The document discusses the potential risks and legal implications for the Access Fund, a private equity fund, in relation to ERISA controlled group liability. It references the 2013 Sun Capital Case and a 2016 District Court ruling, highlighting the risk of being classified as a 'trade or business' and forming a 'partnership-in-fact.' The document also outlines the lack of recourse for Limited Partners against the Underlying Fund, restrictions on transferability or redemption of interests, and the lack of voting rights or participation in the Underlying Fund's management. It emphasizes the investment concentration risk due to the Access Fund's sole investment in the Underlying Fund.
documents/vol00010-efta01354624-pdf.pdf
{"document_type":"legal","key_locations":["U.S. Federal Court of Appeals for the First Circuit","U.S. District Court for the District of Massachusetts"],"document_subtype":"legal analysis","key_organizations":["Access Fund","Underlying Fund","Glendower"]}