Legal costs can vary greatly depending upon the location you choose for your fund, as well as the law firm you hire. To start a domestic fund, expect to pay anywhere from $15,000 to $150,000+ in legal fees to start up a fund. To set up a fund offshore (British Virgin Islands, Cayman Islands, etc.), expect to pay between as little as $50,000 to upwards of $400,000. With offshore funds, costs can vary greatly depending upon the ever-changing mix of local laws, taxes, and regulations.