| N-2 | 12 Months Ended |
| Apr. 30, 2024 |
| Cover [Abstract] | |
| Entity Central Index Key | 0001742836 |
| Amendment Flag | false |
| Document Type | N-CSR |
| Entity Registrant Name | CPG FOCUSED ACCESS FUND, LLC |
| Other Transaction Expenses [Abstract] | |
| Annual Expenses [Table Text Block] | INISTRATION, CUSTODIAN FEES, DISTRIBUTION AND SERVICING FEE UMB Fund Services, Inc. serves as administrator (the “Administrator”) to the Fund and provides certain accounting, administrative, record keeping and investor related services. For its services, the Fund pays an annual fee to the Administrator based upon average net assets, subject to certain minimums. For the year ended April 30, 2024, the total administration fees were $615,078 which is included as Accounting and administration fees in the Statement of Operations, of which $51,337 was payable and is included as Accounting and administration fees payable in the Statement of Assets and Liabilities as of April 30, 2024. The Custodian is an affiliate of the Administrator and serves as the primary custodian of the assets of the Fund. Delaware Distributors, L.P. (the “Placement Agent”) acts as the placement agent of the Fund’s Units. Under the terms of the Placement Agent Agreement with the Placement Agent, the Placement Agent is authorized to pay sub -placement -1 -12b-1 -wide -1 -1 |
| General Description of Registrant [Abstract] | |
| Investment Objectives and Practices [Text Block] | CPG Focused Access Fund, LLC (the “Fund”) was organized as a Delaware limited liability company on June 4, 2018. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as a closed -end -diversified -term -adjusted -party Subject to the requirements of the 1940 Act, the business and affairs of the Fund shall be managed under the direction of the Fund’s Board of Directors (the “Board,” with an individual member referred to as a “Director”). The Board shall have the right, power and authority, on behalf of the Fund and in its name, to do all things necessary and proper to carry out its duties under the Fund’s Limited Liability Company Agreement, as amended and restated from time to time. Each Director shall be vested with the same powers, authority and responsibilities on behalf of the Fund as are customarily vested in each director of a closed -end -to-day -to-day -5 The Fund’s term is perpetual unless the Fund is otherwise terminated under the terms of the Fund’s organizational documents. The Fund currently offers four classes of units of limited liability company interest (“Units”), Class F1 Units, Class F2 Units, Class A Units and Class I Units, which differ in their respective sales load (the “Placement Fee”) and Distribution and Servicing Fees (as defined below). Class F1 Units and Class F2 Units were available for purchase as of November 1, 2018, and Class A Units and Class I Units were available for purchase as of July 1, 2019. Each class of Units may be purchased as of the first business day of each calendar month based upon its respective then -current |
| Risk Factors [Table Text Block] | PRINCIPAL RISK FACTORS General Risks Investment Risk An investment in the Fund involves a high degree of risk, including the risk that the Investor’s entire investment may be lost. No assurance can be given that the Fund’s investment objective will be achieved. The Fund’s performance depends upon the Adviser’s selection of Investment Funds, the allocation of offering proceeds thereto and the performance of the Investment Funds. The Investment Funds’ investment activities involve the use of strategies and investment techniques with significant risk characteristics, including risks arising from national or international economic conditions, volatility in the global equity, currency, real estate and fixed -income -economic All investments made by the Investment Funds risk the loss of capital. The Investment Funds’ results may vary substantially over time. Investment Approach i.e. In contrast to most registered investment companies, the Investment Funds typically do not maintain their securities and other assets in the custody of a bank. It is anticipated that the Investment Funds generally will maintain custody of their assets with brokerage firms that do not separately segregate such customer assets as required in the case of registered investment companies. If such brokerage firm became bankrupt, the Fund could be more adversely affected than would be the case if custody of assets were maintained in accordance with the requirements applicable to registered investment companies. In addition, an Investment Fund Manager could convert assets committed to it by the Fund for its own use, or a custodian could convert assets committed to it by an Investment Fund Manager to the custodian’s own use. Investment decisions of the Investment Funds are made by the Investment Fund Managers independently of each other so that, at any particular time, one Investment Fund may be purchasing shares in an issuer that at the same time are being sold by another Investment Fund. Transactions of this sort could result in the Fund’s directly or indirectly incurring certain transaction costs without accomplishing any net investment result. Because the Fund may make additional investments in or withdrawals from Investment Funds only at certain times due to restrictions imposed by the Investment Funds, the Fund may, from time to time, have to invest some of its assets temporarily in money market securities, money market funds, or other similar types of investments. Investment Funds may permit or require that withdrawals or redemptions of interests be made in -kind -kind -called Market Risk -performance -wide -19 -Hamas -minute Limited Operating History Concentration Risk Available Information Unspecified Investments; Dependence on the Adviser -oriented -oriented Limitations on Transferability; Units Not Listed; No Market for Units Closed-End Fund; Liquidity Risks -diversified -end -term -end -end -end Repurchase Risks A 2% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one -year -first Substantial requests for the Fund to repurchase Units could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable for the purpose of raising cash to fund the repurchases. This could have a material adverse effect on the value of the Units. In addition, substantial repurchases of Units may decrease the Fund’s total assets and accordingly may increase its expenses as a percentage of average net assets. If a repurchase offer is oversubscribed by Investors who tender Units, the Fund may repurchase a pro rata portion of the Units tendered. Distributions In-Kind -kind -kind Leverage Utilized by the Investment Funds e.g. An Investment Fund’s use of short -term In the U.S. futures markets, margin deposits are typically required. These deposits may range from 1% to 15% of the value of the futures contracts being purchased or sold. With respect to other derivative markets, margin deposits may be lower or may not be required at all. Such low margin deposits indicate that any trading in these markets typically is accompanied by a high degree of leverage. A relatively small adverse price movement in a futures or forward contract may result in immediate and substantial losses to the investor where low margin deposits exist. There are no margin requirements in connection with Investment Fund purchases of options, because the option premium is paid for in full. The premiums for certain options traded on foreign exchanges may be paid for on margin. When an Investment Fund sells an option on a futures contract, it may be required to deposit margin in an amount that may be determined by the margin requirement established for the futures contract underlying the option and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the writing of options can be higher than those imposed when dealing in the futures markets directly. Whether any margin deposit will be required for over -the-counter -the-counter Borrowing -third Legal and Regulatory Risks -U The Dodd -Frank -Frank -Frank -the-counter -Frank -on As of the date hereof, there is uncertainty with respect to legislation, regulation and government policy at the federal, state and local levels, notably as respects U.S. trade, fiscal, tax, healthcare, immigration, foreign and government regulatory policy. Recent events have created a climate of heightened uncertainty and introduced difficult -to-quantify -reaching Substantial Fees and Expenses -based -based significant. The operating expenses of an Investment Fund may include, but are not limited to: organizational and offering expenses; the cost of investments (such as broker -dealer -party -related -recurring Investments in Non-Voting Stock; Inability to Vote -voting -voting Non-Diversified Status -diversified Dilution from Subsequent Offering of Units Small- and Medium-Capitalization Companies -sized -capitalization -capitalization -capitalization -capitalization -chip -capitalization Geographic Concentration Risks Currency Risk Sector Focus Technology Sector. Life Sciences and Healthcare Sectors. -parties Financial Sector. Valuation of the Fund’s Investments in Investment Funds -5 The valuation of the Fund’s investments in Investment Funds ordinarily is determined based upon valuations provided by the Investment Funds on a monthly basis. The Investment Funds may invest in certain securities and other financial instruments that do not have readily ascertainable market prices and will be valued by the respective Investment Fund Managers. In this regard, an Investment Fund may face a conflict of interest in valuing the securities, as their value may affect the Investment Fund’s compensation or its ability to raise additional funds. As part of its process for evaluating an Investment Fund for purchase, the Adviser reviews the Investment Fund’s valuation process and related controls. However, no assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Investment Fund, the accuracy of the valuations provided by the Investment Funds, that the Investment Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that the Investment Funds’ policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts. The Adviser has established the Valuation Committee to oversee the valuation of the Fund’s investments pursuant to the Valuation Procedures. Moreover, neither the Valuation Committee nor the Adviser generally will have sufficient information in order to be able to confirm or review the accuracy of valuations provided by an Investment Fund. An Investment Fund’s information could be inaccurate due to fraudulent activity, misvaluation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time, if ever. Even if the Adviser elects to cause the Fund to sell, withdraw or redeem its interests in such an Investment Fund, the Fund may be unable to sell, withdraw or redeem such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the Investment Fund’s valuations of such interests could remain subject to such fraud or error, and the Valuation Committee, in its sole discretion, may determine to discount the value of the interests or value them at zero. Investors should be aware that situations involving uncertainties as to the valuations by Investment Funds could have a material adverse effect on the Fund if the Investment Fund Manager’s, the Adviser’s or the Fund’s judgments regarding valuations should prove incorrect. Persons who are unwilling to assume such risks should not make an investment in the Fund. Valuations Subject to Adjustment -end -end Reporting Requirements Indemnification of Investment Funds, Investment Fund Managers and Others These investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose credit risks that result in issuer default. Investment Strategy-Related Risks Certain of the principal risks of the Fund’s identified investment strategies (which are employed through the Investment Funds) are set forth below. Depending on economic and market conditions, or allocations to other Investment Funds or Investment Fund Managers, other risks may be present. Equity Hedged -specific -specific Relative Value Equity Market Neutral. -neutral -wide -wide -neutral -wide -wide Statistical Arbitrage. -driven -term -term -suited Fixed -Income Arbitrage. -income -U -backed -backed -income profound effects on interest and exchange rates that, in turn, affect prices in areas of the investment and trading activities of fixed -income Convertible Arbitrage. The price of a convertible bond, similar to other bonds, moves inversely with changes in interest rates. As a result, increases in interest rates could result in a loss on a position to the extent that the short position does not correspondingly depreciate in value. While Investment Fund Managers typically try to hedge interest rate risk via interest rate swaps and government securities, residual interest rate risk can adversely impact the portfolio. The price of convertible bonds also is sensitive to the perceived credit quality of the issuer. Convertible securities purchased by Investment Fund Managers will decline in value if there is deterioration in the perceived credit quality of the issuer or a widening of credit spreads and this decline in value may not be offset by gains on the corresponding short equity position. Convertible bond arbitrage portfolios typically are long volatility. Volatility risk is difficult to hedge since the strike price and, often, the maturity of the implied option are unknown. A decline in actual or implied stock volatility of the issuing companies can cause premiums to contract on the convertible bonds. Convertible arbitrageurs also are exposed to liquidity risk in the form of short squeezes in the underlying equities, or due to widening bid/ask spreads in the convertible bonds. Liquidity risk often can be exacerbated by margin calls since most arbitrageurs run leveraged portfolios. Convertible arbitrage strategies also are subject to risk due to inadequate or misleading disclosure concerning the securities involved. Also, in the absence of anti -dilution Relative Value Credit. Event-Driven -offs subjects of proxy contests, in the hope that the resulting changes in management may improve the company’s performance or lead to sale of either the company or its assets. If the incumbent management defeats such an attempt, or if the incoming management team is unable to achieve its goals, the market price of the company’s securities will typically fall, which may cause the Investment Fund to sustain a loss. In addition, companies involved in acquisition attempts via proxy fights may be the subject of litigation, which typically involves significant uncertainties and may impose additional costs and expenses upon the company, the participating Investment Fund and, indirectly, the Fund. Merger Arbitrage. Special Situations. -off Distressed Securities. -U -investment -called -average Event Driven Equity. Corporate Credit Event Driven. Trading Global Macro. -economic -economic -country Emerging Markets. Other Investment-Related Risks Equity Securities -U -U -cap Investment Fund Managers’ investments in equity securities may include securities that are listed on securities exchanges, as well as unlisted securities that are traded over -the-counter Bonds and Other Fixed-Income Securities -income -income -U -U -backed -backed -income i.e. i.e. Dislocations in the fixed -income -income Defaulted Debt Securities and Other Securities of Distressed Companies i.e. Insolvency Considerations with Respect to Issuers of Indebtedness small capital or (iii) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they matured, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of such issuer, or to permit such issuer to recover amounts previously paid by such issuer in satisfaction of such indebtedness. The measure of insolvency for these purposes will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts were then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets were then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. There can be no assurance as to what standard a court would apply in order to determine whether the issuer was “insolvent” after giving effect to the incurrence of the indebtedness in which the Investment Funds invested or that, regardless of the method of valuation, a court would not determine that the issuer was “insolvent” upon giving effect to such incurrence. In addition, in the event of the insolvency of an issuer of indebtedness in which an Investment Fund invests, payments made on such indebtedness could be subject to avoidance as a “preference” if made within a certain period of time (which may be as long as one year) before insolvency. In general, if payments on indebtedness are avoidable, whether as fraudulent conveyances or preferences, such payments can be recaptured from the Investment Funds. There can be no assurance as to whether any lending institution or other party from which an Investment Fund may acquire indebtedness engaged in any conduct that would form the basis for a successful cause of action based upon fraudulent conveyance, preference or equitable subordination (or any other conduct that would subject such indebtedness and the Investment Fund to insolvency laws) and, if it did, as to whether any creditor claims could be asserted in a U.S. court (or in the courts of any other country) against that Investment Fund. Frequently, a debtor seeking to reorganize under U.S. federal bankruptcy law will obtain a “first day” order from the bankruptcy court limiting trading in claims against, and shares of, the debtor in order to maximize the debtor’s ability to utilize net operating losses following a successful reorganization. Such an order could in some circumstances adversely affect an Investment Fund’s ability to successfully implement an investment strategy with respect to a bankrupt company. Indebtedness consisting of obligations of non -U Real Estate Investment Trusts -called -related -related -related Mortgage-Backed and Mortgage-Related Securities -backed -related -rate -rate -related -related -rate -related -backed Other Asset-Backed Securities -backed -flow Collateralized Loan Obligations (“CLOs”) In addition to the general risks associated with investing in debt securities ( e.g. Restricted and Illiquid Investments -called Where registration is required to sell a security, an Investment Fund Manager may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Investment Fund Manager may be permitted to sell a security under an effective registration statement. If during such a period adverse market conditions were to develop, the Investment Fund Manager might obtain a less favorable price than the prevailing price when it decided to sell. Investment Fund Managers may be unable to sell restricted and other illiquid securities at the most opportune times or at prices approximating the value at which they purchased such securities. An Investment Fund’s portfolio may include a number of investments for which no market exists and which have substantial restrictions on transferability. Certain Investment Funds may invest all or a portion of their assets in privately placed securities that may be illiquid. Some of these investments are held in “side pockets,” which are sub -accounts Cash, Cash Equivalents, Investment Grade Bonds, Money Market Instruments -income -term -income These investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose credit risks that result in issuer default. Short Sales -valued Short sale transactions have been subject to increased regulatory scrutiny, including the imposition of restrictions on short selling certain securities and reporting requirements. The Investment Funds’ ability to execute short sales may be materially adversely impacted by rules, interpretations, prohibitions and restrictions on short selling activity imposed by regulatory authorities, including the SEC, its foreign counterparts, other government authorities or self -regulatory Non-U.S. Investments -dollar-denominated -income -U -U -U -U -the-counter -U The securities markets of foreign countries generally are less regulated than U.S. securities markets. Some foreign securities markets have a higher potential for price volatility and relative illiquidity compared to the U.S. securities markets. In addition, because there is less publicly available information about foreign companies, and because many non -U Although certain Investment Funds may invest portions of their assets in non -U -income -U Following is a discussion of some of the more significant risks generally associated with investing in non -U Non -U .S. Currencies. -U -term -term Characteristics of Non -U .S. Securities Markets -the-counter -U -U usually lower than in U.S. markets, resulting in reduced liquidity and potentially rapid and erratic price fluctuations. Commissions for trades on foreign stock exchanges and custody expenses generally are higher than those in the U.S. Settlement practices for transactions in foreign markets may involve delays beyond periods customary in the United States, possibly requiring an Investment Fund to borrow funds or securities to satisfy its obligations arising out of other transactions. In addition, there could be more “failed settlements,” which can result in losses to an Investment Fund. Less Company Information and Regulation. -U Political and Economic Instability. -U Withholding Taxes. “Short Squeeze.” -selling -U Foreign Exchange. -exchange -traded Repurchase Agreements and Reverse Repurchase Agreements -dealers An Investment Fund may enter into reverse repurchase agreements and dollar rolls. A reverse repurchase agreement involves the sale of a security by an Investment Fund and its agreement to repurchase the instrument at a specified time and price. A counterparty to a reverse repurchase agreement may be unable or unwilling to complete the transaction as scheduled, which may result in losses to the Investment Fund. A dollar roll is similar except that the counterparty is not obligated to return the same securities as those originally sold by the Investment Fund but only securities that are “substantially identical.” Reverse repurchase agreements and dollar rolls may be considered forms of borrowing for some purposes. Bank Loans and Loan Participations -payment -payment -payment -payment Lending Portfolio Securities Purchasing Initial Public Offerings for an Investment Fund to buy or sell significant amounts of shares without an unfavorable effect on prevailing market prices. In addition, some companies in initial public offerings may be involved in relatively new industries or businesses, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as developmental stage companies, without revenues or operating income, or close to achieving revenues or operating income. In addition, an investment in an initial public offering may have a disproportionate impact on the performance of an Investment Fund that does not yet have a substantial amount of assets. This impact on an Investment Fund’s performance may decrease as an Investment Fund’s assets increase. Commodities Registered Investment Companies -offered pro rata Special Investment Instruments and Techniques Investment Funds may utilize a variety of special investment instruments and techniques to hedge against various risks, such as changes in interest rates or other factors that affect security values, or for non -hedging -hedging Derivatives -the-counter -U Liquidity. Operational Leverage. Over -the-Counter Trading. -traded -traded -traded Call Options. i.e. The buyer of a call option assumes the risk of losing its entire investment in the call option. However, if the buyer of the call sells short the underlying security, the loss on the call will be offset in whole or in part by gain on the short sale of the underlying security. Put Options. i.e. The buyer of a put option assumes the risk of losing its entire investment in the put option. However, if the buyer of the put holds the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security. Stock Index Options Trading. Forward Contracts. Swap Agreements. -term -term Swap agreements will tend to shift an Investment Fund’s investment exposure from one type of investment to another. Depending on how they are used, swap agreements may increase or decrease the overall volatility of an Investment Fund’s portfolio. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from an Investment Fund. If a swap agreement calls for payments by an Investment Fund, the Investment Fund must be prepared to make such payments when due. In addition, the value of a swap agreement is likely to decline if the counterparty’s creditworthiness declines. Such a decrease in value might cause the Investment Fund to incur losses. Swap agreements can take many different forms and are known by a variety of names. An Investment Fund is not limited to any particular form of swap agreement if its Investment Fund Manager determines that other forms are consistent with that Investment Fund’s investment objectives and policies. Specific swap agreements (and options thereon) include currency swaps; index swaps; interest rate swaps (including interest rate locks, caps, floors and collars); credit default swaps; inflation swaps; and total return swaps (including equity swaps). • Currency Swap Transactions • Index Swap Transactions • Interest Rate Swap Transactions -current • Credit Default Swap Transactions -front • Inflation Swap Transactions (or counterparty) based on the yield difference between Treasuries and TIPS of the same maturity. (This yield spread represents the market’s current expected inflation for the time period covered by the maturity date.) In exchange for this fixed rate, the counterparty pays the buyer an inflation -linked • Total Return Swap Transactions Hedging Transactions. -listed -the-counter -exchange -U Unhedged Risks. e.g. Futures Contracts. -the-counter Non -U .S. Futures Transactions -dispute-resolution Counterparty Credit Risk. In situations where an Investment Fund is required to post margin or other collateral with a counterparty, the counterparty may fail to segregate the collateral or may commingle the collateral with the counterparty’s own assets. As a result, in the event of the counterparty’s bankruptcy or insolvency, the Investment Fund’s collateral may be subject to the conflicting claims of the counterparty’s creditors and the Investment Fund may be exposed to the risk of being treated as a general unsecured creditor of the counterparty, rather than as the owner of the collateral. Investment Funds are subject to the risk that issuers of the instruments in which they invest and trade may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Investment Fund will not sustain a loss on a transaction as a result. Transactions entered into by an Investment Fund may be executed on various U.S. and non -U Warrants and Rights -like When-Issued and Forward Commitment Securities -issued -issued -issued -issued securities purchased on a when -issued Other Risks Investing in the Fund involves risks other than those associated with investments made by the Investment Funds. Some of these risks are described below: Incentive Fee/Allocation Arrangements Availability of Investment Opportunities e.g. Changes in Investment Strategies Potential Significant Effect of the Performance of a Limited Number of Investments or Strategies Control Positions Inadequate Return Inside Information -public Recourse to the Fund’s Assets Possible Exclusion of Investors Based on Certain Detrimental Effects Sub-Placement Agent Risk -Placement When a limited number of Sub -Placement -Placement -Placement -Placement Tax Risks -of-income -level Each of the aforementioned ongoing requirements for qualification of the Fund as a RIC requires that the Adviser obtain information from or about the Investment Funds in which the Fund is invested. However, Investment Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund’s income and the diversification of its assets, and otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of Investment Funds in which the Fund can invest or the amount that may be invested in certain Investment Funds. Furthermore, although the Fund expects to receive information from each Investment Fund Manager regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information. If, before the end of any quarter of its taxable year, the Fund believes that it may fail the asset diversification requirement of RIC qualification, the Fund may seek to take certain actions to avert such a failure. However, the action frequently taken by RICs to avert such a failure, the disposition of non -diversified -day -diversified -level i.e. In addition, the Fund may directly or indirectly invest in Investment Funds located outside the United States. Such Investment Funds may be subject to withholding taxes and other taxes in such jurisdictions with respect to their investments. In general, a U.S. person will not be able to claim a foreign tax credit or deduction for foreign taxes paid by the Fund. Further, adverse United States tax consequences can be associated with certain foreign investments, including potential United States withholding taxes on foreign investment entities with respect to their United States investments (including those described in the Confidential Memorandum) and potential adverse tax consequences associated with investments in any foreign corporations that are characterized for U.S. federal income tax purposes as “controlled foreign corporations” or “passive foreign investment companies.” Under the Fund’s dividend reinvestment plan, distributions paid by the Fund will be automatically reinvested in additional Units unless an Investor “opts out” (elects not to reinvest in Units). The tax treatment of dividends and capital gain distributions will be the same whether the Investor takes them in cash or reinvests them to purchase additional Units. Investors may opt out initially, and thereafter may change their election at any time, by contacting the Administrator. Units purchased by reinvestment will be issued at their net asset value on the ex -dividend -3140 For U.S. federal income tax purposes, the Fund generally will be required to include in income certain amounts that the Fund has not yet received in cash, such as original issue discount (“OID”), which may arise, for example, if the Fund receives warrants in connection with the making of a loan or “payment -in-kind loan principal balance and due at the end of the loan term. This OID or “payment -in-kind -level The Fund may retain some income and capital gains in the future, including for purposes of providing the Fund with additional liquidity, which amounts would be subject to the 4% U.S. federal excise tax. In that event, the Fund will be liable for the tax on the amount by which the Fund does not meet the foregoing distribution requirement. Changes in Tax Laws Governing IRAs. A change in the current tax laws under the Code or other applicable tax rules governing IRAs and their investments (including, without limitation, Code provisions governing the maximum contributions that may be made to IRAs, the types of investments that IRAs may hold, the maximum amount that may be invested in IRAs and/or the annual minimum required distributions that an IRA must make) could result in adverse consequences for IRA investors (and their owners and beneficiaries). These changes could include, for example, a prohibition on IRA investors holding investments such as the Fund ( i.e., -exempt -transferable Cybersecurity Risk -incidents e.g. -attacks -of-service i.e. -Placement |
| General Risks [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | General Risks Investment Risk An investment in the Fund involves a high degree of risk, including the risk that the Investor’s entire investment may be lost. No assurance can be given that the Fund’s investment objective will be achieved. The Fund’s performance depends upon the Adviser’s selection of Investment Funds, the allocation of offering proceeds thereto and the performance of the Investment Funds. The Investment Funds’ investment activities involve the use of strategies and investment techniques with significant risk characteristics, including risks arising from national or international economic conditions, volatility in the global equity, currency, real estate and fixed -income -economic All investments made by the Investment Funds risk the loss of capital. The Investment Funds’ results may vary substantially over time. Investment Approach i.e. In contrast to most registered investment companies, the Investment Funds typically do not maintain their securities and other assets in the custody of a bank. It is anticipated that the Investment Funds generally will maintain custody of their assets with brokerage firms that do not separately segregate such customer assets as required in the case of registered investment companies. If such brokerage firm became bankrupt, the Fund could be more adversely affected than would be the case if custody of assets were maintained in accordance with the requirements applicable to registered investment companies. In addition, an Investment Fund Manager could convert assets committed to it by the Fund for its own use, or a custodian could convert assets committed to it by an Investment Fund Manager to the custodian’s own use. Investment decisions of the Investment Funds are made by the Investment Fund Managers independently of each other so that, at any particular time, one Investment Fund may be purchasing shares in an issuer that at the same time are being sold by another Investment Fund. Transactions of this sort could result in the Fund’s directly or indirectly incurring certain transaction costs without accomplishing any net investment result. Because the Fund may make additional investments in or withdrawals from Investment Funds only at certain times due to restrictions imposed by the Investment Funds, the Fund may, from time to time, have to invest some of its assets temporarily in money market securities, money market funds, or other similar types of investments. Investment Funds may permit or require that withdrawals or redemptions of interests be made in -kind -kind -called Market Risk -performance -wide -19 -Hamas -minute Limited Operating History Concentration Risk Available Information Unspecified Investments; Dependence on the Adviser -oriented -oriented Limitations on Transferability; Units Not Listed; No Market for Units Closed-End Fund; Liquidity Risks -diversified -end -term -end -end -end Repurchase Risks A 2% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one -year -first Substantial requests for the Fund to repurchase Units could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable for the purpose of raising cash to fund the repurchases. This could have a material adverse effect on the value of the Units. In addition, substantial repurchases of Units may decrease the Fund’s total assets and accordingly may increase its expenses as a percentage of average net assets. If a repurchase offer is oversubscribed by Investors who tender Units, the Fund may repurchase a pro rata portion of the Units tendered. Distributions In-Kind -kind -kind Leverage Utilized by the Investment Funds e.g. An Investment Fund’s use of short -term In the U.S. futures markets, margin deposits are typically required. These deposits may range from 1% to 15% of the value of the futures contracts being purchased or sold. With respect to other derivative markets, margin deposits may be lower or may not be required at all. Such low margin deposits indicate that any trading in these markets typically is accompanied by a high degree of leverage. A relatively small adverse price movement in a futures or forward contract may result in immediate and substantial losses to the investor where low margin deposits exist. There are no margin requirements in connection with Investment Fund purchases of options, because the option premium is paid for in full. The premiums for certain options traded on foreign exchanges may be paid for on margin. When an Investment Fund sells an option on a futures contract, it may be required to deposit margin in an amount that may be determined by the margin requirement established for the futures contract underlying the option and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the writing of options can be higher than those imposed when dealing in the futures markets directly. Whether any margin deposit will be required for over -the-counter -the-counter Borrowing -third Legal and Regulatory Risks -U The Dodd -Frank -Frank -Frank -the-counter -Frank -on As of the date hereof, there is uncertainty with respect to legislation, regulation and government policy at the federal, state and local levels, notably as respects U.S. trade, fiscal, tax, healthcare, immigration, foreign and government regulatory policy. Recent events have created a climate of heightened uncertainty and introduced difficult -to-quantify -reaching Substantial Fees and Expenses -based -based significant. The operating expenses of an Investment Fund may include, but are not limited to: organizational and offering expenses; the cost of investments (such as broker -dealer -party -related -recurring Investments in Non-Voting Stock; Inability to Vote -voting -voting Non-Diversified Status -diversified Dilution from Subsequent Offering of Units Small- and Medium-Capitalization Companies -sized -capitalization -capitalization -capitalization -capitalization -chip -capitalization Geographic Concentration Risks Currency Risk Sector Focus Technology Sector. Life Sciences and Healthcare Sectors. -parties Financial Sector. Valuation of the Fund’s Investments in Investment Funds -5 The valuation of the Fund’s investments in Investment Funds ordinarily is determined based upon valuations provided by the Investment Funds on a monthly basis. The Investment Funds may invest in certain securities and other financial instruments that do not have readily ascertainable market prices and will be valued by the respective Investment Fund Managers. In this regard, an Investment Fund may face a conflict of interest in valuing the securities, as their value may affect the Investment Fund’s compensation or its ability to raise additional funds. As part of its process for evaluating an Investment Fund for purchase, the Adviser reviews the Investment Fund’s valuation process and related controls. However, no assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Investment Fund, the accuracy of the valuations provided by the Investment Funds, that the Investment Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that the Investment Funds’ policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts. The Adviser has established the Valuation Committee to oversee the valuation of the Fund’s investments pursuant to the Valuation Procedures. Moreover, neither the Valuation Committee nor the Adviser generally will have sufficient information in order to be able to confirm or review the accuracy of valuations provided by an Investment Fund. An Investment Fund’s information could be inaccurate due to fraudulent activity, misvaluation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time, if ever. Even if the Adviser elects to cause the Fund to sell, withdraw or redeem its interests in such an Investment Fund, the Fund may be unable to sell, withdraw or redeem such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the Investment Fund’s valuations of such interests could remain subject to such fraud or error, and the Valuation Committee, in its sole discretion, may determine to discount the value of the interests or value them at zero. Investors should be aware that situations involving uncertainties as to the valuations by Investment Funds could have a material adverse effect on the Fund if the Investment Fund Manager’s, the Adviser’s or the Fund’s judgments regarding valuations should prove incorrect. Persons who are unwilling to assume such risks should not make an investment in the Fund. Valuations Subject to Adjustment -end -end Reporting Requirements Indemnification of Investment Funds, Investment Fund Managers and Others These investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose credit risks that result in issuer default. |
| Investment Risk [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Investment Risk An investment in the Fund involves a high degree of risk, including the risk that the Investor’s entire investment may be lost. No assurance can be given that the Fund’s investment objective will be achieved. The Fund’s performance depends upon the Adviser’s selection of Investment Funds, the allocation of offering proceeds thereto and the performance of the Investment Funds. The Investment Funds’ investment activities involve the use of strategies and investment techniques with significant risk characteristics, including risks arising from national or international economic conditions, volatility in the global equity, currency, real estate and fixed -income -economic All investments made by the Investment Funds risk the loss of capital. The Investment Funds’ results may vary substantially over time. Investment Approach |
| Investment Approach [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Investment Approach i.e. In contrast to most registered investment companies, the Investment Funds typically do not maintain their securities and other assets in the custody of a bank. It is anticipated that the Investment Funds generally will maintain custody of their assets with brokerage firms that do not separately segregate such customer assets as required in the case of registered investment companies. If such brokerage firm became bankrupt, the Fund could be more adversely affected than would be the case if custody of assets were maintained in accordance with the requirements applicable to registered investment companies. In addition, an Investment Fund Manager could convert assets committed to it by the Fund for its own use, or a custodian could convert assets committed to it by an Investment Fund Manager to the custodian’s own use. Investment decisions of the Investment Funds are made by the Investment Fund Managers independently of each other so that, at any particular time, one Investment Fund may be purchasing shares in an issuer that at the same time are being sold by another Investment Fund. Transactions of this sort could result in the Fund’s directly or indirectly incurring certain transaction costs without accomplishing any net investment result. Because the Fund may make additional investments in or withdrawals from Investment Funds only at certain times due to restrictions imposed by the Investment Funds, the Fund may, from time to time, have to invest some of its assets temporarily in money market securities, money market funds, or other similar types of investments. Investment Funds may permit or require that withdrawals or redemptions of interests be made in -kind -kind -called |
| Market Risk [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Market Risk -performance -wide -19 -Hamas -minute |
| Limited Operating History [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Limited Operating History |
| Concentration Risk [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Concentration Risk |
| Available Information [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Available Information |
| Unspecified Investments; Dependence on the Adviser [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Unspecified Investments; Dependence on the Adviser -oriented -oriented |
| Limitations on Transferability; Units Not Listed; No Market for Units [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Limitations on Transferability; Units Not Listed; No Market for Units |
| Closed-End Fund; Liquidity Risks [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Closed-End Fund; Liquidity Risks -diversified -end -term -end -end -end |
| Repurchase Risks [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Repurchase Risks A 2% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one -year -first Substantial requests for the Fund to repurchase Units could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable for the purpose of raising cash to fund the repurchases. This could have a material adverse effect on the value of the Units. In addition, substantial repurchases of Units may decrease the Fund’s total assets and accordingly may increase its expenses as a percentage of average net assets. If a repurchase offer is oversubscribed by Investors who tender Units, the Fund may repurchase a pro rata portion of the Units tendered. |
| Distributions In-Kind [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Distributions In-Kind -kind -kind |
| Leverage Utilized by the Investment Funds [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Leverage Utilized by the Investment Funds e.g. An Investment Fund’s use of short -term In the U.S. futures markets, margin deposits are typically required. These deposits may range from 1% to 15% of the value of the futures contracts being purchased or sold. With respect to other derivative markets, margin deposits may be lower or may not be required at all. Such low margin deposits indicate that any trading in these markets typically is accompanied by a high degree of leverage. A relatively small adverse price movement in a futures or forward contract may result in immediate and substantial losses to the investor where low margin deposits exist. There are no margin requirements in connection with Investment Fund purchases of options, because the option premium is paid for in full. The premiums for certain options traded on foreign exchanges may be paid for on margin. When an Investment Fund sells an option on a futures contract, it may be required to deposit margin in an amount that may be determined by the margin requirement established for the futures contract underlying the option and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the writing of options can be higher than those imposed when dealing in the futures markets directly. Whether any margin deposit will be required for over -the-counter -the-counter |
| Borrowing [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Borrowing -third |
| Legal and Regulatory Risks [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Legal and Regulatory Risks -U The Dodd -Frank -Frank -Frank -the-counter -Frank -on As of the date hereof, there is uncertainty with respect to legislation, regulation and government policy at the federal, state and local levels, notably as respects U.S. trade, fiscal, tax, healthcare, immigration, foreign and government regulatory policy. Recent events have created a climate of heightened uncertainty and introduced difficult -to-quantify -reaching |
| Substantial Fees and Expenses [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Substantial Fees and Expenses -based -based significant. The operating expenses of an Investment Fund may include, but are not limited to: organizational and offering expenses; the cost of investments (such as broker -dealer -party -related -recurring |
| Investments in Non-Voting Stock; Inability to Vote [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Investments in Non-Voting Stock; Inability to Vote -voting -voting |
| Non-Diversified Status [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Non-Diversified Status -diversified |
| Dilution from Subsequent Offering of Units [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Dilution from Subsequent Offering of Units |
| Small- and Medium-Capitalization Companies [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Small- and Medium-Capitalization Companies -sized -capitalization -capitalization -capitalization -capitalization -chip -capitalization |
| Geographic Concentration Risks [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Geographic Concentration Risks |
| Currency Risk [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Currency Risk |
| Sector Focus [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Sector Focus Technology Sector. Life Sciences and Healthcare Sectors. -parties Financial Sector. |
| Valuation of the Fund’s Investments in Investment Funds [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Valuation of the Fund’s Investments in Investment Funds -5 The valuation of the Fund’s investments in Investment Funds ordinarily is determined based upon valuations provided by the Investment Funds on a monthly basis. The Investment Funds may invest in certain securities and other financial instruments that do not have readily ascertainable market prices and will be valued by the respective Investment Fund Managers. In this regard, an Investment Fund may face a conflict of interest in valuing the securities, as their value may affect the Investment Fund’s compensation or its ability to raise additional funds. As part of its process for evaluating an Investment Fund for purchase, the Adviser reviews the Investment Fund’s valuation process and related controls. However, no assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Investment Fund, the accuracy of the valuations provided by the Investment Funds, that the Investment Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that the Investment Funds’ policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts. The Adviser has established the Valuation Committee to oversee the valuation of the Fund’s investments pursuant to the Valuation Procedures. Moreover, neither the Valuation Committee nor the Adviser generally will have sufficient information in order to be able to confirm or review the accuracy of valuations provided by an Investment Fund. An Investment Fund’s information could be inaccurate due to fraudulent activity, misvaluation or inadvertent error. In any case, the Fund may not uncover errors for a significant period of time, if ever. Even if the Adviser elects to cause the Fund to sell, withdraw or redeem its interests in such an Investment Fund, the Fund may be unable to sell, withdraw or redeem such interests quickly, if at all, and could therefore be obligated to continue to hold such interests for an extended period of time. In such a case, the Investment Fund’s valuations of such interests could remain subject to such fraud or error, and the Valuation Committee, in its sole discretion, may determine to discount the value of the interests or value them at zero. Investors should be aware that situations involving uncertainties as to the valuations by Investment Funds could have a material adverse effect on the Fund if the Investment Fund Manager’s, the Adviser’s or the Fund’s judgments regarding valuations should prove incorrect. Persons who are unwilling to assume such risks should not make an investment in the Fund. |
| Valuations Subject to Adjustment [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Valuations Subject to Adjustment -end -end |
| Reporting Requirements [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Reporting Requirements |
| Indemnification of Investment Funds, Investment Fund Managers and Others [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Indemnification of Investment Funds, Investment Fund Managers and Others |
| Investment Strategy-Related Risks [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Investment Strategy-Related Risks Certain of the principal risks of the Fund’s identified investment strategies (which are employed through the Investment Funds) are set forth below. Depending on economic and market conditions, or allocations to other Investment Funds or Investment Fund Managers, other risks may be present. Equity Hedged -specific -specific Relative Value Equity Market Neutral. -neutral -wide -wide -neutral -wide -wide Statistical Arbitrage. -driven -term -term -suited Fixed -Income Arbitrage. -income -U -backed -backed -income profound effects on interest and exchange rates that, in turn, affect prices in areas of the investment and trading activities of fixed -income Convertible Arbitrage. The price of a convertible bond, similar to other bonds, moves inversely with changes in interest rates. As a result, increases in interest rates could result in a loss on a position to the extent that the short position does not correspondingly depreciate in value. While Investment Fund Managers typically try to hedge interest rate risk via interest rate swaps and government securities, residual interest rate risk can adversely impact the portfolio. The price of convertible bonds also is sensitive to the perceived credit quality of the issuer. Convertible securities purchased by Investment Fund Managers will decline in value if there is deterioration in the perceived credit quality of the issuer or a widening of credit spreads and this decline in value may not be offset by gains on the corresponding short equity position. Convertible bond arbitrage portfolios typically are long volatility. Volatility risk is difficult to hedge since the strike price and, often, the maturity of the implied option are unknown. A decline in actual or implied stock volatility of the issuing companies can cause premiums to contract on the convertible bonds. Convertible arbitrageurs also are exposed to liquidity risk in the form of short squeezes in the underlying equities, or due to widening bid/ask spreads in the convertible bonds. Liquidity risk often can be exacerbated by margin calls since most arbitrageurs run leveraged portfolios. Convertible arbitrage strategies also are subject to risk due to inadequate or misleading disclosure concerning the securities involved. Also, in the absence of anti -dilution Relative Value Credit. Event-Driven -offs subjects of proxy contests, in the hope that the resulting changes in management may improve the company’s performance or lead to sale of either the company or its assets. If the incumbent management defeats such an attempt, or if the incoming management team is unable to achieve its goals, the market price of the company’s securities will typically fall, which may cause the Investment Fund to sustain a loss. In addition, companies involved in acquisition attempts via proxy fights may be the subject of litigation, which typically involves significant uncertainties and may impose additional costs and expenses upon the company, the participating Investment Fund and, indirectly, the Fund. Merger Arbitrage. Special Situations. -off Distressed Securities. -U -investment -called -average Event Driven Equity. Corporate Credit Event Driven. Trading Global Macro. -economic -economic -country Emerging Markets. |
| Equity Hedged [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Equity Hedged -specific -specific |
| Relative Value [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Relative Value Equity Market Neutral. -neutral -wide -wide -neutral -wide -wide Statistical Arbitrage. -driven -term -term -suited Fixed -Income Arbitrage. -income -U -backed -backed -income profound effects on interest and exchange rates that, in turn, affect prices in areas of the investment and trading activities of fixed -income Convertible Arbitrage. The price of a convertible bond, similar to other bonds, moves inversely with changes in interest rates. As a result, increases in interest rates could result in a loss on a position to the extent that the short position does not correspondingly depreciate in value. While Investment Fund Managers typically try to hedge interest rate risk via interest rate swaps and government securities, residual interest rate risk can adversely impact the portfolio. The price of convertible bonds also is sensitive to the perceived credit quality of the issuer. Convertible securities purchased by Investment Fund Managers will decline in value if there is deterioration in the perceived credit quality of the issuer or a widening of credit spreads and this decline in value may not be offset by gains on the corresponding short equity position. Convertible bond arbitrage portfolios typically are long volatility. Volatility risk is difficult to hedge since the strike price and, often, the maturity of the implied option are unknown. A decline in actual or implied stock volatility of the issuing companies can cause premiums to contract on the convertible bonds. Convertible arbitrageurs also are exposed to liquidity risk in the form of short squeezes in the underlying equities, or due to widening bid/ask spreads in the convertible bonds. Liquidity risk often can be exacerbated by margin calls since most arbitrageurs run leveraged portfolios. Convertible arbitrage strategies also are subject to risk due to inadequate or misleading disclosure concerning the securities involved. Also, in the absence of anti -dilution Relative Value Credit. |
| Event-Driven [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Event-Driven -offs subjects of proxy contests, in the hope that the resulting changes in management may improve the company’s performance or lead to sale of either the company or its assets. If the incumbent management defeats such an attempt, or if the incoming management team is unable to achieve its goals, the market price of the company’s securities will typically fall, which may cause the Investment Fund to sustain a loss. In addition, companies involved in acquisition attempts via proxy fights may be the subject of litigation, which typically involves significant uncertainties and may impose additional costs and expenses upon the company, the participating Investment Fund and, indirectly, the Fund. Merger Arbitrage. Special Situations. -off Distressed Securities. -U -investment -called -average Event Driven Equity. Corporate Credit Event Driven. |
| Trading [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Trading Global Macro. -economic -economic -country Emerging Markets. |
| Other Investment-Related Risks [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Other Investment-Related Risks Equity Securities -U -U -cap Investment Fund Managers’ investments in equity securities may include securities that are listed on securities exchanges, as well as unlisted securities that are traded over -the-counter Bonds and Other Fixed-Income Securities -income -income -U -U -backed -backed -income i.e. i.e. Dislocations in the fixed -income -income Defaulted Debt Securities and Other Securities of Distressed Companies i.e. Insolvency Considerations with Respect to Issuers of Indebtedness small capital or (iii) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they matured, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of such issuer, or to permit such issuer to recover amounts previously paid by such issuer in satisfaction of such indebtedness. The measure of insolvency for these purposes will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts were then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets were then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. There can be no assurance as to what standard a court would apply in order to determine whether the issuer was “insolvent” after giving effect to the incurrence of the indebtedness in which the Investment Funds invested or that, regardless of the method of valuation, a court would not determine that the issuer was “insolvent” upon giving effect to such incurrence. In addition, in the event of the insolvency of an issuer of indebtedness in which an Investment Fund invests, payments made on such indebtedness could be subject to avoidance as a “preference” if made within a certain period of time (which may be as long as one year) before insolvency. In general, if payments on indebtedness are avoidable, whether as fraudulent conveyances or preferences, such payments can be recaptured from the Investment Funds. There can be no assurance as to whether any lending institution or other party from which an Investment Fund may acquire indebtedness engaged in any conduct that would form the basis for a successful cause of action based upon fraudulent conveyance, preference or equitable subordination (or any other conduct that would subject such indebtedness and the Investment Fund to insolvency laws) and, if it did, as to whether any creditor claims could be asserted in a U.S. court (or in the courts of any other country) against that Investment Fund. Frequently, a debtor seeking to reorganize under U.S. federal bankruptcy law will obtain a “first day” order from the bankruptcy court limiting trading in claims against, and shares of, the debtor in order to maximize the debtor’s ability to utilize net operating losses following a successful reorganization. Such an order could in some circumstances adversely affect an Investment Fund’s ability to successfully implement an investment strategy with respect to a bankrupt company. Indebtedness consisting of obligations of non -U Real Estate Investment Trusts -called -related -related -related Mortgage-Backed and Mortgage-Related Securities -backed -related -rate -rate -related -related -rate -related -backed Other Asset-Backed Securities -backed -flow Collateralized Loan Obligations (“CLOs”) In addition to the general risks associated with investing in debt securities ( e.g. Restricted and Illiquid Investments -called Where registration is required to sell a security, an Investment Fund Manager may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Investment Fund Manager may be permitted to sell a security under an effective registration statement. If during such a period adverse market conditions were to develop, the Investment Fund Manager might obtain a less favorable price than the prevailing price when it decided to sell. Investment Fund Managers may be unable to sell restricted and other illiquid securities at the most opportune times or at prices approximating the value at which they purchased such securities. An Investment Fund’s portfolio may include a number of investments for which no market exists and which have substantial restrictions on transferability. Certain Investment Funds may invest all or a portion of their assets in privately placed securities that may be illiquid. Some of these investments are held in “side pockets,” which are sub -accounts Cash, Cash Equivalents, Investment Grade Bonds, Money Market Instruments -income -term -income These investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose credit risks that result in issuer default. Short Sales -valued Short sale transactions have been subject to increased regulatory scrutiny, including the imposition of restrictions on short selling certain securities and reporting requirements. The Investment Funds’ ability to execute short sales may be materially adversely impacted by rules, interpretations, prohibitions and restrictions on short selling activity imposed by regulatory authorities, including the SEC, its foreign counterparts, other government authorities or self -regulatory Non-U.S. Investments -dollar-denominated -income -U -U -U -U -the-counter -U The securities markets of foreign countries generally are less regulated than U.S. securities markets. Some foreign securities markets have a higher potential for price volatility and relative illiquidity compared to the U.S. securities markets. In addition, because there is less publicly available information about foreign companies, and because many non -U Although certain Investment Funds may invest portions of their assets in non -U -income -U Following is a discussion of some of the more significant risks generally associated with investing in non -U Non -U .S. Currencies. -U -term -term Characteristics of Non -U .S. Securities Markets -the-counter -U -U usually lower than in U.S. markets, resulting in reduced liquidity and potentially rapid and erratic price fluctuations. Commissions for trades on foreign stock exchanges and custody expenses generally are higher than those in the U.S. Settlement practices for transactions in foreign markets may involve delays beyond periods customary in the United States, possibly requiring an Investment Fund to borrow funds or securities to satisfy its obligations arising out of other transactions. In addition, there could be more “failed settlements,” which can result in losses to an Investment Fund. Less Company Information and Regulation. -U Political and Economic Instability. -U Withholding Taxes. “Short Squeeze.” -selling -U Foreign Exchange. -exchange -traded Repurchase Agreements and Reverse Repurchase Agreements -dealers An Investment Fund may enter into reverse repurchase agreements and dollar rolls. A reverse repurchase agreement involves the sale of a security by an Investment Fund and its agreement to repurchase the instrument at a specified time and price. A counterparty to a reverse repurchase agreement may be unable or unwilling to complete the transaction as scheduled, which may result in losses to the Investment Fund. A dollar roll is similar except that the counterparty is not obligated to return the same securities as those originally sold by the Investment Fund but only securities that are “substantially identical.” Reverse repurchase agreements and dollar rolls may be considered forms of borrowing for some purposes. Bank Loans and Loan Participations -payment -payment -payment -payment Lending Portfolio Securities Purchasing Initial Public Offerings for an Investment Fund to buy or sell significant amounts of shares without an unfavorable effect on prevailing market prices. In addition, some companies in initial public offerings may be involved in relatively new industries or businesses, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as developmental stage companies, without revenues or operating income, or close to achieving revenues or operating income. In addition, an investment in an initial public offering may have a disproportionate impact on the performance of an Investment Fund that does not yet have a substantial amount of assets. This impact on an Investment Fund’s performance may decrease as an Investment Fund’s assets increase. Commodities Registered Investment Companies -offered pro rata |
| Equity Securities [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Equity Securities -U -U -cap Investment Fund Managers’ investments in equity securities may include securities that are listed on securities exchanges, as well as unlisted securities that are traded over -the-counter |
| Bonds and Other Fixed-Income Securities [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Bonds and Other Fixed-Income Securities -income -income -U -U -backed -backed -income i.e. i.e. Dislocations in the fixed -income -income |
| Defaulted Debt Securities and Other Securities of Distressed Companies [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Defaulted Debt Securities and Other Securities of Distressed Companies i.e. |
| Insolvency Considerations with Respect to Issuers of Indebtedness [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Insolvency Considerations with Respect to Issuers of Indebtedness small capital or (iii) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they matured, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of such issuer, or to permit such issuer to recover amounts previously paid by such issuer in satisfaction of such indebtedness. The measure of insolvency for these purposes will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts were then greater than all of its property at a fair valuation, or if the present fair saleable value of its assets were then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. There can be no assurance as to what standard a court would apply in order to determine whether the issuer was “insolvent” after giving effect to the incurrence of the indebtedness in which the Investment Funds invested or that, regardless of the method of valuation, a court would not determine that the issuer was “insolvent” upon giving effect to such incurrence. In addition, in the event of the insolvency of an issuer of indebtedness in which an Investment Fund invests, payments made on such indebtedness could be subject to avoidance as a “preference” if made within a certain period of time (which may be as long as one year) before insolvency. In general, if payments on indebtedness are avoidable, whether as fraudulent conveyances or preferences, such payments can be recaptured from the Investment Funds. There can be no assurance as to whether any lending institution or other party from which an Investment Fund may acquire indebtedness engaged in any conduct that would form the basis for a successful cause of action based upon fraudulent conveyance, preference or equitable subordination (or any other conduct that would subject such indebtedness and the Investment Fund to insolvency laws) and, if it did, as to whether any creditor claims could be asserted in a U.S. court (or in the courts of any other country) against that Investment Fund. Frequently, a debtor seeking to reorganize under U.S. federal bankruptcy law will obtain a “first day” order from the bankruptcy court limiting trading in claims against, and shares of, the debtor in order to maximize the debtor’s ability to utilize net operating losses following a successful reorganization. Such an order could in some circumstances adversely affect an Investment Fund’s ability to successfully implement an investment strategy with respect to a bankrupt company. Indebtedness consisting of obligations of non -U |
| Real Estate Investment Trusts [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Real Estate Investment Trusts -called -related -related -related |
| Mortgage-Backed and Mortgage-Related Securities [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Mortgage-Backed and Mortgage-Related Securities -backed -related -rate -rate -related -related -rate -related -backed |
| Other Asset-Backed Securities [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Other Asset-Backed Securities -backed -flow |
| Collateralized Loan Obligations (“CLOs”) [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Collateralized Loan Obligations (“CLOs”) In addition to the general risks associated with investing in debt securities ( e.g. |
| Restricted and Illiquid Investments [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Restricted and Illiquid Investments -called Where registration is required to sell a security, an Investment Fund Manager may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Investment Fund Manager may be permitted to sell a security under an effective registration statement. If during such a period adverse market conditions were to develop, the Investment Fund Manager might obtain a less favorable price than the prevailing price when it decided to sell. Investment Fund Managers may be unable to sell restricted and other illiquid securities at the most opportune times or at prices approximating the value at which they purchased such securities. An Investment Fund’s portfolio may include a number of investments for which no market exists and which have substantial restrictions on transferability. Certain Investment Funds may invest all or a portion of their assets in privately placed securities that may be illiquid. Some of these investments are held in “side pockets,” which are sub -accounts |
| Cash, Cash Equivalents, Investment Grade Bonds, Money Market Instruments [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Cash, Cash Equivalents, Investment Grade Bonds, Money Market Instruments -income -term -income These investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose credit risks that result in issuer default. Short Sales -valued Short sale transactions have been subject to increased regulatory scrutiny, including the imposition of restrictions on short selling certain securities and reporting requirements. The Investment Funds’ ability to execute short sales may be materially adversely impacted by rules, interpretations, prohibitions and restrictions on short selling activity imposed by regulatory authorities, including the SEC, its foreign counterparts, other government authorities or self -regulatory Non-U.S. Investments -dollar-denominated -income -U -U -U -U -the-counter -U The securities markets of foreign countries generally are less regulated than U.S. securities markets. Some foreign securities markets have a higher potential for price volatility and relative illiquidity compared to the U.S. securities markets. In addition, because there is less publicly available information about foreign companies, and because many non -U Although certain Investment Funds may invest portions of their assets in non -U -income -U Following is a discussion of some of the more significant risks generally associated with investing in non -U Non -U .S. Currencies. -U -term -term Characteristics of Non -U .S. Securities Markets -the-counter -U -U usually lower than in U.S. markets, resulting in reduced liquidity and potentially rapid and erratic price fluctuations. Commissions for trades on foreign stock exchanges and custody expenses generally are higher than those in the U.S. Settlement practices for transactions in foreign markets may involve delays beyond periods customary in the United States, possibly requiring an Investment Fund to borrow funds or securities to satisfy its obligations arising out of other transactions. In addition, there could be more “failed settlements,” which can result in losses to an Investment Fund. Less Company Information and Regulation. -U Political and Economic Instability. -U Withholding Taxes. “Short Squeeze.” -selling -U Foreign Exchange. -exchange -traded Repurchase Agreements and Reverse Repurchase Agreements -dealers An Investment Fund may enter into reverse repurchase agreements and dollar rolls. A reverse repurchase agreement involves the sale of a security by an Investment Fund and its agreement to repurchase the instrument at a specified time and price. A counterparty to a reverse repurchase agreement may be unable or unwilling to complete the transaction as scheduled, which may result in losses to the Investment Fund. A dollar roll is similar except that the counterparty is not obligated to return the same securities as those originally sold by the Investment Fund but only securities that are “substantially identical.” Reverse repurchase agreements and dollar rolls may be considered forms of borrowing for some purposes. Bank Loans and Loan Participations -payment -payment -payment -payment Lending Portfolio Securities Purchasing Initial Public Offerings for an Investment Fund to buy or sell significant amounts of shares without an unfavorable effect on prevailing market prices. In addition, some companies in initial public offerings may be involved in relatively new industries or businesses, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as developmental stage companies, without revenues or operating income, or close to achieving revenues or operating income. In addition, an investment in an initial public offering may have a disproportionate impact on the performance of an Investment Fund that does not yet have a substantial amount of assets. This impact on an Investment Fund’s performance may decrease as an Investment Fund’s assets increase. Commodities Registered Investment Companies -offered pro rata Special Investment Instruments and Techniques Investment Funds may utilize a variety of special investment instruments and techniques to hedge against various risks, such as changes in interest rates or other factors that affect security values, or for non -hedging -hedging Derivatives -the-counter -U Liquidity. Operational Leverage. Over -the-Counter Trading. -traded -traded -traded Call Options. i.e. The buyer of a call option assumes the risk of losing its entire investment in the call option. However, if the buyer of the call sells short the underlying security, the loss on the call will be offset in whole or in part by gain on the short sale of the underlying security. Put Options. i.e. The buyer of a put option assumes the risk of losing its entire investment in the put option. However, if the buyer of the put holds the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security. Stock Index Options Trading. Forward Contracts. Swap Agreements. -term -term Swap agreements will tend to shift an Investment Fund’s investment exposure from one type of investment to another. Depending on how they are used, swap agreements may increase or decrease the overall volatility of an Investment Fund’s portfolio. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from an Investment Fund. If a swap agreement calls for payments by an Investment Fund, the Investment Fund must be prepared to make such payments when due. In addition, the value of a swap agreement is likely to decline if the counterparty’s creditworthiness declines. Such a decrease in value might cause the Investment Fund to incur losses. Swap agreements can take many different forms and are known by a variety of names. An Investment Fund is not limited to any particular form of swap agreement if its Investment Fund Manager determines that other forms are consistent with that Investment Fund’s investment objectives and policies. Specific swap agreements (and options thereon) include currency swaps; index swaps; interest rate swaps (including interest rate locks, caps, floors and collars); credit default swaps; inflation swaps; and total return swaps (including equity swaps). • Currency Swap Transactions • Index Swap Transactions • Interest Rate Swap Transactions -current • Credit Default Swap Transactions -front • Inflation Swap Transactions (or counterparty) based on the yield difference between Treasuries and TIPS of the same maturity. (This yield spread represents the market’s current expected inflation for the time period covered by the maturity date.) In exchange for this fixed rate, the counterparty pays the buyer an inflation -linked • Total Return Swap Transactions Hedging Transactions. -listed -the-counter -exchange -U Unhedged Risks. e.g. Futures Contracts. -the-counter Non -U .S. Futures Transactions -dispute-resolution Counterparty Credit Risk. In situations where an Investment Fund is required to post margin or other collateral with a counterparty, the counterparty may fail to segregate the collateral or may commingle the collateral with the counterparty’s own assets. As a result, in the event of the counterparty’s bankruptcy or insolvency, the Investment Fund’s collateral may be subject to the conflicting claims of the counterparty’s creditors and the Investment Fund may be exposed to the risk of being treated as a general unsecured creditor of the counterparty, rather than as the owner of the collateral. |
| Short Sales [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Short Sales -valued Short sale transactions have been subject to increased regulatory scrutiny, including the imposition of restrictions on short selling certain securities and reporting requirements. The Investment Funds’ ability to execute short sales may be materially adversely impacted by rules, interpretations, prohibitions and restrictions on short selling activity imposed by regulatory authorities, including the SEC, its foreign counterparts, other government authorities or self -regulatory |
| Non-U.S. Investments [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Non-U.S. Investments -dollar-denominated -income -U -U -U -U -the-counter -U The securities markets of foreign countries generally are less regulated than U.S. securities markets. Some foreign securities markets have a higher potential for price volatility and relative illiquidity compared to the U.S. securities markets. In addition, because there is less publicly available information about foreign companies, and because many non -U Although certain Investment Funds may invest portions of their assets in non -U -income -U Following is a discussion of some of the more significant risks generally associated with investing in non -U Non -U .S. Currencies. -U -term -term Characteristics of Non -U .S. Securities Markets -the-counter -U -U usually lower than in U.S. markets, resulting in reduced liquidity and potentially rapid and erratic price fluctuations. Commissions for trades on foreign stock exchanges and custody expenses generally are higher than those in the U.S. Settlement practices for transactions in foreign markets may involve delays beyond periods customary in the United States, possibly requiring an Investment Fund to borrow funds or securities to satisfy its obligations arising out of other transactions. In addition, there could be more “failed settlements,” which can result in losses to an Investment Fund. Less Company Information and Regulation. -U Political and Economic Instability. -U Withholding Taxes. “Short Squeeze.” -selling -U Foreign Exchange. -exchange -traded |
| Repurchase Agreements and Reverse Repurchase Agreements [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Repurchase Agreements and Reverse Repurchase Agreements -dealers An Investment Fund may enter into reverse repurchase agreements and dollar rolls. A reverse repurchase agreement involves the sale of a security by an Investment Fund and its agreement to repurchase the instrument at a specified time and price. A counterparty to a reverse repurchase agreement may be unable or unwilling to complete the transaction as scheduled, which may result in losses to the Investment Fund. A dollar roll is similar except that the counterparty is not obligated to return the same securities as those originally sold by the Investment Fund but only securities that are “substantially identical.” Reverse repurchase agreements and dollar rolls may be considered forms of borrowing for some purposes. |
| Bank Loans and Loan Participations [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Bank Loans and Loan Participations -payment -payment -payment -payment |
| Lending Portfolio Securities [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Lending Portfolio Securities |
| Purchasing Initial Public Offerings [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Purchasing Initial Public Offerings for an Investment Fund to buy or sell significant amounts of shares without an unfavorable effect on prevailing market prices. In addition, some companies in initial public offerings may be involved in relatively new industries or businesses, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as developmental stage companies, without revenues or operating income, or close to achieving revenues or operating income. In addition, an investment in an initial public offering may have a disproportionate impact on the performance of an Investment Fund that does not yet have a substantial amount of assets. This impact on an Investment Fund’s performance may decrease as an Investment Fund’s assets increase. |
| Commodities [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Commodities |
| Registered Investment Companies [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Registered Investment Companies -offered pro rata |
| Special Investment Instruments and Techniques [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Special Investment Instruments and Techniques Investment Funds may utilize a variety of special investment instruments and techniques to hedge against various risks, such as changes in interest rates or other factors that affect security values, or for non -hedging -hedging Derivatives -the-counter -U Liquidity. Operational Leverage. Over -the-Counter Trading. -traded -traded -traded Call Options. i.e. The buyer of a call option assumes the risk of losing its entire investment in the call option. However, if the buyer of the call sells short the underlying security, the loss on the call will be offset in whole or in part by gain on the short sale of the underlying security. Put Options. i.e. The buyer of a put option assumes the risk of losing its entire investment in the put option. However, if the buyer of the put holds the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security. Stock Index Options Trading. Forward Contracts. Swap Agreements. -term -term Swap agreements will tend to shift an Investment Fund’s investment exposure from one type of investment to another. Depending on how they are used, swap agreements may increase or decrease the overall volatility of an Investment Fund’s portfolio. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from an Investment Fund. If a swap agreement calls for payments by an Investment Fund, the Investment Fund must be prepared to make such payments when due. In addition, the value of a swap agreement is likely to decline if the counterparty’s creditworthiness declines. Such a decrease in value might cause the Investment Fund to incur losses. Swap agreements can take many different forms and are known by a variety of names. An Investment Fund is not limited to any particular form of swap agreement if its Investment Fund Manager determines that other forms are consistent with that Investment Fund’s investment objectives and policies. Specific swap agreements (and options thereon) include currency swaps; index swaps; interest rate swaps (including interest rate locks, caps, floors and collars); credit default swaps; inflation swaps; and total return swaps (including equity swaps). • Currency Swap Transactions • Index Swap Transactions • Interest Rate Swap Transactions -current • Credit Default Swap Transactions -front • Inflation Swap Transactions (or counterparty) based on the yield difference between Treasuries and TIPS of the same maturity. (This yield spread represents the market’s current expected inflation for the time period covered by the maturity date.) In exchange for this fixed rate, the counterparty pays the buyer an inflation -linked • Total Return Swap Transactions Hedging Transactions. -listed -the-counter -exchange -U Unhedged Risks. e.g. Futures Contracts. -the-counter Non -U .S. Futures Transactions -dispute-resolution Counterparty Credit Risk. In situations where an Investment Fund is required to post margin or other collateral with a counterparty, the counterparty may fail to segregate the collateral or may commingle the collateral with the counterparty’s own assets. As a result, in the event of the counterparty’s bankruptcy or insolvency, the Investment Fund’s collateral may be subject to the conflicting claims of the counterparty’s creditors and the Investment Fund may be exposed to the risk of being treated as a general unsecured creditor of the counterparty, rather than as the owner of the collateral. Investment Funds are subject to the risk that issuers of the instruments in which they invest and trade may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Investment Fund will not sustain a loss on a transaction as a result. Transactions entered into by an Investment Fund may be executed on various U.S. and non -U Warrants and Rights -like When-Issued and Forward Commitment Securities -issued -issued -issued -issued securities purchased on a when -issued |
| Derivatives [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Derivatives -the-counter -U Liquidity. Operational Leverage. Over -the-Counter Trading. -traded -traded -traded Call Options. i.e. The buyer of a call option assumes the risk of losing its entire investment in the call option. However, if the buyer of the call sells short the underlying security, the loss on the call will be offset in whole or in part by gain on the short sale of the underlying security. Put Options. i.e. The buyer of a put option assumes the risk of losing its entire investment in the put option. However, if the buyer of the put holds the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security. Stock Index Options Trading. Forward Contracts. Swap Agreements. -term -term Swap agreements will tend to shift an Investment Fund’s investment exposure from one type of investment to another. Depending on how they are used, swap agreements may increase or decrease the overall volatility of an Investment Fund’s portfolio. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from an Investment Fund. If a swap agreement calls for payments by an Investment Fund, the Investment Fund must be prepared to make such payments when due. In addition, the value of a swap agreement is likely to decline if the counterparty’s creditworthiness declines. Such a decrease in value might cause the Investment Fund to incur losses. Swap agreements can take many different forms and are known by a variety of names. An Investment Fund is not limited to any particular form of swap agreement if its Investment Fund Manager determines that other forms are consistent with that Investment Fund’s investment objectives and policies. Specific swap agreements (and options thereon) include currency swaps; index swaps; interest rate swaps (including interest rate locks, caps, floors and collars); credit default swaps; inflation swaps; and total return swaps (including equity swaps). • Currency Swap Transactions • Index Swap Transactions • Interest Rate Swap Transactions -current • Credit Default Swap Transactions -front • Inflation Swap Transactions (or counterparty) based on the yield difference between Treasuries and TIPS of the same maturity. (This yield spread represents the market’s current expected inflation for the time period covered by the maturity date.) In exchange for this fixed rate, the counterparty pays the buyer an inflation -linked • Total Return Swap Transactions Hedging Transactions. -listed -the-counter -exchange -U Unhedged Risks. e.g. Futures Contracts. -the-counter Non -U .S. Futures Transactions -dispute-resolution Counterparty Credit Risk. In situations where an Investment Fund is required to post margin or other collateral with a counterparty, the counterparty may fail to segregate the collateral or may commingle the collateral with the counterparty’s own assets. As a result, in the event of the counterparty’s bankruptcy or insolvency, the Investment Fund’s collateral may be subject to the conflicting claims of the counterparty’s creditors and the Investment Fund may be exposed to the risk of being treated as a general unsecured creditor of the counterparty, rather than as the owner of the collateral. Investment Funds are subject to the risk that issuers of the instruments in which they invest and trade may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Investment Fund will not sustain a loss on a transaction as a result. Transactions entered into by an Investment Fund may be executed on various U.S. and non -U |
| Warrants and Rights [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Warrants and Rights -like |
| When-Issued and Forward Commitment Securities [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | When-Issued and Forward Commitment Securities -issued -issued -issued -issued securities purchased on a when -issued |
| Other Risks [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Other Risks Investing in the Fund involves risks other than those associated with investments made by the Investment Funds. Some of these risks are described below: Incentive Fee/Allocation Arrangements Availability of Investment Opportunities e.g. Changes in Investment Strategies Potential Significant Effect of the Performance of a Limited Number of Investments or Strategies Control Positions Inadequate Return Inside Information -public Recourse to the Fund’s Assets Possible Exclusion of Investors Based on Certain Detrimental Effects Sub-Placement Agent Risk -Placement When a limited number of Sub -Placement -Placement -Placement -Placement Tax Risks -of-income -level Each of the aforementioned ongoing requirements for qualification of the Fund as a RIC requires that the Adviser obtain information from or about the Investment Funds in which the Fund is invested. However, Investment Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund’s income and the diversification of its assets, and otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of Investment Funds in which the Fund can invest or the amount that may be invested in certain Investment Funds. Furthermore, although the Fund expects to receive information from each Investment Fund Manager regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information. If, before the end of any quarter of its taxable year, the Fund believes that it may fail the asset diversification requirement of RIC qualification, the Fund may seek to take certain actions to avert such a failure. However, the action frequently taken by RICs to avert such a failure, the disposition of non -diversified -day -diversified -level i.e. In addition, the Fund may directly or indirectly invest in Investment Funds located outside the United States. Such Investment Funds may be subject to withholding taxes and other taxes in such jurisdictions with respect to their investments. In general, a U.S. person will not be able to claim a foreign tax credit or deduction for foreign taxes paid by the Fund. Further, adverse United States tax consequences can be associated with certain foreign investments, including potential United States withholding taxes on foreign investment entities with respect to their United States investments (including those described in the Confidential Memorandum) and potential adverse tax consequences associated with investments in any foreign corporations that are characterized for U.S. federal income tax purposes as “controlled foreign corporations” or “passive foreign investment companies.” Under the Fund’s dividend reinvestment plan, distributions paid by the Fund will be automatically reinvested in additional Units unless an Investor “opts out” (elects not to reinvest in Units). The tax treatment of dividends and capital gain distributions will be the same whether the Investor takes them in cash or reinvests them to purchase additional Units. Investors may opt out initially, and thereafter may change their election at any time, by contacting the Administrator. Units purchased by reinvestment will be issued at their net asset value on the ex -dividend -3140 For U.S. federal income tax purposes, the Fund generally will be required to include in income certain amounts that the Fund has not yet received in cash, such as original issue discount (“OID”), which may arise, for example, if the Fund receives warrants in connection with the making of a loan or “payment -in-kind loan principal balance and due at the end of the loan term. This OID or “payment -in-kind -level The Fund may retain some income and capital gains in the future, including for purposes of providing the Fund with additional liquidity, which amounts would be subject to the 4% U.S. federal excise tax. In that event, the Fund will be liable for the tax on the amount by which the Fund does not meet the foregoing distribution requirement. Changes in Tax Laws Governing IRAs. A change in the current tax laws under the Code or other applicable tax rules governing IRAs and their investments (including, without limitation, Code provisions governing the maximum contributions that may be made to IRAs, the types of investments that IRAs may hold, the maximum amount that may be invested in IRAs and/or the annual minimum required distributions that an IRA must make) could result in adverse consequences for IRA investors (and their owners and beneficiaries). These changes could include, for example, a prohibition on IRA investors holding investments such as the Fund ( i.e., -exempt -transferable Cybersecurity Risk -incidents e.g. -attacks -of-service i.e. -Placement |
| Incentive Fee/Allocation Arrangements [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Incentive Fee/Allocation Arrangements |
| Availability of Investment Opportunities [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Availability of Investment Opportunities e.g. |
| Changes in Investment Strategies [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Changes in Investment Strategies |
| Potential Significant Effect of the Performance of a Limited Number of Investments or Strategies [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Potential Significant Effect of the Performance of a Limited Number of Investments or Strategies |
| Control Positions [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Control Positions |
| Inadequate Return [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Inadequate Return |
| Inside Information [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Inside Information -public |
| Recourse to the Fund’s Assets [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Recourse to the Fund’s Assets |
| Possible Exclusion of Investors Based on Certain Detrimental Effects [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Possible Exclusion of Investors Based on Certain Detrimental Effects |
| Sub-Placement Agent Risk [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Sub-Placement Agent Risk -Placement When a limited number of Sub -Placement -Placement -Placement -Placement |
| Tax Risks [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Tax Risks -of-income -level Each of the aforementioned ongoing requirements for qualification of the Fund as a RIC requires that the Adviser obtain information from or about the Investment Funds in which the Fund is invested. However, Investment Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund’s income and the diversification of its assets, and otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of Investment Funds in which the Fund can invest or the amount that may be invested in certain Investment Funds. Furthermore, although the Fund expects to receive information from each Investment Fund Manager regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information. If, before the end of any quarter of its taxable year, the Fund believes that it may fail the asset diversification requirement of RIC qualification, the Fund may seek to take certain actions to avert such a failure. However, the action frequently taken by RICs to avert such a failure, the disposition of non -diversified -day -diversified -level i.e. In addition, the Fund may directly or indirectly invest in Investment Funds located outside the United States. Such Investment Funds may be subject to withholding taxes and other taxes in such jurisdictions with respect to their investments. In general, a U.S. person will not be able to claim a foreign tax credit or deduction for foreign taxes paid by the Fund. Further, adverse United States tax consequences can be associated with certain foreign investments, including potential United States withholding taxes on foreign investment entities with respect to their United States investments (including those described in the Confidential Memorandum) and potential adverse tax consequences associated with investments in any foreign corporations that are characterized for U.S. federal income tax purposes as “controlled foreign corporations” or “passive foreign investment companies.” Under the Fund’s dividend reinvestment plan, distributions paid by the Fund will be automatically reinvested in additional Units unless an Investor “opts out” (elects not to reinvest in Units). The tax treatment of dividends and capital gain distributions will be the same whether the Investor takes them in cash or reinvests them to purchase additional Units. Investors may opt out initially, and thereafter may change their election at any time, by contacting the Administrator. Units purchased by reinvestment will be issued at their net asset value on the ex -dividend -3140 For U.S. federal income tax purposes, the Fund generally will be required to include in income certain amounts that the Fund has not yet received in cash, such as original issue discount (“OID”), which may arise, for example, if the Fund receives warrants in connection with the making of a loan or “payment -in-kind loan principal balance and due at the end of the loan term. This OID or “payment -in-kind -level The Fund may retain some income and capital gains in the future, including for purposes of providing the Fund with additional liquidity, which amounts would be subject to the 4% U.S. federal excise tax. In that event, the Fund will be liable for the tax on the amount by which the Fund does not meet the foregoing distribution requirement. Changes in Tax Laws Governing IRAs. A change in the current tax laws under the Code or other applicable tax rules governing IRAs and their investments (including, without limitation, Code provisions governing the maximum contributions that may be made to IRAs, the types of investments that IRAs may hold, the maximum amount that may be invested in IRAs and/or the annual minimum required distributions that an IRA must make) could result in adverse consequences for IRA investors (and their owners and beneficiaries). These changes could include, for example, a prohibition on IRA investors holding investments such as the Fund ( i.e., -exempt -transferable |
| Cybersecurity Risk [Member] | |
| General Description of Registrant [Abstract] | |
| Risk [Text Block] | Cybersecurity Risk -incidents e.g. -attacks -of-service i.e. -Placement |
