If you don't do any business in the US by soliciting clients you wouldn't need to have a Series 3 license. Better not meet any clients in the US ever.

Most hedge funds are not CPO's but CTA's as CPO's are limited to a small number of clients (20, I think).

You have an offshore feeder fund to avoid tax withholding for foreign investors not to avoid the Series 3 exam. In fact, if the Series 3 exam is a problem for you then you shouldn't be in the business. I traded lots of futures in my hedge fund and passed my Series 3 exam. I went to McD;s and drank coffee for an hour and got a 97. Al hedge fund managers who are successful have a similar experience. Running a successful hedge fund is very difficult. Passing your Series 3 exam is something even stupid trading assistants have to do to work for me.

BTW - Cayman is among the most pricey places to organize an offshore fund. People think there is some prestige thing involved but I have never seen it. Who cares where your fund admin for your offshore feeder lives?

I heard that a hedge fund manager who wants to invest something like futures and options needs CPO license by passing Series 3 exam.

Does it also applies the same to Offshore(Cayman) hedge fund manager??