Any opinions on ERISA rules in syndication/private equity fund?

[Bob Malecki]

Thought I'd put this out here for any serious opinions. When a fund deploys investor money that comes from an IRA or employee benefit plan or pension plan, that money is ERISA eligible and possibly subject to the 25% rule as described in the article below.

My previous understanding is that the funds subject to this would be pension/employee plans, not including individual self directed IRAs.  Our fund administrator says that ALL retirement plans are to be included and limited to 25% of our total fund investor capital without having to do certain filings. 

Does anyone have any info to the contrary? Perhaps @Bryan Hancock ?

http://hedgefundlawblog.com/hedge-funds-and-erisa....