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Risks

Market Fluctuations

Investment in the Fund should be regarded as a long-term investment. There can be no guarantee that the investment objectives of the Fund, set out above will be achieved. The Fundís investments are subject to fluctuations in the asset values of the underlying assets and the risks inherent in all investments and there are no assurances that dividend distribution or, if relevant, capital appreciation will occur.

The value of any investment and the income therefrom (if any) can, from time to time, go down as well as up and investors may not realize the amount of their initial investment.

Exchange Rate Risk

Currency fluctuations between the base currency of a fund, and the investorís currency of reference of a fund, and/or, the currency of the underlying investments of the Fund, may adversely affect the value of investments and the income derived therefrom.

Leverage Risks

The Fund can be leveraged through borrowing up to two times its Net Asset Value. THE EXERCISE OF THE LEVERAGE OPTION AVAILABLE TO THE FUND IS A HIGH RISK/HIGH REWARD OPTION AND CAN SIGNIFICANTLY NEGATIVELY OR POSITIVELY AFFECT THE PERFORMANCE OF THE FUND.

Specific risks of investments

The investment strategies of the fund may include highly concentrated portfolios, control and non-control positions and illiquid investments. Assets owned by the fund and as a result investments in the Fund, may not be readily marketable, redeemable or transferable. There is no public market for the shares in the Fund, and no such market is expected to develop.

Risks relating to investments in unquoted equity

The Fund invests heavily in non-listed and non-tradable private equities, and investments in these unquoted companies can be subject to risks not normally associated with quoted securities. These risks mainly relate to the illiquidity of the market. Investment in the securities of smaller companies can involve greater risk than is customarily associated with investment in larger, more established companies.

Diversification risks

Since the Fund invests mainly in non-listed and non-tradable private equities and other securities of issuers in one industry sector, the reduced sectarian diversification of the underlying assets of the Fund is to be considered as a risk in itself and the Fund is particularly susceptible to trends in that particular industry sector worldwide.

"AUTHORISED INVESTOR RESTRICTION

Investment in this Fund is restricted to Authorised Investors, as defined in the Offering Memorandum. The Offering Memorandum can be accessed on this site under the menu bar 'Documents'."


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