The document is a Form ADV Part 2A from iCapital Advisors, LLC, discussing the risks and conflicts of interest associated with investing in Private Access Funds. It highlights potential issues such as lack of diversification, higher fees, illiquidity, and the possibility of losing the entire investment. The document also outlines the relationship between Private Access Funds and Underlying Funds, emphasizing that iCapital is not involved in the management of the Underlying Funds. It warns of potential losses due to misconduct by fund managers and the possibility of receiving in-kind distributions that may not be easily tradable.
documents/EFTA01390691.pdf
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