The document is a Form ADV Part 2A from iCapital Advisors, LLC, discussing the risks and conflicts of interest associated with investing in Private Access Funds. It highlights potential issues such as lack of diversification, higher fees, illiquidity, and the possibility of losing the entire investment. The document also outlines the relationship between Private Access Funds and Underlying Funds, emphasizing that iCapital is not the General Partner or manager of the Underlying Fund and does not control its management strategies. It warns of risks related to the general partner's potential misconduct and the impact of additional expenses on investor returns.
documents/vol00010-efta01354936-pdf.pdf
{"document_type":"legal","document_subtype":"Form ADV Part 2A","key_organizations":["iCapital Advisors, LLC","Pacific Life Insurance Co"],"reference_numbers":["DB-SDNY-0039540","SDNY_GM_00185724","EFTA01354936"]}