying with the NASD ‘New Issues’ Rule,” Financial Research Associates Hedge Fund Regulation and Compliance Forum, May 2004

“Side Letters – Fiduciary Issues, Negotiating Points and Other Considerations,” Financial Research Associates Hedge Fund Regulation and Compliance Forum, October 2003

Memberships

  • United States Holocaust Memorial Museum
    • Lawyers’ Committee

Distinctions

  • Chambers Global
  • Chambers USA
  • Expert Guide to the World’s Leading Banking, Finance and Transactional Law Lawyers (Investment Funds)
  • The Legal 500 US
  • Who’s Who Legal: The International Who’s Who of Private Funds Lawyers