[sheet: Instructions]
Section | Content
Matter Information | Engagement Number: 20250527-SDILP-PLR | Client: Solara Digital Infrastructure LP | Matter: Private Letter Ruling Request — Cross-Border Fund-Platform Reorganization | Engagement Firm: Calderwood & Harkness LLP | Responsible Partner: Leonard Cross | Billing Partner: Sylvia Hartwell | Matter Status: Active
Purpose | This privilege log template is to be used for maintaining privilege designations on all documents produced, received, or created in connection with the PLR engagement for Solara Digital Infrastructure LP. All members of the engagement team (Leonard Cross, Sylvia Hartwell, Robert Jansen, Garrett Simmons) must log privileged documents contemporaneously with creation or receipt.
Privilege Categories | Attorney-Client Privilege (AC): Confidential communications between Calderwood & Harkness LLP attorneys and client representatives (Priya Narasimhan, General Counsel; Stefan Dalmqvist, Head of Tax; Viktor Raines, Managing Partner & Founder; Douglas Wexford, CFO; Meredith Tsao, COO) made for the purpose of providing or obtaining legal advice. | Work Product Doctrine (WP): Documents prepared by or at the direction of Calderwood & Harkness LLP attorneys in anticipation of litigation or in connection with rendering legal services, including tax analysis memoranda, research, and draft PLR materials. | Tax Practitioner Privilege (TP): Communications between a federally authorized tax practitioner and a client with respect to tax advice under IRC § 7525, to the extent applicable in non-criminal, non-IRS proceedings. | Joint Defense / Common Interest (JD): Communications shared with co-counsel or LP counsel under a common interest or joint defense agreement.
Logging Protocol | 1. Assign a sequential Document ID using format PRIV-[XXXX] (e.g., PRIV-0001). 2. Record the date of the document (creation or transmission date). 3. Identify all authors and all recipients by name and organization. 4. Provide a brief, non-waiving description of the document (do not disclose substance of legal advice). 5. Select the applicable privilege type(s). 6. State the basis for the privilege assertion. 7. If a document is partially privileged, note 'Partial' in the Privilege Type column and describe the redaction scope in the Basis column.
Entities Covered | Solara Digital Infrastructure LP (EIN 82-4917366) | Solara Digital Infrastructure GP LLC (EIN 82-4917365) | Solara Digital Partners Fund IV LP (EIN 85-2103748) | Solara Digital Partners Fund IV-A (Cayman) LP (EIN 98-6241503) | Solara Digital Partners Fund IV-B (Luxembourg) SCSp (EIN 98-6241571) | Solara Digital Partners Fund V LP (EIN 88-3467219) | Solara Digital Partners Fund V-A (Cayman) LP (EIN 98-7891234) | Solara Digital Partners Fund V-B (Luxembourg) SCSp (EIN 98-7891267) | Solara Consolidated Master Fund LP (to be formed) | Solara Consolidated Master Fund GP LLC (to be formed) | Solara International Feeder (Cayman) LP (to be formed) | Solara Tax-Exempt Feeder (Cayman) LP (to be formed)
Third-Party Communications — Special Handling | Communications with the following third parties require careful privilege analysis before logging: Whitfield, Carruthers & Doyle LLP (LPAC counsel — common interest doctrine may apply); Bramhall & Quelwick LLP (independent counsel to Nordhaven Sovereign Wealth Fund — no privilege absent common interest agreement); Meridian Offshore Legal (Cayman counsel — joint representation/common interest); Veldhuis & Gérard S.à r.l. (Luxembourg counsel — joint representation/common interest); Caldwell Pierce & Co. LLP (accounting firm — tax practitioner privilege may apply to tax advice communications; factual/audit communications generally not privileged); Redstone Advisory Group LLC (valuation advisor — generally not privileged unless prepared at direction of counsel for legal advice purposes).
Document Retention | All entries in this log must be maintained for the duration of the engagement and for a minimum of seven (7) years following matter closure, consistent with Calderwood & Harkness LLP's document retention policy. Any questions regarding privilege designations should be directed to Leonard Cross (Responsible Partner) or Robert Jansen (Lead Associate).
Confidentiality Notice | This privilege log and the documents referenced herein are protected by the attorney-client privilege, the work product doctrine, and/or the tax practitioner privilege. Inadvertent production of any document listed herein does not constitute a waiver of any applicable privilege or protection.
[sheet: Privilege Log]
Document ID | Date | Document Type | Author(s) | Recipient(s) | CC'd Parties | Description | Privilege Type | Basis for Privilege Assertion | Related Document ID(s) | Custodian | Number of Pages | Attachments | Redaction Applied | Notes
PRIV-0001 | 05/12/2025 | Letter | Sylvia Hartwell, Calderwood & Harkness LLP | Priya Narasimhan, Solara Digital Infrastructure LP | Leonard Cross, Calderwood & Harkness LLP | Engagement letter from Calderwood & Harkness LLP to Solara Digital Infrastructure LP regarding PLR engagement for cross-border fund-platform reorganization | AC | Confidential communication between attorney and client establishing the scope of legal representation for the PLR request | Sylvia Hartwell | 12 | N | N | Countersigned by Priya Narasimhan; Engagement No. 20250527-SDILP-PLR
PRIV-0002 | 05/27/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Calderwood & Harkness LLP (Internal) | Internal conflict check memorandum documenting conflicts clearance for Solara PLR engagement, covering all fund entities, key personnel, and counterparty counsel | WP | Attorney work product prepared in anticipation of and in connection with rendering legal services; contains mental impressions and legal analysis of potential conflicts | Robert Jansen | 5 | N | N
PRIV-0003 | 05/27/2025 | Memorandum | Leonard Cross, Calderwood & Harkness LLP | Calderwood & Harkness LLP (Internal) | Engagement scope memorandum setting forth detailed scope of work, assumptions, and limitations for the PLR engagement | WP | Attorney work product reflecting legal judgment regarding scope and strategy of engagement | Leonard Cross | 8 | N | N
PRIV-0004 | 05/27/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | Initial client intake memorandum summarizing facts received from Solara in-house team regarding existing fund structure, AUM, investor categories, and reorganization rationale | AC+WP | Reflects confidential client communications and attorney mental impressions regarding factual predicates for legal analysis | Robert Jansen | 15 | N | N | Based on calls with Priya Narasimhan and Stefan Dalmqvist
PRIV-0005 | 05/27/2025 | Email | Leonard Cross, Calderwood & Harkness LLP | Stefan Dalmqvist, Solara Digital Infrastructure LP | Priya Narasimhan, Solara Digital Infrastructure LP; Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Email confirming formal commencement of PLR engagement (matter 20250527-SDILP-PLR) and listing initial data requests for organizational charts, partnership agreements, tax returns, and portfolio company details | AC | Confidential attorney-client communication regarding legal representation and information needed to render legal advice | Leonard Cross | 3 | N | N
PRIV-0006 | 06/16/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | Master tax analysis memorandum — comprehensive analysis of five-step reorganization under IRC §§ 721(a), 721(b), 731, 752, 704(c), 367, 1446, 897, and Treas. Reg. § 301.7701-3 | WP+TP | Attorney work product containing legal analysis, mental impressions, and conclusions regarding tax treatment of reorganization; also constitutes tax advice by federally authorized tax practitioners | Robert Jansen | 62 | N | N | Covers $7.75B total FMV, $6.03B total basis, $1.72B total built-in gain, $1.34B aggregate liabilities
PRIV-0007 | 06/16/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP | Tax memorandum analyzing application of IRC § 721(a) to contributions by Fund IV-A Cayman, Fund IV-B Lux, Fund V-A Cayman, and Fund V-B Lux to Solara Consolidated Master Fund LP | WP+TP | Attorney work product and tax advice regarding nonrecognition treatment of partnership contributions | PRIV-0006 | Robert Jansen | 28 | N | N
PRIV-0008 | 06/16/2025 | Memorandum | Garrett Simmons, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP; Leonard Cross, Calderwood & Harkness LLP | Tax memorandum analyzing IRC § 721(b) investment company exception — whether Consolidated Master Fund LP constitutes an 'investment company' | WP+TP | Attorney work product containing legal analysis and tax advice regarding investment company classification of the Master Fund; discusses 23 portfolio companies as operating businesses | PRIV-0006 | Garrett Simmons | 18 | N | N
PRIV-0009 | 06/16/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | Tax memorandum analyzing IRC § 367 inapplicability to foreign-to-domestic partnership contributions in Steps 2–4 | WP+TP | Attorney work product containing legal analysis on cross-border transfer provisions; concludes § 367(a) and § 367(b) apply only to transfers to/from corporations | PRIV-0006 | Robert Jansen | 22 | N | N
PRIV-0010 | 06/16/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP | Tax memorandum analyzing IRC § 731 distribution treatment for Step 5 dissolutions of legacy offshore vehicles | WP+TP | Attorney work product and tax advice regarding nonrecognition on distributions of Master Fund LP interests to LPs | PRIV-0006 | Robert Jansen | 20 | N | N
PRIV-0011 | 06/16/2025 | Memorandum | Garrett Simmons, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP | Tax memorandum analyzing IRC § 731(c) marketable securities exception — whether distributed Master Fund LP interests are 'marketable securities' | WP+TP | Attorney work product containing legal analysis on marketable securities characterization | PRIV-0010 | Garrett Simmons | 14 | N | N
PRIV-0012 | 06/16/2025 | Memorandum | Garrett Simmons, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP; Leonard Cross, Calderwood & Harkness LLP | Tax memorandum modeling IRC § 752 liability shifting for $1.34B aggregate liabilities, including Treas. Reg. § 1.752-1(f) netting and tiered partnership analysis | WP+TP | Attorney work product reflecting legal analysis of deemed contributions and distributions under §§ 752(a) and 752(b) | PRIV-0006 | Garrett Simmons | 35 | Y — Liability allocation model (Excel) | N
PRIV-0013 | 06/16/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP | Tax memorandum analyzing IRC § 704(c) built-in gain carryover through the reorganization — $1.72B aggregate BIG including NovaBright ($370M), Veridian ($340M), Thorngate ($180M), Crestline ($156M), Helix ($135M) | WP+TP | Attorney work product and tax advice on § 704(c) account tracking and carryover mechanics | PRIV-0006 | Robert Jansen | 24 | N | N
PRIV-0014 | 06/16/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP | Tax memorandum on continuation of remedial allocation method under Treas. Reg. § 1.704-3(d) for contributed properties post-reorganization | WP+TP | Attorney work product containing tax advice on § 704(c) method election mechanics | PRIV-0013 | Robert Jansen | 10 | N | N
PRIV-0015 | 06/16/2025 | Memorandum | Garrett Simmons, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP | Tax memorandum analyzing IRC § 1446 withholding obligations on cross-border contributions (Steps 2–4) and distributions (Step 5); implications for Nordhaven Sovereign Wealth Fund and Kestrel Pacific Insurance Group | WP+TP | Attorney work product and tax advice on withholding requirements for non-U.S. partners | PRIV-0006 | Garrett Simmons | 16 | N | N
PRIV-0016 | 06/16/2025 | Memorandum | Garrett Simmons, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP; Leonard Cross, Calderwood & Harkness LLP | Tax memorandum analyzing FIRPTA / IRC § 897 — whether data center and fiber-optic network interests (NovaBright, Thorngate) constitute U.S. real property interests | WP+TP | Attorney work product and tax advice on USRPI classification and FIRPTA implications for non-U.S. investors | PRIV-0006 | Garrett Simmons | 19 | N | N
PRIV-0017 | 06/16/2025 | Memorandum | Garrett Simmons, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP | Tax memorandum on entity classification of Master Fund LP, International Feeder (Cayman) LP, and Tax-Exempt Feeder (Cayman) LP under Treas. Reg. § 301.7701-3 and Form 8832 elections | WP+TP | Attorney work product containing legal analysis on check-the-box partnership classification | PRIV-0006 | Garrett Simmons | 12 | N | N
PRIV-0018 | 06/16/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP | Tax memorandum on Luxembourg tax implications of dissolving Fund IV-B (Luxembourg) SCSp (RCS B 248193) and Fund V-B (Luxembourg) SCSp (RCS B 271056) — capital gains tax, VAT, registration duty | WP+TP | Attorney work product containing legal analysis of foreign tax consequences; references coordination with Veldhuis & Gérard S.à r.l. | PRIV-0006 | Robert Jansen | 15 | N | N | Coordinated with Veldhuis & Gérard S.à r.l. (Marc Gérard)
PRIV-0019 | 06/16/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP | Tax memorandum on Cayman Islands tax and regulatory considerations — CIMA deregistration of Fund IV-A (MF-72491) and Fund V-A (MF-89103), economic substance | WP+TP | Attorney work product on foreign regulatory analysis; references coordination with Meridian Offshore Legal | PRIV-0006 | Robert Jansen | 11 | N | N | Coordinated with Meridian Offshore Legal (Fiona McAllister)
PRIV-0020 | 06/16/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | Tax memorandum analyzing anti-abuse considerations — step transaction doctrine, substance-over-form, Treas. Reg. § 1.701-2 anti-abuse rule; evaluates business purposes including $3.8M annual cost savings, Pillar Two GloBE compliance | WP+TP | Attorney work product containing legal analysis and mental impressions on IRS challenge risk | PRIV-0006 | Robert Jansen | 25 | N | N
PRIV-0021 | 07/01/2025 | Draft | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | Draft PLR Request — Version 1.0 — initial draft of private letter ruling request to IRS CC:INTL covering all eight specific rulings | WP | Attorney work product — draft legal document prepared in connection with rendering legal services; contains attorney mental impressions and legal strategy | Robert Jansen | 85 | N | N
PRIV-0022 | 07/01/2025 | Memorandum | Leonard Cross, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Internal review comments on PLR Draft v1.0 — tracked changes and margin comments by Leonard Cross on § 367 inapplicability argument, § 752 liability-shifting analysis, and business purpose representations | WP | Attorney work product reflecting senior partner's mental impressions, legal judgment, and strategic direction on PLR drafting | PRIV-0021 | Leonard Cross | 85 | N | N | Redline document
PRIV-0023 | 07/01/2025 | Draft | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Stefan Dalmqvist, Solara Digital Infrastructure LP; Priya Narasimhan, Solara Digital Infrastructure LP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | Draft PLR Request — Version 2.0 — revised draft incorporating partner comments, circulated to client for review | AC+WP | Confidential attorney-client communication transmitting draft legal document for client review and comment; work product of attorneys | PRIV-0021; PRIV-0022 | Robert Jansen | 88 | N | N
PRIV-0024 | 07/08/2025 | Memorandum | Leonard Cross, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Sylvia Hartwell, Calderwood & Harkness LLP | Client comment cover memorandum summarizing Solara in-house team's comments on PLR Draft v2.0 — factual corrections from Stefan Dalmqvist, liability clarifications, financial data comments from Douglas Wexford | AC+WP | Confidential attorney-client communications summarized in work product memorandum | PRIV-0023 | Leonard Cross | 6 | N | N
PRIV-0025 | 07/10/2025 | Draft | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | Draft PLR Request — Version 3.0 — incorporating client factual corrections | WP | Attorney work product — revised draft legal document | PRIV-0023; PRIV-0024 | Robert Jansen | 90 | N | N | Circulated to LPAC counsel for review
PRIV-0026 | 07/10/2025 | Email | Leonard Cross, Calderwood & Harkness LLP | Diana Carruthers, Whitfield, Carruthers & Doyle LLP | Sylvia Hartwell, Calderwood & Harkness LLP; Robert Jansen, Calderwood & Harkness LLP | Email transmitting PLR Draft v3.0 to LPAC counsel for review, requesting comments by July 15, 2025 | JD | Communication with LPAC counsel under common interest doctrine — shared interest in favorable PLR outcome for benefit of all limited partners | PRIV-0025 | Leonard Cross | 2 | Y — PLR Draft v3.0 | N
PRIV-0027 | 07/15/2025 | Email | Diana Carruthers, Whitfield, Carruthers & Doyle LLP | Leonard Cross, Calderwood & Harkness LLP | Sylvia Hartwell, Calderwood & Harkness LLP | LPAC counsel comments on PLR Draft v3.0 — concerns regarding § 731(c) marketable securities analysis, § 752 liability impact on individual LPs, FIRPTA representations for non-U.S. sovereign investors | JD | Common interest communication between co-counsel regarding jointly beneficial legal strategy and analysis | PRIV-0026 | Leonard Cross | 8 | N | N
PRIV-0028 | 07/15/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | LPAC comment summary and response memorandum — Calderwood & Harkness's responses to Whitfield, Carruthers & Doyle LLP comments | WP | Attorney work product containing legal analysis and strategic responses to co-counsel comments | PRIV-0027 | Robert Jansen | 12 | N | N
PRIV-0029 | 07/18/2025 | Draft | Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | Draft PLR Request — Version 4.0 (Final Circulated Draft) — pre-submission final draft incorporating all client and LPAC counsel comments | WP | Attorney work product — near-final draft of legal submission | PRIV-0025; PRIV-0028 | Robert Jansen | 94 | N | N
PRIV-0030 | 07/22/2025 | Letter | Leonard Cross, Calderwood & Harkness LLP | IRS Office of Associate Chief Counsel (International), CC:INTL | Pre-submission conference request letter to IRS — requesting July 22, 2025 conference to discuss proposed PLR request; identifies § 721, § 367, § 731(c), § 752 issues | WP | Attorney work product reflecting legal strategy for IRS engagement; note: communications with IRS are not privileged as to the IRS but remain work product as to third parties | Leonard Cross | 4 | N | N | Secondary jurisdiction: CC:PSI
PRIV-0031 | 07/20/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP; Sylvia Hartwell, Calderwood & Harkness LLP | Pre-submission conference agenda and talking points — internal preparation memorandum for July 22 IRS meeting, including anticipated IRS questions, prepared responses, and fallback positions on each of eight rulings | WP | Attorney work product — contains attorney mental impressions, strategic analysis, and litigation-type strategy for IRS negotiation; opinion work product | Robert Jansen | 18 | N | N | Highly sensitive — contains fallback positions
PRIV-0032 | 07/23/2025 | Memorandum | Leonard Cross, Calderwood & Harkness LLP | Sylvia Hartwell, Calderwood & Harkness LLP; Robert Jansen, Calderwood & Harkness LLP; Garrett Simmons, Calderwood & Harkness LLP; Stefan Dalmqvist, Solara Digital Infrastructure LP; Priya Narasimhan, Solara Digital Infrastructure LP | Pre-submission conference summary memorandum — documenting IRS feedback from July 22, 2025 conference with CC:INTL Branch 1, IRS questions, areas of concern, and indications on likelihood of favorable rulings | AC+WP | Confidential attorney-client communication reporting on IRS conference; attorney work product containing mental impressions of IRS positions and strategic assessment | Leonard Cross | 10 | N | N
PRIV-0033 | 07/23/2025 | Email | Leonard Cross, Calderwood & Harkness LLP | Priya Narasimhan, Solara Digital Infrastructure LP; Stefan Dalmqvist, Solara Digital Infrastructure LP | Robert Jansen, Calderwood & Harkness LLP | Email providing high-level summary of pre-submission conference outcomes, IRS preliminary reactions, and next steps for PLR submission | AC | Confidential attorney-client communication providing legal advice and strategic guidance following IRS meeting | PRIV-0032 | Leonard Cross | 2 | N | N | Attaches Pre-Submission Conference Summary Memo
PRIV-0034 | 06/16/2025 | Email | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP | Internal email providing preliminary assessment of § 721(b) investment company exception — all 23 portfolio companies are operating businesses (digital infrastructure, SaaS), recommendation for PLR representation | WP+TP | Attorney work product and tax advice containing legal analysis and recommendation | Robert Jansen | 2 | N | N
PRIV-0035 | 07/05/2025 | Email | Garrett Simmons, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP | Internal email attaching updated § 752 liability allocation modeling for $1.34B aggregate liabilities, discussing netting under Treas. Reg. § 1.752-1(f) and tiered partnership treatment issues | WP+TP | Attorney work product — contains legal analysis of liability allocation and attorney recommendations on additional representations | Garrett Simmons | 3 | Y — § 752 modeling spreadsheet (Excel) | N
PRIV-0036 | 07/12/2025 | Email | Sylvia Hartwell, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP | Internal email providing mid-engagement budget update, comparing actual hours/fees against $1.8M–$2.4M estimate, flagging potential scope expansion (lender consent work, supplemental IRS submission) | AC+WP | Attorney-client privilege (internal communications regarding client billing); work product (reflects attorney judgment on matter scope and strategy) | Sylvia Hartwell | 2 | N | N
PRIV-0037 | 07/05/2025 | Email | Leonard Cross, Calderwood & Harkness LLP | Jason Tremaine, Bramhall & Quelwick LLP | Email regarding coordination on U.S. withholding tax and treaty implications of reorganization for Nordhaven Sovereign Wealth Fund ($380M and $500M commitments), information-sharing protocols | JD | Common interest communication between counsel for different parties (Calderwood & Harkness for Solara; Bramhall & Quelwick for Nordhaven SWF) regarding shared interest in confirming favorable tax treatment; privilege maintained under common interest doctrine only if common interest agreement is in place | Leonard Cross | 3 | N | N | Verify common interest agreement status before relying on JD privilege
PRIV-0038 | 07/25/2025 | Letter | Leonard Cross, Calderwood & Harkness LLP | IRS Office of Associate Chief Counsel (International), CC:INTL | Supplemental submission letter to IRS providing additional information, representations, and analyses requested during/after pre-submission conference | WP | Attorney work product — supplemental legal submission to IRS; privileged as to third parties | PRIV-0030; PRIV-0032 | Leonard Cross | 15 | N | N
PRIV-0039 | 06/16/2025 | Memorandum | Garrett Simmons, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP; Leonard Cross, Calderwood & Harkness LLP | Memorandum on timing of check-the-box elections — coordination of Form 8832 effective dates with five reorganization steps, 75-day retroactivity rule, ensuring partnership classification before October 1, 2025 | WP+TP | Attorney work product and tax advice on election timing strategy | Garrett Simmons | 8 | N | N
PRIV-0040 | 06/10/2025 | Memorandum | Robert Jansen, Calderwood & Harkness LLP | Leonard Cross, Calderwood & Harkness LLP | Analysis memorandum reviewing Fund IV ($1.1B) and Fund V ($1.5B) credit agreements with Ashford National Bank and Sentinel Capital Markets — change-of-control, borrowing-base, and assignment provisions triggered by reorganization | WP | Attorney work product analyzing contractual provisions and legal implications of reorganization on credit facilities | Robert Jansen | 20 | N | N
PRIV-0041 | 06/20/2025 | Research Memo | Garrett Simmons, Calderwood & Harkness LLP | Robert Jansen, Calderwood & Harkness LLP; Leonard Cross, Calderwood & Harkness LLP | Research memorandum surveying publicly available PLRs involving multi-vehicle fund reorganizations, partnership-to-partnership contributions, and cross-border partnership restructurings — mapping analogous rulings to eight specific rulings requested | WP | Attorney work product — legal research reflecting attorney selection, analysis, and legal theories | Garrett Simmons | 40 | N | N
PRIV-0042 | 07/28/2025 | Email | Robert Jansen, Calderwood & Harkness LLP | Helen Okamoto, Caldwell Pierce & Co. LLP | Stefan Dalmqvist, Solara Digital Infrastructure LP | Follow-up email on outstanding items from financial data request — tax-basis balance sheets for Fund IV-B Lux (RCS B 248193) and Fund V-B Lux (RCS B 271056), and K-1 schedules | Partial | Factual data requests to accounting firm are generally not privileged; however, portions directing compilation for purpose of legal analysis may be protected as work product. Partial privilege asserted for paragraphs identifying specific legal analyses requiring the data. | PRIV-0004 | Robert Jansen | 2 | N | Y | Review for redaction of work product portions before any production
[sheet: Privilege Type Legend]
Code | Full Name | Legal Basis | Description
AC | Attorney-Client Privilege | Common law; Upjohn Co. v. United States, 449 U.S. 383 (1981) | Confidential communications between attorneys at Calderwood & Harkness LLP and authorized client representatives at Solara Digital Infrastructure LP (including Priya Narasimhan, Stefan Dalmqvist, Viktor Raines, Douglas Wexford, Meredith Tsao) made for the purpose of providing or obtaining legal advice in connection with the PLR engagement.
WP | Work Product Doctrine | Fed. R. Civ. P. 26(b)(3); Hickman v. Taylor, 329 U.S. 495 (1947) | Documents and tangible things prepared by or at the direction of Calderwood & Harkness LLP attorneys in anticipation of litigation or in connection with rendering legal services, reflecting attorney mental impressions, conclusions, opinions, or legal theories. Includes tax analysis memoranda, PLR drafts, research memoranda, and internal strategy documents.
TP | Tax Practitioner Privilege | IRC § 7525 | Communications between federally authorized tax practitioners (Leonard Cross, Sylvia Hartwell, Robert Jansen, Garrett Simmons) and client with respect to tax advice, to the extent applicable in non-criminal federal tax proceedings before the IRS. Note: Does not apply to written advice regarding tax shelters or to criminal proceedings.
JD | Joint Defense / Common Interest | Common law common interest doctrine; United States v. Schwimmer, 892 F.2d 237 (2d Cir. 1989) | Communications shared with co-counsel (e.g., Whitfield, Carruthers & Doyle LLP as LPAC counsel; Bramhall & Quelwick LLP as Nordhaven SWF independent counsel) or with Cayman/Luxembourg local counsel (Meridian Offshore Legal; Veldhuis & Gérard S.à r.l.) pursuant to a common legal interest in the favorable tax treatment of the reorganization. Requires existence of a common interest agreement.
AC+WP | Attorney-Client Privilege + Work Product | See AC and WP above | Documents that qualify for both attorney-client privilege and work product protection — typically attorney memoranda summarizing client communications and containing legal analysis.
AC+TP | Attorney-Client Privilege + Tax Practitioner Privilege | See AC and TP above | Tax advice communications between attorneys and client that are protected by both privileges.
WP+TP | Work Product + Tax Practitioner Privilege | See WP and TP above | Attorney-prepared tax analysis documents that qualify as both work product and tax practitioner communications.
AC+WP+TP | All Three Privileges | See AC, WP, and TP above | Documents protected by attorney-client privilege, work product doctrine, and tax practitioner privilege simultaneously.
Partial | Partial Privilege | Various — see Basis column | Documents that are partially privileged — e.g., communications with non-attorney service providers (Caldwell Pierce & Co. LLP, Redstone Advisory Group LLC) where portions reflect or incorporate legal advice or attorney mental impressions but other portions are purely factual.
[sheet: Entity Reference]
Full Legal Name | Short Name | Entity Type | Jurisdiction | EIN | Role in Reorganization
Solara Digital Infrastructure LP | Solara, SDILP | Limited partnership | Delaware | 82-4917366 | Client / Sponsor
Solara Digital Infrastructure GP LLC | Solara GP | LLC | Delaware | 82-4917365 | General partner of SDILP and fund vehicles
Solara Digital Partners Fund IV LP | Fund IV | Limited partnership | Delaware | 85-2103748 | Domestic main fund (vintage 2021, $4.2B)
Solara Digital Partners Fund IV-A (Cayman) LP | Fund IV-A Cayman | Exempted limited partnership | Cayman Islands | 98-6241503 | Offshore parallel fund (contributing entity — Step 2)
Solara Digital Partners Fund IV-B (Luxembourg) SCSp | Fund IV-B Lux | SCSp | Luxembourg | 98-6241571 | Offshore parallel fund (contributing entity — Step 3)
Solara Offshore GP Ltd. | Offshore GP | Exempted company | Cayman Islands | N/A | GP of Cayman fund vehicles
Solara Luxembourg Management S.à r.l. | Lux Manager | S.à r.l. | Luxembourg | N/A | GP of Luxembourg fund vehicles
Solara Digital Partners Fund V LP | Fund V | Limited partnership | Delaware | 88-3467219 | Domestic main fund (vintage 2023, $5.6B)
Solara Digital Partners Fund V-A (Cayman) LP | Fund V-A Cayman | Exempted limited partnership | Cayman Islands | 98-7891234 | Offshore parallel fund (contributing entity — Step 4)
Solara Digital Partners Fund V-B (Luxembourg) SCSp | Fund V-B Lux | SCSp | Luxembourg | 98-7891267 | Offshore parallel fund (contributing entity — Step 4)
Solara Consolidated Master Fund LP | Master Fund | Limited partnership | Delaware (to be formed) | TBD | New master fund vehicle (receiving entity)
Solara Consolidated Master Fund GP LLC | Master Fund GP | LLC | Delaware (to be formed) | TBD | GP of Master Fund
Solara International Feeder (Cayman) LP | Int'l Feeder | Exempted limited partnership | Cayman Islands (to be formed) | TBD | New feeder for non-U.S. investors
Solara Tax-Exempt Feeder (Cayman) LP | TE Feeder | Exempted limited partnership | Cayman Islands (to be formed) | TBD | New feeder for U.S. tax-exempt investors
[sheet: Personnel Reference]
Name | Title / Role | Organization | Privilege Relationship
Leonard Cross | Responsible Partner, Tax | Calderwood & Harkness LLP | Attorney (engagement team)
Sylvia Hartwell | Billing Partner, Tax | Calderwood & Harkness LLP | Attorney (engagement team)
Robert Jansen | Lead Associate, Tax | Calderwood & Harkness LLP | Attorney (engagement team)
Garrett Simmons | Working Associate, Tax | Calderwood & Harkness LLP | Attorney (engagement team)
Viktor Raines | Managing Partner & Founder | Solara Digital Infrastructure LP | Client representative — authorized signatory
Priya Narasimhan | General Counsel | Solara Digital Infrastructure LP | Client representative — primary legal contact
Stefan Dalmqvist | Head of Tax | Solara Digital Infrastructure LP | Client representative — primary tax contact
Douglas Wexford | Chief Financial Officer | Solara Digital Infrastructure LP | Client representative — financial data
Meredith Tsao | Chief Operating Officer | Solara Digital Infrastructure LP | Client representative — operational matters
Diana Carruthers | Partner (Fund Formation & Tax) | Whitfield, Carruthers & Doyle LLP | LPAC counsel — common interest
Jason Tremaine | Partner (International Tax) | Bramhall & Quelwick LLP | Independent counsel to Nordhaven SWF — common interest (if agreement executed)
Fiona McAllister | Partner | Meridian Offshore Legal | Cayman Islands counsel — joint representation / common interest
Marc Gérard | Managing Partner | Veldhuis & Gérard S.à r.l. | Luxembourg counsel — joint representation / common interest
Helen Okamoto | Partner (FS Tax) | Caldwell Pierce & Co. LLP | Accounting firm — limited tax practitioner privilege for tax advice; factual communications generally not privileged
Marco DeLuca | Managing Director | Redstone Advisory Group LLC | Valuation advisor — generally not privileged unless directed by counsel
Rachel Okonkwo | Client Relationship Director | Clarendon Fund Services Ltd. | Fund administrator — not privileged
Thomas Greenleaf | Managing Director (Fund Finance) | Ashford National Bank, N.A. | Lender — not privileged
Laura Pak | Vice President | Sentinel Capital Markets LLC | Co-lender / administrative agent — not privileged
Neil Braddock | Senior Underwriter | Hawkstone Specialty Insurance Co. | D&O/E&O insurer — not privileged
Margaret Faulkner | CIO | Pinnacle State Employees' Retirement System | LP (U.S. tax-exempt) — not privileged absent common interest
Harold Kingsley | Director of Investments | Grandview University Endowment | LP (U.S. tax-exempt) — not privileged absent common interest
Anders Bjørkman | Head of Alternative Investments | Nordhaven Sovereign Wealth Fund | LP (non-U.S. sovereign) — not privileged absent common interest
Christine Leung | Senior Portfolio Manager | Kestrel Pacific Insurance Group | LP (non-U.S. insurance) — not privileged absent common interest
Elliot Argyle | Principal | Argyle Family Office Holdings LLC | LP (U.S. taxable) — not privileged absent common interest