This is the final installment in our five-part serialization of a treatise chapter by Dechert LLP partner Andrew Oringer. The chapter analyzes ERISA as it applies to private fund managers, references relevant authority and highlights critical compliance issues. This article discusses trust requirements, custody, ERISA’s bonding rules, reporting of investments and direct filings with the Department of Labor, reporting issues (relating to compensation, hard-to-value assets and gifts and entertainment) and prime brokers. The fourth article in this series addressed self-dealing issues relating to fee structures, certain special issues for plans of financial institutions, services for multiple funds, payment or reimbursement of expenses, employer securities and employer real property and certain miscellaneous exceptions (including foreign exchange and cross trading). The third article focused on prohibited transactions, qualified professional asset managers, the “service provider” exemption and the exemption for compensation for services. The second article 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. And the first article discussed the “plan assets” rules and rules for the delegation and allocation of fiduciary responsibility.