The document discusses the implications of ERISA exemption for alternative investments in US pension plans. It outlines that pension plan sponsors can invest in either funds subject to ERISA regulations, where responsibility is delegated, or funds exempt from ERISA, where responsibility is retained. Funds exempt from ERISA have more flexibility in operations but also mean the plan sponsor retains full fiduciary responsibility. It notes trends of increasing corporate pension investments in alternatives through structures like venture capital operating companies that provide ERISA exemptions.