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.

Tech GC Logo

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.

  • Choosing the Right Vendors

    If you’re starting a hedge fund and curious about how to choose your supporting network of service providers, the following article from Bobsguide provides an excellent starting point in your journey. Richey May’s alternative investments experts have compiled the key takeaways from the article:


    Read More

  • News Icon Green

    The Custody Rule Revisited

    The majority of advisers to Pooled Investment Vehicles that operate on a calendar year recently passed a significant deadline on April 30. If you have missed the 4/30 deadline, you still have options.


    Learn More

  • UBIT and Other Tax Topics Podcast

    In February, Richey May’s Jon Sharon was featured on Midland IRA’s Podcast Episode 10, UBIT and other Tax Topics. This discussion helps to address common questions from investors before using an IRA.


    Listen In

  • Demystifying Blockchain, Cryptoassets and Tokenization

    Blockchain was conceptualized about a decade ago, and today, the technology has many applications. The first major innovation using this technology was the digital currency called Bitcoin. While the cryptocurrency market capitalization was approximately $112 billion in December 2018, it had fallen by nearly $700 billion from January 2018 due to the drop in price of cryptocurrencies and increased potential for regulatory scrutiny. However, the total number of cryptoassets have continued to grow. To help you better understand the new types of cryptoassets, we have provided the following summary:


    Read More


  • News Icon Green

    Tax Cuts and Jobs Act: Proposed Rules on QBI for Rental Real Estate

    The IRS has recently provided additional guidance on the Qualified Business Income (QBI) 20% deduction (under Section 199A) for rental real estate enterprises.


    Learn More

  • SEC Announces 2019 Exam Priorities

    The SEC announced its Office of Compliance Inspections and Examinations’ (OCIE) 2019 priorities. The experts at Richey May have summarized the examination priorities that we believe are of particular importance to Registered Investment Advisors, managing pooled investment vehicles and separately managed accounts, as well as broker-dealers.


    Read More

  • Firm News Megaphone Graphic

    Richey May Launches Cybersecurity Services to Protect Hedge Funds from Malicious Attacks

    Richey May Technology Solutions, a division of Richey May & Co., LLP, has developed a comprehensive cybersecurity program specifically designed to assist hedge fund managers in addressing critical cybersecurity compliance requirements, including NYDFS.NYCRR.500, GLBA, and SEC rules related to information security.


    Read More


  • Richey May Articles

    Fair Value of Real Estate Assets

    Our recent white paper explored new benefits resulting from the 2017 tax reform bill to cash out unrealized gains and put them to work within certain low-income areas (called Opportunity Zones) while deferring taxes until December 31, 2026. This follow up white paper provides an overview of techniques for measuring the fair value of these real estate assets under U.S. GAAP.


    Read More

  • small-webinars-gray

    Navigating Tax Regulations Around Cryptocurrencies

    In October 2018, Richey May’s Eric Essian discussed the challenging tax regulations around cryptocurrency trading at Hedge Connection’s Global Fund Forum. If you were unable to make it to the Global Fund Forum, listen to his explanation below:


    Watch the Recording

  • Welcome to the Land of OZ: Tax Benefits of Investing in a Qualified Opportunity Zone Fund

    On October 19th the IRS Department of Treasury released proposed regulations related to investing in Opportunity Zones (“OZ”) or Qualified Opportunity Funds (“QOF”), providing additional guidance for funds and taxpayers. Our Alternative Investment Tax Experts have developed the following white paper that includes information from the recently released proposed regulations related to the new section 1400Z-2 of the Internal Revenue Code:


    Read More

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.

Request More Info