This is the third article in our five-part serialization of a treatise chapter by Dechert LLP partner Andrew Oringer. The chapter describes the ERISA provisions of chief relevance to private fund managers, and includes references to a wide range of relevant and, in some cases, obscure authority. This third article in the series focuses on prohibited transactions, qualified professional asset managers, the “service provider” exemption and the exemption for compensation for services. The second article in the series covered fiduciary duty considerations, including delegation, allocation of investment opportunities, varied interests of fund investors, indemnification and insurance, investments in portfolio funds, enforcement-related matters and diversification requirements. The first article in the series discussed the “plan assets” rules and rules for the delegation and allocation of fiduciary responsibility.