"[P]rivate equity products differ fundamentally from traditional mutual funds and public securities. They involve limited transparency, subjective valuation, conditional liquidity, complex fee structures, leverage, and performance reporting methodologies that are often not comparable to public-market investments.... This checklist is designed to help ERISA fiduciaries identify hidden risks, conflicts, prohibited transaction concerns, and misleading performance claims before adding private-market exposure to participant-directed retirement plans."  MORE >>