Extract to table

In other words, if an investing entity (such as a fund of funds) has failed to maintain the sub-25% BPI threshold or has not otherwise avoided plan asset treatment, that entity is itself treated as a BPI, and its investment in the Fund must be counted in the BPI numerator for the Fund's 25% test

If multiple classes exist (for example, if a fund were to issue both Class A and Class B limited partnership interests with different economic terms), the test must be applied separately to each class

The 25% test must be satisfied at each "valuation date

Accordingly, the BPI percentage must be calculated and verified at each closing and upon any transfer of interests

Stonewall must represent whether its assets constitute plan assets and, if so, the percentage of plan assets in its capital base

At least 50% of the entity's assets (valued at cost) must be invested in "venture capital investments