Private Fund Consulting
Independent fiduciary advice for accredited and financially sophisticated investors evaluating private funds, alternative investments, Delaware Statutory Trusts, private real estate, and other complex private-market opportunities.
Fiduciary CM® helps investors understand investment structures, evaluate material risks, examine liquidity and capital commitments, assess available sponsor and manager information, and consider each opportunity within the context of the investor’s broader financial portfolio.
Al DiNicola, AIF®
Private Fund Advisor | Investment Adviser Representative
Independent review of complex private investments
Private-market opportunities often involve lengthy offering documents, limited liquidity, layered fees, complex ownership structures, manager discretion, and risks that may not be apparent from a marketing presentation alone.
Offering Review
Review available offering documents, investment strategy, ownership structure, stated objectives, subscription terms, risk disclosures, and material investment considerations.
Sponsor and Manager Analysis
Examine available information regarding sponsor or manager experience, investment history, operational responsibilities, reporting practices, and potential conflicts of interest.
Liquidity and Timeline Review
Evaluate lockups, redemption limitations, transfer restrictions, anticipated holding periods, capital-call requirements, and potential exit limitations.
Fee and Expense Analysis
Identify management fees, acquisition or disposition fees, organizational expenses, carried interest, performance allocations, and other potential fee layers.
Risk and Leverage Assessment
Consider financing arrangements, interest-rate exposure, refinancing risk, property or business concentration, valuation uncertainty, and reliance on manager performance.
Portfolio Context
Evaluate how a proposed private investment may affect diversification, concentration, cash flow, liquidity, income objectives, tax considerations, and overall financial risk.
A disciplined private-investment review
The process begins with the investor’s circumstances and objectives—not with an individual product or investment offering.
Investor Discovery
Discuss financial circumstances, investment objectives, liquidity needs, income expectations, time horizon, tax considerations, risk tolerance, and existing private-market exposure.
Document Review
Review available offering documents, sponsor materials, financial information, fee schedules, subscription terms, risk disclosures, and supporting information.
Risk and Structure Analysis
Identify material structural, liquidity, leverage, valuation, concentration, sponsor, manager, and operational considerations.
Consultation and Monitoring
Provide non-discretionary guidance and, when included in the engagement, ongoing review of distributions, capital calls, sponsor communications, and investment developments.
Private-market guidance centered on the investor
Private investments may offer potential diversification or income opportunities, but they can also involve complex structures, limited transparency, reduced liquidity, substantial fees, and a meaningful risk of loss.
Fiduciary CM® provides advisory analysis designed to help investors better understand those characteristics before making a commitment.
Clients remain in control
Private-fund consulting and advisory services are generally provided on a non-discretionary basis. Clients retain complete authority over whether to participate in any private investment opportunity.
Services are provided pursuant to a written advisory agreement defining the engagement, responsibilities, services, and applicable fees.
Our Advisory Approach
- Begin with the investor’s financial circumstances and objectives
- Explain investment terms and structures in clear language
- Identify important risks and limitations
- Consider each investment within the broader portfolio
- Evaluate concentration, liquidity, income, and capital needs
- Coordinate with legal, tax, accounting, and other professionals when appropriate
- Preserve the client’s authority over every investment decision
Ongoing private-investment monitoring support
When included in the advisory relationship, Fiduciary CM® may assist clients with organizing private-asset information and reviewing investment activity over time.
The My Alts Data platform may be used as an organizational and reporting resource to help advisers and clients maintain a clearer portfolio-level view of private investments.
Monitoring capabilities may include:
- Organization of private investment positions
- Capital commitment and capital-call tracking
- Distribution and income tracking
- Sponsor and manager communication organization
- Geographic and investment-category exposure
- Portfolio-level private-asset reporting
- Ongoing consultation regarding private-market exposure
Understanding our advisory role
The scope of every relationship is established through a written agreement and should be understood before services begin.
What We Do
Fiduciary CM® may provide independent, non-discretionary advice and consultation concerning private funds and other alternative investments.
- Review private-investment offerings
- Analyze investment structure and strategy
- Evaluate sponsor and manager information
- Review liquidity, fees, leverage, and risk
- Consider portfolio-allocation implications
- Provide ongoing consultation when engaged to do so
What We Do Not Do
Fiduciary CM® does not replace the work of the fund sponsor, administrator, custodian, attorney, CPA, or other professional service provider.
- We do not sponsor or manage private funds
- We do not control client investment decisions
- We do not maintain custody of private-fund assets
- We do not guarantee investment performance
- We do not provide legal, tax, or accounting advice
- We do not replace official sponsor or administrator records
Who we serve
Private Fund Consulting is intended for accredited and financially sophisticated investors seeking independent guidance concerning private-market investments.
This service may be appropriate for:
- Accredited investors evaluating a private fund
- High-net-worth families considering alternative investments
- Investors reviewing private real estate or DST investments
- Business owners considering private-market diversification
- Investors comparing multiple fund sponsors or strategies
- Existing private-fund investors seeking organizational or monitoring support
- Investors seeking an additional independent review before making an illiquid commitment
Important Risk Considerations
Private investments are not appropriate for every investor and can involve substantial risk.
- Limited liquidity and long holding periods
- Valuation uncertainty
- Limited secondary markets
- Manager and sponsor dependence
- Leverage and refinancing risk
- Limited transparency and reporting
- Possible loss of invested capital
Important Disclosures
Advisory Services
Private-markets advisory services are provided through Fiduciary Capital Management LLC pursuant to a written advisory agreement. Services are generally non-discretionary, and clients retain complete authority over all investment decisions.
Private-Investment Risk
Private funds, Delaware Statutory Trusts, private real estate, Qualified Opportunity Funds, and other alternative investments are speculative and may be illiquid. They may involve extended holding periods, limited transparency, leverage, refinancing risk, valuation uncertainty, manager or sponsor dependence, transfer restrictions, and the possible loss of all or a substantial portion of invested capital.
Information and Due-Diligence Limitations
Any review performed by Fiduciary CM® is based upon information made available by fund sponsors, managers, issuers, administrators, custodians, and other third parties. Fiduciary CM® cannot guarantee the completeness, accuracy, or continued validity of third-party information.
No Tax or Legal Advice
Fiduciary Capital Management LLC does not provide legal, tax, or accounting advice. Investors should consult qualified legal, tax, accounting, and other professionals regarding their individual circumstances.
Advisory and Brokerage Capacity
When acting as an Investment Adviser Representative of Fiduciary Capital Management LLC, Al DiNicola provides advisory services under the firm’s advisory agreements and is generally compensated through advisory fees.
Al is also separately registered with MSC-BD, LLC, a FINRA-member broker-dealer. When acting in a brokerage capacity through MSC-BD, LLC, he may offer or facilitate securities transactions, including certain private investments, and may receive commissions or other transaction-based compensation through MSC-BD, LLC.
This creates a potential conflict of interest because brokerage compensation may differ from advisory fees. Clients are not required to complete brokerage transactions through MSC-BD, LLC. The capacity in which Al is acting should be disclosed when discussing or facilitating an investment.
No Offer or Guarantee
Nothing on this page constitutes an offer to sell or a solicitation of an offer to purchase a security. No investment result, distribution, liquidity event, tax outcome, appreciation, or return is guaranteed.
Registration Disclosure
Fiduciary Capital Management LLC is an SEC-registered investment adviser. Registration does not imply a particular level of skill or training.
Considering a private investment?
Schedule a confidential introductory meeting with Al DiNicola to discuss a private fund, Delaware Statutory Trust, alternative investment, portfolio-allocation concern, or ongoing private-asset monitoring need.