RT Journal Article SR Electronic T1 Structural Due Diligence, Operational Risks, and the Evaluation of Managed Account Platforms JF The Journal of Alternative Investments FD Institutional Investor Journals SP jai.2021.1.149 DO 10.3905/jai.2021.1.149 A1 Ranjan Bhaduri YR 2021 UL https://pm-research.com/content/early/2021/10/30/jai.2021.1.149.abstract AB The impact of the Great Financial Crisis on operational risk includes the birth of structural due diligence. Since the crisis, institutional investors have demanded more transparency and better governance in the hedge fund space. This demand has resulted in the growth of several different types of structures, including Liquid Alternatives via 40-ACT or UCITS funds, Fund-of-One, managed accounts, and managed account platforms. Operational due diligence has extended beyond examining the non-investment risks to include the best way structurally to access a specific hedge fund investment. The different structures have varying advantages and disadvantages, which translates to different types of operational risks. This article presents a matrix of the advantages and disadvantages of the structural forms and the concept of a structural alpha. The author examines managed account platforms (MAPs) and how to evaluate them.Key Findings▪ Since the Great Financial Crisis, institutional investors have demanded more transparency and better governance in the hedge fund space. This has resulted in the growth of several different types of structures to access hedge funds. ▪ Some of the world’s most sophisticated institutional investors are utilizing managed account platforms (MAPs). This article discusses how to conduct due diligence and evaluate a MAP.▪ Different structures have different advantages and disadvantages for accessing a specific hedge fund investment. Institutional investors can obtain a structural alpha by choosing the best structural form.