In this course, we will examine the law and policy that affect hedge funds and private equity funds. These two types of private investment funds figure prominently in contemporary debates about corporate governance, financial stability, market efficiency, financial innovation, and even income inequality. We will cover the foundational issues of organizational, securities, tax, and fiduciary law. We will examine the regulatory framework and the industry practices that govern fund structure, fund managers and sponsors, fund offerings, and fund investments. We will also critically assess the current regulation of private equity and hedge funds and evaluate proposals for reform.