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Private Equity Fund Valuation by ERISA Plans
O'Melveny & Myers LLP 
[Guidance Overview] Sept. 10, 2008
Excerpt: How should a fiduciary for a retirement plan governed by the Employee Retirement Income Security Act of 1974 ('ERISA') evaluate the value of the plan's alternative investments (e.g., private equity and hedge funds)? Typically, administrators rely upon the valuation provided by the general partners of such funds. However, a recent letter from the Boston office of the Department of Labor (the 'DOL') has indicated that such an approach may constitute a breach of fiduciary duty under ERISA.
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