The document discusses potential risks and legal considerations for the Access Fund, particularly in relation to ERISA controlled group liability and the implications of the Sun Capital Cases. It highlights the risks of being characterized as a 'trade or business' and the potential for forming a 'partnership-in-fact' with affiliated private equity funds. 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. Additionally, it mentions investment concentration risks associated with the Underlying Fund.
doj/DataSet10/EFTA01393854.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"],"reference_numbers":["2013 Sun Capital Case"]}