The Dodd-Frank Act will require private equity fund managers (who were previously exempt from registration) to register as investment advisers with state or federal authorities. As a result, private equity firms are bracing for the expected “culture shock” as, for the first time, they gear up for registration, a new compliance infrastructure, and public disclosure and scrutiny.

In this handbook, we summarize the principal aspects of the Dodd-Frank Act as it applies to the registration of private equity fund managers under the Investment Advisers Act of 1940. We describe who must register, the registration process, the timetable for compliance, and how registration will impact fund managers.