Some of the benefits of registration are that registered fund managers (i) may have 15 or more clients; (ii) will be able to allow significant participation by corporate pensions under the Employee Retirement Income Security Act of 1974, as amended; (iii) may attract certain government employee benefit plans that require their managers to be registered investment advisers; and (iv) will be permitted to hold themselves out broadly to the public as investment advisers to attract clients, generally, provided they do so in a manner that does not run afoul of the private placement of interests in their funds
