"The First Circuit's decision ... is of limited precedential value for private equity funds and their counsel. There remains a risk that, under different circumstances, a multi-fund ownership structure like the one used by Sun Capital (with no one investor owning more than 80%) might still constitute a partnership-in-fact. And, the First Circuit left untouched its prior controversial determination that the Sun Capital Funds were 'trades or businesses' under their 'investment plus' analysis." [Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, Nos. 16-1376, 19-1002 (1st Cir. Nov. 22, 2019)]   MORE >>