The document discusses the potential risks and liabilities associated with the Access Fund's significant ownership interests in portfolio companies, particularly in relation to ERISA controlled group liability. It references the 2013 Sun Capital Case and the 2016 U.S. District Court ruling on 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 highlights the investment concentration risks associated with the Access Fund's sole investment in the Underlying Fund.
documents/vol00010-efta01364707-pdf.pdf
{"document_type":"financial","key_locations":["U.S. Federal Court of Appeals for the First Circuit","District of Massachusetts"],"document_subtype":"investment fund disclosure","key_organizations":["Access Fund","Underlying Fund","Glendower"],"reference_numbers":["DB-SDNY-0055255","SDNY_GM_00201439","EFTA01364707"]}