Investments in alternative investments are speculative and include a high degree of risk. Investors could lose their entire investment. Past results are not indicative of future performance. Alternative investments are suitable only for persons who are able to assume the risk of losing their entire investment. Alternative investments often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; may have restrictions on transferring interests; may have no secondary market nor is one expected to develop; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds or other investment vehicles; can have volatile performance; may have higher fees than other investment vehicles, and these fees can offset profits. Alternative investment managers have total trading authority over their funds. Some portion of an alternative investment’s trades may be executed on foreign exchanges. Prospective investors should carefully consider these risks before investing. Hedge funds may provide no transparency regarding its underlying investment to investors. Hedge funds may lack diversification which could create higher risk. Hedge funds may use hypothetical or proforma performance to demonstrate historical performance which does not reflect actual trading done by the manager. Investors should not rely of hypothetical or proforma performance. Hedge funds and their managers/advisors may be subject to conflicts of interest. The above summary is not a complete list of the risk and other important disclosures contained in the hedge fund offering documents must be carefully reviewed.