Illegal Activity
suspicious
Blackmail
none
Date
Unknown
Document Type
memo
Model
gemini-2.0-flash-001
Processed
2026-02-07T18:43
Summary
This document summarizes key terms for investors in the Access Fund, outlining fees, expenses, and investment options. It highlights the relationship between the Access Fund, the Underlying Fund, iCapital Advisors, and DBSI, noting potential conflicts of interest due to DBSI's multiple roles and fee arrangements.
Metadata
- Subject
- Summary of Key Terms
- Sender
- Patrick Gerschel
- Recipients
- —
- Document ID
- DB-SDNY-0097799
- Date
- —
Illegal Activity
- Severity
- suspicious
- Description
- The document describes a complex financial arrangement with multiple layers of fees and rebates, which could potentially be used to obscure the true costs and benefits of the investment. The fact that DBSI receives fees from both the Access Fund and the Underlying Fund raises concerns about potential conflicts of interest.
- Content Type
- first_hand
Relationships 4
| Entity 1 | Relationship | Entity 2 | Description |
|---|---|---|---|
| Access Fund | Investment | Underlying Fund | Investors in the Access Fund will be subject to fees, expenses and performance compensation of the Underlying Fund. |
| iCapital Advisors | Business | DBSI | The Access Fund Management Fee will be split between iCapital Advisors and DBSI, with a substantial portion rebated to DBSI. |
| DBSI | Business | Underlying Fund | DBSI also acts as placement agent for the Underlying Fund and will receive related marketing fees. |
| Glendower Capital, LLP | None | DBSI | Neither Glendower Capital, LLP nor iCapital Advisors. LLC are affiliated with DBSI. |
Notable Quotes 2
Investors in the Access Fund will be subject to fees, expenses and performance compensation of the Underlying Fund in addition to the Access Fund Fee and Access expenses and will experience lower returns than investors committing directly to the Underlying Fund as a result of the fees and expenses associated with an investment in the Access Fund.
DBSI also acts as placement agent for the Underlying Fund and will receive related marketing fees.
Red Flags 2
- DBSI will receive an additional fee, directly or indirectly from the Underlying Fund (or its affiliates thereof).
- The Access Fund Management Fee will be split between iCapital Advisors and DBSI, with a substantial portion rebated to DBSI.
Financial Information
Amounts:$5 million
Assets:
- Capital commitment
- Invested Capital
Transactions:
- Investment in Access Fund
- Investment in Underlying Fund
- Payment of Placement Fee
- Splitting of Access Fund Management Fee
- Rebate of Access Fund Management Fee to DBSI
- Payment of marketing fees to DBSI
Raw Analysis JSON
click to expand
Themes
Financial transactions/money flowBusiness dealings
People 1
Organizations 8
Access FundDBSIiCapital AdvisorsUnderlying FundGeneral PartnerAdvisory CommitteeGlendower Capital, LLPiCapital Advisors. LLC
Text Analysis
- Tone
- Informative
- Purpose
- To summarize key terms for investors in the Access Fund.
- Significance
- Provides information about fees, expenses, and investment options related to the Access Fund and the Underlying Fund.
File Info
- File Name
- EFTA01392556.txt
- Dataset
- dataset_10
- Type
- Text
- Model
- gemini-2.0-flash-001
- Processed
- 2026-02-07T18:43:52.012794
- DOJ Source
- View on DOJ