This international business case involves a private equity fund that acquired 100% of the shares of a portfolio company that produced copper and brass. The private equity fund had no offices or employees and was managed by its general partners. The general partners maintained the authority to manage and supervise the private equity fund’s investments. The general partners fulfilled their management role through subsidiary management companies that, for a fee, provided management services to the private equity fund and its portfolio companies. The portfolio company was a contributing employer under a multi-employer pension plan. An involuntary bankruptcy petition was filed against the portfolio company and it stopped making contributions to the pension fund. The pension fund demanded that the private equity fund pay the portfolio company’s withdrawal liability of $4.5 million. The private equity fund claimed that it was not liable to pay the withdrawal liability because it did not come under the common control requirement of ERISA.