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18.20. Private Company Competition Risk 

Many entities may potentially compete with any of Investment Compartment in making private investments. Many of these competitors are substantially larger and have considerably greater financial, technical and marketing resources than any of the Investment Compartments. Some competitors may have a lower cost of funds and access to funding sources that are not available to any of the Investment Compartments. In addition, some competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of, or different structures for, private investments than any of the Investment Compartments. As a result of this competition, the Investment Compartment may not be able to pursue attractive private investment opportunities from time to time.