I have a friend with rich relatives living in another country. We are thinking of setting up a fund in the US with offshore money coming from the rich relative. Anyone has experience in this and can shed light on its feasibility?
Specifically, we would like to understand if 1). offshore funding of say a US-registered private fund (same class as a private equity?) is legal and possible and 2). any limitations or restrictions on the size and nature of the source of money.
Basically we see a lot of opportunities in the US and would like to investment to gain exposure to certain sectors and geographic areas. If we are lucky, we may get a check of about $2mn. I know this is not a significant amount but at least the money can get us started to seriously look for invest-able opportunities.
I'm sure this is not the first time anyone has thought of this, so what have people done?
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