Private Investment Fund Institute

The University of St. Thomas Private Investment Fund Institute (PIFI), housed at the university's School of Law in downtown Minneapolis, Minnesota, is a research and advisory center dedicated to the study of private investment funds worldwide. PIFI aims to promote and develop long-term dialogue and research in collaboration with individual private funds and the private fund industry. Bridging the gap between private investment fund managers, academics, and policy-makers, PIFI seeks to identify new and innovative solutions for transnational cooperation and competition. PIFI is growing a global network through its dedicated research platforms and annual events.

Wulf Kaal, Director

Wulf Kaal, director of the University of St. Thomas Private Investment Fund InstituteWulf Kaal is a tenured associate professor of law at UST School of Law and a leading expert on hedge fund regulation in the United States and the European Union. He uses empirical methods to investigate the effects of financial regulation and the strategic behavior of private fund advisers. His theoretical research focuses on the use of finance and economic theory to analyze and inform financial and regulatory policy.

Before entering the academy, Kaal was associated with Cravath, Swaine & Moore LLP in New York and Goldman Sachs in London.

Kaal has published more than two dozen articles in the United States and Europe. His articles were published in leading peer reviewed law and finance journals and in American law reviews such as the Minnesota Law Review, the Washington & Lee Law Review, and the Wake Forest Law Review, among others.

Kaal’s study on the effects of hedge fund registration requirements under Title IV of the Dodd-Frank Act has gained national attention and was covered in a Business Week article and other journals. He is the author of a book chapter on "Investment Advisers in the Research Handbook on Corporate Law and Governance," published by Edward Elgar. His editorial work includes the Festschrift in Honor of Christian Kirchner, published by Mohr Siebeck.

He also has been a consultant to major corporations and hedge funds regarding various aspects of financial markets and regulation.

View Kaal's full biography and current work. 

PIFI Fellows

  • Erik P.M. Vermeulen, professor of business and financial law at Tilburg University and Tilburg Law and Economics Center (TILEC) in the Netherlands.