The document discusses the potential risks and legal implications for the Access Fund and its portfolio companies regarding ERISA controlled group liability. It references the 2013 Sun Capital Case and a 2016 District Court ruling, highlighting the risk of being characterized 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 risks associated with the Access Fund's sole investment in the Underlying Fund.
documents/EFTA01390774.pdf
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