Alternative Investment Partners 100 Front Street, Suite 400 West Conshohocken, PA 19428-2881 USA | ||
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VIA EDGAR
April 30, 2014
Larry Greene
U.S. Securities and Exchange Commission
Division of Investment Management
100 F Street, N.E.
Washington, D.C. 20549
Re: | Alternative Investment Partners Absolute Return Fund (ARF) |
File Numbers 811-21767 & 333-140821
Alternative Investment Partners Absolute Return Fund STS (STS)
File Numbers 811-21831 & 333-140822
AIP Multi-Strategy Fund A (AMS A)
File Numbers 811-22192 & 333-149942
AIP Multi-Strategy Fund P (AMS P)
File Numbers 811-22193 & 333-149943
AIP Macro Registered Fund A (Macro A)
File Numbers 811-22682 & 333-180380
AIP Macro Registered Fund P (Macro P)
File Numbers 811-22683 & 333-180381
(each a Fund and, collectively, the Funds)
Dear Mr. Greene:
Thank you for your comments received telephonically by our counsel at Dechert LLP regarding the post-effective amendment to each Funds registration statement filed on Form N-2 on April 29, 2014 (in each case, such Funds April PEA) with the Securities and Exchange Commission (the Commission). Below, we provide responses to the comments from the Commissions staff (the Staff). Capitalized terms not otherwise defined have the same meanings assigned to such terms in each Funds prospectus.
1. | Comment: The disclosure in the April PEA indicates that each Fund may compel Shareholder redemptions if the value of the Shareholders holdings in the Fund falls below a certain minimum threshold requirement for any reason. We note that the |
Alternative Investment Partners 100 Front Street, Suite 400 West Conshohocken, PA 19428-2881 USA | ||
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Staff has provided no-action guidance regarding certain conditions on automatic redemptions by registered investment companies. See Investment Company Institute, No-Action Letter (pub. avail. May 1, 1975) (ICI Letter). Please confirm supplementally that the Funds comply with these conditions. | ||
Response: We confirm that each Fund complies with all applicable conditions in the ICI Letter regarding automatic redemptions. |
As you have requested and as is consistent with SEC Release 2004-89, the Funds hereby acknowledge that:
| each Fund is responsible for the adequacy and accuracy of the disclosure in the filings; |
| the Staffs comments or changes to disclosure in response to Staff comments in the filings reviewed by the Staff do not foreclose the Commission from taking any action with respect to the filings; and |
| the Funds may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
If you would like to discuss any of these responses in further detail or if you have any questions, please feel free to contact our counsel at Dechert LLP, Richard Horowitz at (212) 698-3525 or Jeremy Senderowicz at (212) 641-5669. Thank you.
Best regards,
/s/ John F. Cacchione
John F. Cacchione
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