To seek out investors, a private equity fund will use a private placement memorandum (PPM) as its main marketing document. The content of a PPM is largely governed by regulatory law. For a tax lawyer, the PPM is a useful source of information as it will generally contain details about the fund’s investment strategy and structure. When acting for a potential investor, the PPM may be the easiest place to find out the information necessary to review the tax risks associated with making an investment.