The decision by a hedge fund manager to transition to a family office or other private investment structure is only the first step in a potentially complicated process. A manager converting its fund faces issues involving notice to and redemption of outside investors; liquidation of significant portions of the fund’s portfolio; and payment of conversion costs. Throughout the process, managers must also ensure that investors are treated fairly. This final article in our three-part series details the mechanics of taking a hedge fund private, including redemption of outside investors and allocation of conversion costs. See “Dechert Global Alternative Funds Symposium Highlights Trends in Hedge Fund Expense Allocations, Fees, Redemptions and Gates” (May 21, 2015). The first article in the series examined the “going private” trend and explored the factors a hedge fund manager should consider when deciding whether to convert its hedge fund, as well as the options available once that decision has been made. The second article examined the operational considerations a hedge fund manager faces when converting its hedge fund, including ongoing regulatory obligations and staffing concerns.