The Alternative Investment Fund Managers Directive regime has increased the frequency with which U.S. fund managers are using sub-funds on an umbrella fund platform (Fund Platform) to market to E.U. investors. This trend has coincided with a proliferation of Fund Platform providers and broader range of terms to negotiate. Consequently, U.S. fund managers need to parse the various features offered by Fund Platform providers and build appropriate protections into their onboarding agreements in order to realize the benefits of this fund structure. This three-part series seeks to familiarize U.S. fund managers with Fund Platforms by analyzing issues to consider when evaluating the structure’s viability. This third article addresses attributes U.S. fund managers should consider when selecting a Fund Platform, as well as key protections to include in the onboarding documents. The first article provided a primer about Fund Platforms relative to other structures and ways that managers can “Brexit-proof” their use of the vehicle. The second article presented pros and cons of operating on Fund Platforms that U.S. fund managers can weigh when determining whether to adopt the structure. See “Beyond the Master-Feeder: Managing Liquidity Demands in More Flexible Fund Structures” (May 25, 2017). For more on marketing in the E.U., see “Six Common Misconceptions U.S. Fund Managers Have About Marketing in Europe” (Mar. 9, 2017); and “Leading Law Firms Discuss Hedge Fund Marketing and Distribution Opportunities in a Post-Brexit World (Part Two of Two)” (Jul. 14, 2016).