Legal Question in Investment Law in California

Yes, you would need (among others) licenses from the Securities and Exchange Commission (SEC) and from the Financial Industry Regulatory Authority (FINRA). Obtaining licenses to operate any kind of investment fund requires significant educational and experience credentials. The average guy off the street who has to ask such a question is a long, long way from being qualified to take the licensing examination. You might more easily study to practice law or medicine than to qualify for the licensing to start and run a hedge fund.

Mr. Whipple is correct. The fact that you even need to ask if you need licenses pretty clearly states that you could never pass the exams to get all the licenses you would need. You can't even WORK for a hedge fund in any capacity much above receptionist or mail clerk without passing significant licensing exams.