At first glance, series entities – e.g., series limited liability companies (Series LLCs) – appear to offer time and cost efficiencies while also providing much-desired customization options. The advantages are not as realizable as they may first seem, however, particularly in light of the ongoing silence from courts about internal liability shielding within series entities and the requirement that series be treated as separate entities to maintain those liability shields. This second article in a two-part series delves into the reasons why series entities are not more widely used in the PE context, including widely held misconceptions about potential cost and administrative savings. The first article explored the different types of series entities; their uses by PE sponsors (e.g., for single investor funds); the potential flexibility they offer; and practical considerations when forming and operating them. See “Continuing Growth, Prevailing Approaches and Recent Trends in the Use of Separately Managed Accounts for Illiquid Strategies” (Sep. 22, 2020); and “What Legal, Regulatory and Operational Challenges Do Single‑Asset Funds Present for Managers?” (Mar. 24, 2020).