The document discusses the financial and tax implications for investors in Private Access Funds managed by iCapital Advisors, LLC. It covers topics such as tax liabilities, illiquidity of investments, economic and market risks, and consequences of default. Investors may face tax liabilities exceeding cash distributions and may need to repay distributions to meet fund obligations. The document also highlights the risks associated with private equity fund investments and the potential for significant UBTI for tax-exempt investors.
documents/vol00010-efta01354072-pdf.pdf
{"title":"iCapital Advisors, LLC Form ADV Part 2A","document_type":"financial","document_subtype":"Form ADV Part 2A","key_organizations":["iCapital Advisors, LLC"],"reference_numbers":["DB-SDNY-0038666","SDNY_GM_00184850","EFTA01354072"]}