Alternative Investments

Alternative Investments

Personalized service backed by over 30 years of financial services experience


As a public accounting firm with hundreds of Alternative Investment clients in over 40 states, and relationships with many of the top service providers and specialists in the country, Richey May has a depth of specialized knowledge that few firms can claim. Our team combines the dedicated expertise found in a national accounting firm with the hands-on approach to client service you’d expect from a boutique provider – a unique model that allows us to bring expert solutions and strategies to your specific business needs.

National Client Representation

We serve alternative investment clients that range in size from $1M to $4.2B in over 40 states. We work with funds utilizing a wide variety of strategies, including, but not limited to, the following: arbitrage, ABS, catastrophic bonds, convertible arbitrage, cryptocurrency, currency, day trading, derivative funds of funds, distressed debt, emerging markets, energy trading, event driven, fixed income, foreign currency, global macro, funds of funds, high yield, long/short, merger arbitrage, mortgage backed securities, reinsurance, risk arbitrage, situational, and structured finance.


Types of Entities We Work With

AI Fund Type Wheel

National Recognition

Richey May is included among the Top Auditors of Hedge Funds in 2017 and 2018, as ranked by Hedge Fund Alert. The list ranks the top CPA firms by the number of SEC registered hedge funds audited. Now ranked in the top 15, Richey May’s Alternative Investments niche practice moved up four positions since last year, surpassing other national firms. In addition to the hundreds of other funds served by Richey May, the firm added 13 SEC registered clients since the last reporting period. The rapid growth of Richey May’s Alternative Investments niche practice represents the largest organic increase in 2017 among CPA firms outside of the Big 4 firms.


In July 2018, Richey May was also ranked by Convergence as a top 15 Private Fund Auditor. Richey May outperformed the market and the average growth rate of our peer group, moving up from #20 in 2017 by adding 92 new funds.


Richey May is the preferred accounting firm for the TechGC Whitelist, an exclusive list of service providers who have received multiple independent, unbiased, referrals and recommendations from TechGC members.

TechGC is an independent, invitation-only, community platform for General Counsels of leading venture capital funds and high growth technology companies.

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Senior Leadership

Our alternative investment team is comprised of top industry audit and tax experts in the alternative investment field who have worked on hundreds of funds in their respective careers and can provide a level of quality, customer service and expertise that few other firms are capable of matching.


The following partners lead our practice, supported by a deep roster of skilled alternative investment professionals and a firm of over 100 employees and 13 partners:


Danny O'Connor-square web

Daniel O’Connor

Assurance Partner
Alternative Investments Practice Leader

Steve Vlasak-square web

Stephen Vlasak

Business Development
Partner, Alternative Investments Practice


For background information on additional senior experts in our alternative investment practice, please visit the Team page of our website.


Richey May is committed to staying on top of current trends and hot topics within your industry. As part of that commitment, we offer a number of resources to help our clients stay ahead of the competition.

  • Richey May Articles

    Whitepaper: The Great and Powerful “OZ”

    After much anticipation, the Treasury Department has issued final regulations for Code Section 1400Z, Opportunity Zones. The final regulations are a lengthy 544 pages, but they clarify many open questions that investors and tax advisors had with the limited guidance previously available. Our whitepaper highlights some key points for investors to reference easily:


    Read More


  • Form W-4 Updates in 2020 for Federal Withholding by Employers

    The IRS recently released the 2020 Form W-4, “Employee’s Withholding Certificate.” Form W-4 allows an employer to calculate federal income tax withholding on employee wages, and the redesigned 2020 W-4 introduces updates to bring the form more in line with the 2017 Tax Cuts and Jobs Act.


    Learn More


  • Cayman Islands Legislation: Changing Requirements for Private and Mutual Funds

    The Cayman Islands Ministry of Financial Services and Home Affairs recently announced draft legislation affecting open- and closed-ended funds. The Mutual Funds (Amendment) Bill, 2020 and the Private Funds Bill, 2020 promise to modernize and strengthen regulation and oversight to increase transparency and confidence—and will require some operational changes for private and mutual funds.


    Learn More


  • Richey May Articles

    2020 OCIE Exam Priorities Summary

    The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) recently released its 2020 exam priorities. While many priorities continue on themes from previous years, there are a few new focal points that financial service providers should prepare for. Our team has assembled a convenient summary of key priorities our clients should be sure to understand:


    Read the summary


  • Richey May Articles

    Tax Considerations for Funds with Tax-Exempt and Foreign Investors Article

    Are you prepared for the tax impacts of foreign and tax-exempt investors on your fund? Unrelated business taxable income, effectively connected income, withholding agent responsibilities, and proper U.S. tax classification are important items you should take into consideration when forming a fund structure.


    Learn More

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    SEC Proposes to Update Accredited Investor Definition to Increase Access to Investments

    The Securities and Exchange Commission announced today that they have voted to propose amendments to the definition of accredited investor, which would modernize the approach that determines who is eligible to participate in private capital markets.


    Read our summary


  • Richey May Articles

    The New Revenue Recognition Standard: Guide for Asset Managers

    In an effort to address concerns surrounding the inconsistencies and weaknesses in existing accounting for revenue transactions, Accounting Standards Codification 606, Revenue from Contracts with Customers, (“ASC 606”), establishes a principles-based approach for revenue recognition (regardless of industry or geography).

    Our guide provides a reference for how to define customer and revenue types from contracts to help you comply with ASC 606.


    Download our Guide


Industry Services

  • Audits, reviews, compilations, agreed upon procedures and other assurance services
  • Initial fund structuring and consulting
  • Federal and state tax returns
  • Management company/general partner tax returns
  • Individual tax returns
  • Tax estimates
  • Valuation consulting
  • Surprise exams
  • Fund document reviews
  • Performance examinations
  • Offshore Cayman filing requirement (FAR form) assistance


To speak to one of our industry experts, fill out the form and we will be in contact shortly.

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