It's not a question of legal structure, but rather a question of who is investing and what type of syndication/solicitation activities the entity is undertaking. Simply doing a two-tiered structure does not trigger any securities obligations per se.
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How do the securities laws apply to the dual-tier structure of QOFs and its management?
With this structure, does the QOF regulatory position more closely resemble a hedge fund?
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Securities laws apply whenever a limited liability company or limited partnership interests are being sold. I would say in that regard that the structure more resembles private equity than a hedge fund, although there certainly are similarities there as well.
Securities law does not apply because of the structure used, but if you are selling the interest to investors. I recommend consulting a securities law expert before offering interests on the fund to possible investors.
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