2025年AI融合另类数据带来的新机遇与挑战调研报告

2025SURVEYRESULTS

AI’sIntegrationIntoAlternativeDataFuelsNewOpportunities

andChallenges

ExecutiveSummary

Astheintegrationofalternativedatawithartificialintelligence(AI)systemsaccelerates,investmentfirmsareexperiencingbothexpandedopportunityandheightenedresponsibility.

TotalAltDataUsage

PrivateEquityFirms,HedgeFund

Managers,andVentureCapitalFirms

AIisprovinghighlybeneficialinsurfacingnewsignals,streamliningresearch,andunlockingnewsourcesofalphafromcomplex,high‑velocitydatasets.Atthe

sametime,itsuseisheighteningfirms’exposureto

modelrisk,governancegaps,andevolvingdatarights—requiringfirmstoimplementdisciplinedcontrols,

auditabledecisioning,andacleardataprovenance

90%

2025

67%

2024

62%

2023

U

strategytoeffectivelytranslateinnovationintodurableperformance.

TheseconclusionsarebasedonLowensteinSandler’slatestsurveyofinvestmentadvisersatprivatefund

managers(privateequityfirms,hedgefundmanagers,andventurecapitalfirms).Since2019,thefirmhas

conductedanannualsurvey(exceptin2020)to

understandtheroleofalternativedataintheinvestmentcommunity.Nowaglobalmarketestimatedatover$15billion,alternativedataincludesformsofinformation

notcontainedincompanyfilings,pressreleases,analystreports,orothertraditionalsources,suchascreditcardtransactions,satelliteimagery,andmobiledevicedata.

Resultsfromthelatestsurveysuggestthepopularityofalternativedatacontinuestogrow.Thepercentageofrespondentscurrentlyusingalternativedatareached90percent,upfrom67percentlastyearand62percentin2023.Only4percentofrespondentsindicatedthatprivatefundmanagersdonotexpecttousealternativedatainthefuture.Moreover,overtwo‑thirdsof

respondentsreportedhavingalternativedatabudgetsexceeding$1million.

Variancesfrom100%inchartsonfollowingpagesareattributabletorounding.

LOWENSTEIN.COM1

LOWENSTEIN.COM2

ExecutiveSummary

NewOpportunities,NewChallenges

Ofcourse,anyanalysisofthealternativedatamarketisincompletewithoutconsideringtheimpactofAI,whichhasbecomecentraltooperationsacrossinvestment

firms.LIGHTBULB-ONPrivatefundmanagersareapplyingitto

multiplefunctions,mostnotablyinvestmentresearch,portfoliomonitoring,anddatasummarization.AIuseisnolongerconfinedtoquantitativeorinnovationteams—itsupportseverythingfromfront‑officedecision‑makingtohumanresourcesandrecruiting.

Atthesametime,AIhasraisednewconcernsabout—amongotherthings—datasecurity,regulatoryscrutiny,vendorreliability,andtheriskofacquiringmaterial

nonpublicinformation.Thoseconcernsareparticularlysalientinthealternativedataecosystem,wherevendorsareaddingAI‑enabledfeatures.Surveyresultsshowthatfirmsareencounteringhighercosts,tighterlicensing

terms,andgreaterrestrictionsonAI‑relateddatausage,particularlyformodeltraining.Theresultisamore

complexcommercialandgovernanceenvironment.

Likepracticallyeverysegmentoftheeconomy,alternativeinvestmentisbeingreshapedbyAI.Investmentfirmsareleveragingitacrosstheirbusiness,includingbyderivingnewinsightsfromthedatatheycollecttomakedecisions.

Buteffectiveadoptionisn’tsosimple.Thechallengesinvolvedwillrequirehumanjudgmenttogetitright.

—ScottH.Moss

Partner

Chair,FundRegulatory&Compliance

Co‑chair,InvestmentManagementGroupLowensteinSandlerLLP

Still,noneofthosechallengesseemtoslowtheintegrationofAIandalternativedata.Thereisevidencethatfirmsaretacklingmanyofthechallenges—forexample,nearlyninein10respondentssaidtheyhaveformalpoliciesinplacefortheuseofAIininvestmentandtrading.

KeyFindings

100%

●

89%

ofrespondentssaidtheirfirmisusingAIsystemstoamoderateorlargeextentforinvestment

research/portfoliooptimization/trading

●

ofrespondentsreportthatalternativedata

vendorsarefullyormostlyenablingAIanalysisorinteractionintotheirproducts

81%

89%

ofrespondentsindicatedtheyhaveseen

costincreasesforalternativedataproductsincorporatingAI

ofrespondentssaidtheirfirmsplantoincreasetheirbudgetforalternativedata,while96%plananincreasedevotedtoAI

LOWENSTEIN.COM3

ExplosiveGrowth,FueledbyAI

Tomostoftheprofessionalinvestmentcommunity,alternativedataisanoldstory,butitsexplosivegrowthisn’t.

LIGHTBULB-ONTheintelligencefirmNeudataestimatesthatthealternativedatamarketforinvestmentmanagerscouldreachnearly$40billionby2030,doubleitscurrentsize.Further,in2024,marketspendingonalternativedatagrew34percent,accordingtoNeudata,exceedingthe21percentaverageannualgrowthsince2020.

Thosenumbersjibewiththefindingsinthissurvey—the90percentofsurveyrespondentswhosaidtheyarecurrentlyusingorplantousealternativedataishigherthanintheprevioustwoyears.Enthusiasmforitsuseisevidentacross

assetclasses,includingprivateequityandventurecapital,whichsawsignificantincreasescomparedwithpriorsurveys.

Whichofthefollowingdescribesyourfirm’scurrentlevelofalternativedatausage?

100%

90%

2023

90%

80%

2024

70%

2025

67%

62%

60%

50%

40%

30%

20%

19%

13%7%

11%

10%

9%

4%

0%

7%1%0%

6%

6%

0%

Wehaveusedalternativedata

Wehaveusedalternativedata

Wearenotcurrentlyusing

Currentlyusingalternativedatainsomecapacity

Wearenotcurrentlyusing

inthepastanddoexpectto

inthepastbutdonotexpect

alternativedatainanycapacity

alternativedatainanycapacity

useitagaininthenext

touseitagaininthenext

anddonotexpecttouseit

butdoexpecttouseitin

6to12months

6to12months

inthenext6to12months

thenext6to12months

Whichofthefollowingdescribesyourfirm’scurrentuseofalternativedatain2024andthefirsthalfof2025?

Decreased9%

Same15%

Increased85%

Decreased5%

Same14%

Increased77%

Decreased5%

Same11%

Increased84%

Same14%

Increased81%

PrivateEquityHedgeFundVentureCapitalTotal

Choicesindicated:“Increasedusagelastyearandfirsthalfofthisyear”;“Decreasedusagelastyearandfirsthalfofthisyear”;“Thesameastheprioryear”

LOWENSTEIN.COM4

ExplosiveGrowth,FueledbyAI

TheexplosionofalternativedataisbeingsignificantlyfueledbytheemergenceofAItoexploitit.Whilesome

unconventionalsources,suchassatelliteimageryandcreditcardtransactions,havelongexisted,advancesinlargelanguagemodelsandmachinelearninghavemadethempotentiallymorevaluable.AIhasenabledtheharvestingandanalysisoflargedatasets,allowinginvestorstoextractmorevalueandmakenewconnections.Technologyisalsoenablinginvestorstomoreeasilycombinetraditionalmetricsandanalysiswithalternativedata.

Doyouusealternativedataincombinationwithfundamentalanalysistomakeinvestmentdecisions?

No3%

Yes

97%

PrivateEquity

No5%

Yes95%

HedgeFund

No16%

Yes

84%

VentureCapital

No6%

Yes

94%

Total

Towhatextentforinvestment

PrivateEquityHedgeFund

isyourfirmcurrentlyusinganyAIsystemsresearch/portfoliooptimization/trading?

100%

90%

VentureCapitalTotal

80%

70%

64%

60%

53%

50%

50%

50%

50%

50%

47%

40%

36%

30%

20%

10%

0%

ToalargeextentToamoderateextent

NosurveyrespondentsindicatedthattheirfirmiscurrentlyusinganyAIsystemsforInvestmentResearch/PortfolioOptimization/Trading“Toasmallextent”or“Notatall”andarethereforenotrepresentedintheabovechart.

LOWENSTEIN.COM5

ExplosiveGrowth,FueledbyAI

InwhichofthefollowingareasdoesyourfirmexpecttobeusingAIinthenext12months?

Humanresources/recruiting

Marketing/advertising

Employeesupervision/monitoring

Legal/compliance

Investorrelations

Investmentresearch/portfoliooptimization/trading

Simplifyingand/orautomatingroutineofficetasks

Summarizingresearchandmaterials

WearenotcurrentlyusingAI

68%

PrivateEquityHedgeFund

VentureCapitalTotal

42%

64%

55%

64%

58%

25%

52%

71%

61%

55%

65%

68%

41%

73%

57%

73%

67%

63%

69%

80%

72%

71%

74%

70%

53%

64%

61%

100%

69%

75%

78%

0%

2%

0%

1%

0%10%20%30%40%50%60%70%80%90%100%

NavigatingNewMarketDynamics

Withnewsourcesofalternativedataproliferatingrapidly,there’smoreurgencytoexercisegreaterdiscretionin

decidingwhichtoincorporateintoinvestmentdecisions.LIGHTBULB-ONInaworldofinformationabundance,thekeytodrivingalphaisoftennothowmuchdatayouinterpretbuthowwellyouinterpretreliabledata.Asinvestorssortthewheatfromthechaff,therewilllikelybecontinuedvolatilityinthealternativedatamarket,withsomesourcesfavoredandothersnot.Itwasnotsurprisingthatthepercentageofrespondentsusingcertainsources,suchastheInternetof

Thingsandconsumertransactions,declinedcomparedwithpreviousyears.

Whatareyoursourcesofalternativedata?

68%

100%90%80%

70%

60%

50%

40%

30%

20%

10%

0%

61%

59%

57%

54%

54%

43%

Social

media

Consumer

transactions*

55%51%

Cloud

platforms

59%

59%

51%47%

43%

36%

App

usage

Internet

ofThings

*Insurvey,“Consumertransactions”was“Consumertransactions,includingcreditcard,⁑“Syntheticdata(AI-derived)”wasnotananswerchoiceinthe2023survey

35%

26%22%

Satellite

imagery

44%

41%41%

Geolocation

data

41%43%43%

Scientific

research/

syndicated

databases

38%

29%

22%

Biometric

data

57%56%

37%

Web

scraping

debitcard,andpersonal/investment/loanaccountdata”

2023

2024

2025

58%

42%

⁑

Synthetic

data

(AI-derived)

Whichsocialmediaplatformsdoyoumonitor?

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

92%

80%

72%72%72%

70%

68%68%

64%64%63%

60%

57%57%56%

48%48%

46%

43%42%43%43%

40%40%

36%36%36%

29%29%

18%

21%19%20%20%

16%

14%

12%

8%

0%0%

FacebookLinkedInSnapchatWhatsAppInstagramTikTokPinterestRedditX(Twitter)Telegram

LOWENSTEIN.COM6

LOWENSTEIN.COM7

NavigatingNewMarketDynamics

Alternativedataprovidersrecognizethatthevalueoftheirdatadepends,atleastinpart,onhowitisinterpreted.It’snotsurprisingthatsurveyrespondentsreportseeingAIfunctionalitybeingaddedtoalternativedataproductstohelpinvestorsmaximizevalue.Alsounsurprisingarethereportedpriceincreasesforthenewlyaddedfeatures.

ArealternativedataprovidersmakingAIfunctionsinherentintheirproducts?

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

PrivateEquityHedgeFundVentureCapitalTotal

81%

71%72%

66%

29%

22%

22%

19%

13%

0%

6%

0%

AIisforthemostpartinherentintheirproductAIismoreofanadd-onorplug-inoptionBothofthese—it’samix

HaveyouseenanincreaseincostsforanyalternativedataproductsthatarenowincorporatingAItools/analysis?

Don’tknow/notsure3%

No13%

Yes84%

PrivateEquity

Don’tknow/notsure8%

No

15%

Yes

77%

HedgeFund

No21%

Yes79%

VentureCapital

Don’tknow/notsure4%

No15%

Yes81%

Total

LOWENSTEIN.COM8

NavigatingNewMarketDynamics

LIGHTBULB-ONAnotherfactorshapingthealternativedatamarketisthe“buyitorbuildit”choicefacinginvestmentfirms:

whethertodevelopcustomAIsolutionsanddatasourcesorbuythemofftheshelf.DevelopingcustomAIsystemsanddatasourcesrequiressignificantinvestmentandtakesmoretimethanbuyingoff‑the‑shelfoptions,butitoffersfirmsgreatercontrolandabetterchanceofdifferentiation.Thelatestsurveyresultsindicatethatmanyfirmsare

optingtodevelopcustomAIsystemsandsourcedatainternallyandexternally.

Towhatextentisyourfirmcurrentlyusingcustom/bespokeAIsystemsforinvestmentresearch/portfoliooptimization/trading?

Smallextent

16%

Largeextent

44%

Moderateextent

41%

PrivateEquity

SmallNotatall4%

extent4%

Large

extent

35%

Moderate

extent

58%

HedgeFund

Smallextent7%

Largeextent

57%

Moderateextent

36%

VentureCapital

Notatall1%

Smallextent

10%

Largeextent

43%

Moderateextent

46%

Total

PrivateEquityVentureCapitalHedgeFundTotal

Whichofthebelowdatatypesisusedastrainingdataforyourfirm’scustom/bespokeAIsystemsusedinconnectionwithinvestmentresearch/portfoliooptimization/trading?

100%

100%

97%

90%

88%

90%

86%

88%

82%

80%

76%

72%

72%

70%

60%

59%

60%

56%

56%

57%

50%

50%

40%

30%

20%

10%

0%

Proprietarymarketdataobtainedfromthirdparties

Internalmarketdata,records,anddatasets

Webscraping

Proprietaryalternativedataobtainedfromthirdparties

LOWENSTEIN.COM9

NavigatingNewMarketDynamics

PrivateEquityVentureCapitalHedgeFundTotal

Doesyourfirmgatheralternativedatain-houseorutilizevendors?

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

82%

77%

74%

74%

19%

14%

16%

9%

9%

11%

7%

9%

Gatherin-houseUtilizedataobtainedfromvendorsBoth

WhichofthefollowingAIrestrictionsdoyoufindacceptableinyouruseofalternativedata?

100%

90%

80%

70%

60%

50%

50%

50%

46%

44%

40%

35%

32%29%

30%

28%

21%24%

22%

20%

19%

10%

0%

NouseofAIinconnectionwiththelicenseddata

NouseofAIinanymanner

NouseofAIinamanner

whichallowstrainingofthe

whichallowstrainingofany

AIsystem/model

AIsystem/modeloutsidethefirm

LOWENSTEIN.COM10

IdentifyingandAddressingNewRisks

Theproliferationofalternativedatasourceshasintroducednewrisksthatrequireguardrails,duediligence,and

activemanagement.Amongthetopconcernscitedinourmostrecentsurveyaredataownershipandprivacyissues,thetimerequiredtovetvendors,andtheriskofaccessingmaterial,nonpublicinformation.Somealsoexpressed

concernsoverinsufficientrightstousethedatawithAIorothersoftwaretools.Asasignofalternativedata’sstayingpoweranditspotentialpitfalls,manyrespondentsacrossassetclassesreportedthattheirfirmshaveawrittenpolicyonitsuse.

PrivateEquityHedgeFund

Doesyourorganizationhaveanalternativedatapolicy?

100%

90%

80%

70%

89%

79%80%

VentureCapitalTotal

76%

60%

50%

40%

30%

24%

20%

16%

14%

5%

5%

10%

4%

0%7%

0%

No

Yes,wehaveaYes,wehavea

formalwrittenpolicygeneral/informalpolicy

LOWENSTEIN.COM11

IdentifyingandAddressingNewRisks

Whichofthefollowingareyourmajorconcernswhengathering/purchasingandusing

alternativedata?

PrivateEquityHedgeFund

VentureCapitalTotal

41%

23%

37%32%

Costandtimeassociatedwithvettingvendorsandthequality,integrity,andreliabilityofthedatatheysell

21%

21%

26%

22%

Abilitytoextract/distinguishrelevantdatafromalargevolumeofdatafordecision-making

21%

16%

32%

21%

Existingmodelsnotadvancedenoughtoprocessalternativedata

18%

16%

16%

17%

Shortageofstaffwiththeskillsandcapabilitiesneededtohandle andanalyzealternativedatasets

21%

14%

11%

16%

Lackoftools,technology,andtechniquestostorealternativedata

15%

33%

21%

Datasecurity/breachissues

24%

24%

35%

32%

30%

Riskofacquiringmaterialnonpublicinformation

50%

28%

42%

39%

Dataownershipandprivacyissues,includingpersonallyidentifiableinformation(PII)

9%

9%

16%

Increasedcomplianceburden

10%

18%

23%

0%

17%

Lackofconfidence/trustinderivingvaluefromalternativedatasets

18%

37%

32%

29%

Monitoringfor/managingthird-partycybersecurityrisks

26%

23%

26%

Increasingregulatoryscrutiny

25%

21%

19%

11%

18%

InsufficientrightstousewithAIorothersoftwaretools

0%10%20%30%40%50%60%70%80%90%100%

“Other”wasindicatedby2%ofHedgeFunds;1%ofTotalbutisnotrepresentedintheabovechart.

LOWENSTEIN.COM12

IdentifyingandAddressingNewRisks

ConcernsalsoaboundaboutAIusage.Amongthemostcitedissuesinthesurveyweredataownershipandprivacy(42percent),monitoringandmanagingcybersecurityrisks(41percent),andthetimeandcostsrequiredtovet

vendorsonthequality,integrity,andreliabilityofAIsystems(40percent).

WhichofthefollowingareyourmajorconcernswhenpurchasingandusingAI?

Costandtimeassociatedwithvettingvendorsandthequality,integrity,andreliabilityoftheAIsystemtheysell

Lackofconfidence/trustinderivingvaluefromcurrentAIsystems

ShortageofstaffwiththeskillsandcapabilitiesneededtohandleAIsystems

Datasecurity/breachissues

Riskofacquiringmaterialnonpublicinformation

Dataownershipandprivacyissues,includingpersonallyidentifiableinformation(PII)

Increasedcomplianceburden

Monitoringfor/managingthird-partycybersecurityrisks

Increasingregulatoryscrutiny

36%

52%

24%

PrivateEquityHedgeFund

VentureCapitalTotal

40%

31%

39%

38%36%

29%

18%

24%

23%

40%41%

29%

38%

31%

23%

48%31%

55%

27%

48%42%

5%

36%

29%

22%

33%

43%

52%

41%

40%

20%

10%

26%

0%10%20%30%40%50%60%70%80%90%100%

IdentifyingandAddressingNewRisks

DoesyourfirmhaveaspecificformalpolicyregardingtheuseofAIinconnectionwithinvestmentresearch/portfoliooptimization/trading?

No

9%

Yes

91%

PrivateEquity

No15%

Yes85%

HedgeFund

No21%

Yes79%

VentureCapital

No14%

Yes86%

Total

DoyouthinkyourcompetitorshaveaspecificformalpolicyregardingtheuseofAIinconnectionwithinvestmentresearch/portfoliooptimization/trading?

Don’tknow/

notsure

33%

No67%

PrivateEquity

Yes

25%

Don’tknow/notsure

50%

No

25%

HedgeFund

Yes

100%

VentureCapital

Don’tknow/

Yes

40%

notsure

30%

No30%

Total

LOWENSTEIN.COM13

LOWENSTEIN.COM14

GrowingBudgetsCreateArmsRace

DespiteconcernsamongmanyinvestorsaboutalternativedataandAI,therearenosignsofanyscalingback—quitetheopposite.Plansforincreasedspendingsuggestthatinvestmentfirmsviewdataandtechnologyascentralto

theirfutureandthattheymustinvesttokeeppacewiththecompetition.Theresultforetellsaprolongedarmsracetosecureeverypossibleadvantage.

In2026,doesyourorganizationplantoincreaseitsbudgetforalternativedata?

No

6%

Yes

94%

PrivateEquity

No

14%

Yes

86%

HedgeFund

No

16%

Yes

84%

VentureCapital

No

11%

Yes

89%

Total

Bywhatpercentagedoesyourorganizationplantoincreaseitsbudgetforalternativedatain2026?

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

PrivateEquityHedgeFund

VentureCapitalTotal

50%

41%

35%

35%

28%

31%25%

22%

24%

16%

16%16%

13%

9%

11%

6%6%

6%

3%

3%

0%0%1%

3%

1-10%11-25%26-50%51%-75%76%-100%Morethan100%

LOWENSTEIN.COM15

GrowingBudgetsCreateArmsRace

In2026,doesyourorganizationplantoincreaseitsbudgetforAI?

Yes

100%

PrivateEquity

Don’tknow/notsure4%

No

12%

Yes

85%

HedgeFund

No

7%

Yes

93%

VentureCapital

Don’tknow/notsure1%

No

6%

Yes

93%

Total

BywhatpercentagedoesyourorganizationplantoincreaseitsbudgetforAIin2026?

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

PrivateEquityHedgeFund

VentureCapitalTotal

38%

38%

27%

31%32%

33%

34%

32%

30%

18%

16%

8%

15%

10%

9%

5%3%

mm

4%

0%0%

6%

0%0%

3%

0%

5%

0%1%

1–10%11–25%26–50%51%–75%76%–100%Morethan100%Idon’tknow

LOWENSTEIN.COM16

FindingsandApproach

Conclusion

The2025surveyfindingsmakeonethingcIear:aIternativedataisnoIongerexperimentaI—itisnowafoundationaIeIementoftheinvestmentresearchprocess.Adoptionhasreachedarecord90percentofrespondents,withbudgetscontinuingtoexpand.Atthesametime,therapidintegrationofAIintoaIternativedataworkflowsisacceIeratingtheabiIitytogenerateinsightanduncoveraIpha,whiIe

eIevatingtheneedforstronggovernance,modeIriskoversight,andcIeardataprovenance.FirmsthatpairinnovationwithdiscipIinedcontroIsandauditabIeprocesseswiIIbebestpositionedtoconverttechnoIogicaIadvancementintosustainedcompetitiveadvantage.

ForquestionsoradditionaImarketcoIorinthisarea,pIeasereachouttotheauthorsofthisreport.

ReportMethodology

FromNovember9,2025-December8,2025,107respondentscompIetedanonIinesurveytoassessinvestmentorganizations’useofaIternativedata.TheresuItsweretabuIated,anaIyzed,andreIeasedinFebruary2026.

RespondentsincIudedprofessionaIsfromprivateequityfirms(39percent),hedgefundmanagers(41percent),andventurecapitaIfirms(20percent).Twenty-eightpercentheIdC-IeveItitIes,whiIeotherrespondentsincIudedportfoIiomanagers(21percent)andmanagingdirectors(13percent).

Regardingcompanysize,33percentofrespondentscamefromorganizationswithmorethan500empIoyees.A

sIightIyIargerpercentage,38percent,camefromcompanieswith201-500empIoyees,whiIe26percentcamefromorganizationswith51-200empIoyees.Most(61percent)representedorganizationswith$500miIIionto$5biIIionundermanagement.EIevenpercentmanagedIessthan$500miIIion,and28percentmanagedover$5biIIion.

LowensteinSandIerLLPisaIeadingadviseronIegaIandcompIianceissuessurroundingtheuseofaIternativedataandAI.ThefirmconductedsimiIarsurveysin2019,2021,2022,2023,and2024.

LOWENSTEIN.COM17

AbouttheAuthors

SCOTTH.MOSS

Partner

Chair,FundRegulatory&Compliance

Co‑Chair,InvestmentManagementGroup

NewYork

T:+1646.414.6874

F:+1973.597.2335

smoss@

Highlyrespectedbyindustrypeersforhisdepthofregulatoryknowledge,ScottMosshascounseledhundredsofinvestmentmanagementclientsintheimplementationofcomplianceprograms,aswellasinthedevelopmentofplanstoensureongoingadherencetoemergingregulatorystandards.

Hepossessesathoroughknowledgeoftheentire

panoplyoftheoverlappingsecuritiesandcommoditieslaws,rules,andregulationsaffectinghisclients.

Scottispartofateamthat“alwaysunderstandstheissuesathand,respondsveryquicklyandisableto

suggestcreativesolutionstoissuesthatareoftenverycomplicated.”(TheLegal500)

Scott’sextensiveexperienceincludesrepresentingoffshoreandU.S.‑basedfunds,investmentadvisers,broker‑dealers,commoditypooloperators,and

commoditytradingadvisersinformationand

structuring,securitiesandcommoditiesregulation,mergersandacquisitions,andotherfinancial

transactions.

ScottcontinuestoberecognizedbyChambersUSAandChambersGlobalasoneofAmerica’sLeadingLawyersforBusinessesforRegulatory&Compliance.

Scottisalsoaprominentauthorandlectureron

corporatelaw,securitiestransactions,andinvestmentmanagement.Hisadvisoryrolesinclude:

•AdjunctProfessoratRutgersLawSchool,

“HedgeFundsandInvestmentAdviserSeminar”(2008–2017)

•FormerAppointedDirectoroftheBoardof

DirectorsfortheManagedFundsAssociation

(MFA),whichrepresentstheglobalalternativeinvestmentindustryanditsinvestorsby

advocatingforregulatory,tax,andotherpublicpoliciesthatfosterefficient,transparent,andfaircapitalmarkets(2021–2023)

•FormermemberoftheSteeringCommitteeoftheLawyers’AdvisoryForumandConferenceCommitteefortheMFA

•RegularspeakeratMFAconferences

LOWENSTEIN.COM18

AbouttheAuthors

BORISLIBERMAN

Partner

Chair,Derivatives&StructuredProducts

NewYork

T:+1212.419.5882

F:+1973.597.2400

bliberman@

BorisLibermanprovidesstrategicadvicetosophisticatedinvestmentmanagementfirmsregardingallaspectsofimplementingtheirinvestmentandtradingstrategywhileremainingcompliantwithappropriateregulatoryregimes.Withyearsofexperienceadvisingfundsandinstitutionalinvestorsonthetradingofsecurities,

commodities,derivatives,andotherassetclasses,Borisisalsoproficientinamultitudeofagreementswithvaryingcomplexityrequiredbymarketparticipantsglobally.

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