"Given the uncertainty and potential adverse consequences of forfeiting the Regulation D exemption, many fund managers [are] careful to avoid specifically mentioning any fund names or details in interviews and press releases." Thomas P. Lemke, Gerald T. Lins, Hedge Fund and Other Private Funds: Regulation and Compliance, General Solicitation or Advertising Activities, S. 4:8 (2016). The edit above from "were" to "are" is based on my own experience as a practicing hedge fund attorney. While, as mentioned below, the JOBS Act loosened the compliance burden with respect to public offerings, most smart hedge fund managers still play by the old rules. "Avoid specific discussions of past performance--In the context of a press release or interview, providing applicable disclaimers and disclosures would be problematic and cumbersome. If a discussion of performance is unavoidable, the performance should be given net of fees." Id., Press Releases and Interviews, s. 5:12. We would generally advise our clients that there is no situation where a discussion of past performance is avoidable, and it should be avoided absolutely.
Showing returns isn't the same as making a public offering. This article doesn't even claim that. Hedge fund managers do it on CNBC all the time without running afoul of the law.
