What is a Knowledgeable Employee?

“Knowledgeable employee” means:

1. An executive officer, director, trustee, general partner, advisory board member, or person serving in a similar capacity of a private fund or its management company; OR

2. An employee of a private fund or its manager (other than one performing solely clerical, secretarial or administrative functions) who participates in the investment activities of such fund and has been performing such functions for at least 12 months.