Although it is easy to think of all single investor funds (SIFs) – i.e., funds of one – as being the same, there is actually an array of ways to structure a SIF ranging from having a totally independent investment strategy to completely mirroring the strategy of a designated commingled fund. Relatedly, that structure can also inform what additional transparency SIF investors can receive about the sponsor, their portfolios and other fund investors, as well as resulting issues that fund managers will need to address based on that arrangement. The Private Equity Law Report spoke with a number of SIF experts on those and other topics to provide a holistic breakdown of the nuances associated with SIFs. This second article in a two-part series outlines why certain SIF structures are adopted by investors and some of the resulting issues, as well as the range of enhanced information rights some SIF investors demand from sponsors. The first article highlighted the benefits received by investors and sponsors that have prompted a rise in the popularity of SIF vehicles in recent years. See “Considerations for Advisers to Properly Classify Single Investor Funds Under the Custody Rule and Form ADV” (Feb. 4, 2020); and “Fundamental Structuring Issues for Investment Advisers: Separately Managed Accounts, Registration and Securities Laws (Part One of Two)” (Oct. 18, 2018).