"The Integral Calculus of Private Equity Funds and ERISA?"

Co-Investment Case’s Math May Not Add Up

Last week, the District Court of Massachusetts issued the latest decision in a line of cases in the Sun Capital Fund litigation. This Stroock Special Bulletin provides an overview of the district court decision, in which the court held that several Sun Capital private equity funds that jointly invested in a portfolio company were not only each a "trade or business" but also formed a "partnership in fact" resulting in each fund having joint and several liability for the jointly owned portfolio company's withdrawal liability.