How are funds that manage hard assets (art, collectibles, etc) structured? I want ot charge a fee to manage a collectible fund focusing on items in a previous industry of mine for which I have good contacts to buy from industry insiders at good prices then shop to various auction houses or other individuals. What would be the best structure (RIA, Private Placement) to manage physical aspects other than RE such as Art for a flat or percentage fee? Any special rules that differ from managing a securities portfolio? Here are the specifics of what I'd like to do:

-Pooled funds rather than individual "accounts."

-Relatively little liquidity. (Can't sell 10% of any given piece to redeam.)

-Very few transactions annually (probably 5 or less, field is VERY specialized).

-Only a handful of investers, most of whom are incidentally involved in industry. Total capital at any given time likely under 1MM.

What would be the easiest way to do this? Set up an individual trust to hold each item? Trust Name I, Trust Name II, etc? Create some type of fund? A private placement? Something else? I'm open to being comped in a variety of ways if facilitating easier arrangement.