A “Close” is triggered by one of the following events: (1) the countersignature of the fund documents by the fund manager, (2) the transfer of funds to the company (i.e., when investors’ funds are wired), or (3) the signing of investment documents by the fund manager. The close is significant as it activates federal and state filing requirements, including those related to Form D and Blue Sky laws.
See Form D and Blue Skies