@Hans Kim, yes exactly. I am asking EXACTLY what this paragraph actually means. Especially "(iii) result in any Securities or other assets owned by the Fund being deemed to be “plan assets” under ERISA"
Jul 24, 2023 8:23pm
@AlBuda The definition is fairly specific and the circumstances of each situation that could trigger a Material Adverse Effect should be carefully reviewed by counsel. The purpose of this definition is for the fund to avoid certain compliance and regulatory issues. For example, if the fund assets were considered to be subject to ERISA, this would make operating the venture capital fund untenable -- for example, paying carry to managers would be prohibited.
Jul 24, 2023 9:08pm