The document outlines the financial and tax implications for investors in Private Access Funds managed by iCapital Advisors, LLC. It discusses the potential tax liabilities, including the need for investors to file extensions for tax returns and the possibility of incurring tax liabilities exceeding cash distributions. The document also highlights the illiquidity of investments in private equity funds, economic and market risks, and the consequences of defaulting on capital contributions to underlying funds.
doj/DataSet10/EFTA01389590.pdf
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