I sense it is Nevada, just because Nevada is Nevada (and California is California), but what legal or financial particulars (besides taxes) make it better, if it indeed is?
This is really not the best way to get this type of information. You should consult the company or attorney that forms your fund. I can give you some names privately if you do not know any. My email and phone number are below.
Delaware. I am wondering if Wyoming might be worth a look. Never did one there. Set up 2 LLC's. One is the Asset Manager, the Second is the Fund. Investor money goes into the fund and the Asset Manager runs the fund. If you need docs let me know.