This is the second article in our five-part serialization of a treatise chapter by Dechert LLP partner Andrew Oringer.  The chapter describes – clearly, comprehensively and with citations to a range of authority that would be immensely time-consuming to compile independently – the ERISA provisions of primary relevance to private funds.  Private fund managers need to understand ERISA if they market to pension funds, and we have yet to encounter a more pithy and pointed route to understanding relevant ERISA concepts (and excluding extraneous concepts) than this chapter.  This second article in the series focuses on fiduciary duty considerations, including delegation, allocation of investment opportunities, varied interests of fund investors, indemnification and insurance, investments in portfolio funds, enforcement-related matters and diversification requirements.  To view the first article in this series, click here.