"[T]his ruling provides some comfort but risks still remain.... Any single fund (including parallel entities) should avoid acquiring 80% or more ownership of the portfolio company to avoid ERISA controlled group liability.... [T]he sponsor should carefully consider how to use related funds and commonly-controlled vehicles to own the balance of the investment, to best support an analysis that no partnership-in-fact has been formed.... Private equity funds should continue to strengthen due diligence efforts regarding pension plans ... Fund disclosure documents should include discussion of the risk of ERISA controlled group liability[.]" [Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, Nos. 16-1376, 19-1002 (1st Cir. Nov. 22, 2019)]  MORE >>