ERISA Considerations
ERISA considerations refer to U.S. retirement plan regulations that can affect fund structure, reporting, and investor eligibility.
Definition
Definition ERISA is a U.S. regulatory framework governing certain retirement assets. When ERISA-plan investors participate in a fund, the fund may need to manage limits, disclosures, and fiduciary considerations depending on structure and investor composition. Even when a fund is not an “ERISA plan asset fund,” ERISA-related representations and reporting can be material for certain LPs. Allocator Context Pensions and ERISA-sensitive allocators often require specific representations, reporting, and compliance comfort. ERISA questions can also arise in ODD and legal diligence, especially when multiple retirement investors are involved. Decision Authority ERISA-related terms and limits are typically handled by legal counsel and can influence admission and closing timing. Some allocators will not proceed without explicit ERISA clarity in documents. Why It Matters for Fundraising If you want institutional retirement capital, ERISA competence is table stakes. Clear language and counsel support prevent delays and last-minute “can’t close” outcomes. Key Takeaways A key consideration for U.S. retirement capital Requires clean documentation and counsel review Can influence who can invest and under what terms ERISA uncertainty slows institutional closes