Private Equity Fund Owes Nearly $3 Million for Pension Exit Bill

A private equity fund managed by Longroad Asset Management LLC owes nearly $3 million to a multiemployer pension trust that attempted to collect withdrawal liability from certain of the fund’s portfolio companies.

Judge Greg Kays ordered Longroad Capital Partners III LP to pay the Boilermaker-Blacksmith National Pension Trust more than $1.7 million in withdrawal liability, along with interest, liquidated damages, attorneys’ fees, and costs.

• Kays’ order, issued Oct. 10 in the US District Court for the Western District of Missouri, follows his August decision that the partnership—but not Longroad itself—could be liable because it was a trade or business ...