The business and operational sides of hedge funds present significant risks and vulnerabilities, yet portfolio managers generally have little experience with or knowledge of the business and operational decisions and issues that are required to start and maintain a successful hedge fund. Hiring sufficiently experienced and knowledgeable full-time personnel to handle these challenges is difficult and expensive, while also creating substantial key-person risk. But operational deficiencies can lead to problems causing significant distractions, reputational damage, and, potentially, disaster. We offer our expertise and network, developed over more than 20 years of working closely with hedge funds, professional service providers, and a wide range of investors to advise and help manage the process of building the business and operational infrastructure required for an institutional quality hedge fund. We also draw on our own entrepreneurial experience as co-founders of Ebbets Field Capital, which allows us to offer the critical judgment and unique perspective that come from starting and managing one’s own asset management business.