Code of Conduct for Alternative Investment Funds mandates fiduciary duties, disclosure, conflict management and confidentiality for managers and trustees. Funds must invest per placement memoranda, act for the interest of all investors, provide accurate and timely information, maintain risk management and internal controls, adopt written conflict of interest and anti money laundering policies, and prohibit unethical marketing or inducements; managers, key personnel and trustees must observe fiduciary duties, integrity, due diligence, document material decisions, ensure valuation integrity, disclose and manage conflicts, maintain confidentiality and avoid sham transactions or inducements.