Under ERISA, the Fund is subject to additional requirements and obligations once more than 25 percent of the fund’s assets under management ("AUM") are subject to ERISA. The 25 percent threshold is calculated each time there is a change in ownership of equity interest of the Fund. The denominator of this calculation should exclude controlling equity interest of the fund. Therefore, only limited partners’ capital is used in the calculation and certain limited partners’ capital under the control of the general partner would also be excluded. Under the Pension Protection Act of 2006 ("PPA"), only ERISA Plans and IRAs count towards the determination of the 25 percent threshold. Foreign plans and government plans are excluded from the numerator of this calculation but are included in the denominator.