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Why a SICAV SIF
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There are no distribution restrictions other than the fact that investments in the fund can only be made by "well informed" investors.

To qualify as a "well informed" investor you must be either:

  • An Institutional Investor
  • A Professional Investor
  • Any other investor who has confirmed in writing that they adhere to the status of a "well informed" investor and who:
    • Either invests a minimum of EURO 125,000 in the specialised investment fund;
    • Or who has an appraisal from an EU bank, an investment firm or a management company certifying that they have the appropriate expertise, experience and knowledge to adequately understand the investment made in the fund.

This last category gives Sophisticated Investors (including High Net Worth Individuals) access to the flexible and tax attractive regime of SIFs.

N.B. It should be noted that local distribution restrictions may apply.

US INVESTORS

Unless the Shares have been registered under the United States Securities Act of 1933 (the "Securities Act"), and the Fund registered under the United States Investment Company Act of 1940.  The Shares may not be offered, sold, transferred or delivered, directly or indirectly, in the United States, its territories or possessions or to U.S. Persons (as defined in Regulation S under the Securities Act) except to certain qualified U.S. institutions in reliance on certain exemptions from the registration requirements of the Securities Act.

Who are qualified US purchasers?
Subject to certain exceptions, to be a qualified purchaser, a natural person must have at least $5 million in “investments” and an institution must have at least $25 million in “investments,” in each case as defined in Rule 2a51-l under the U.S. Investment Company Act. Please refer to Section 2(a)(51)(A) of the U.S. Investment Company Act for a complete definition of a qualified purchaser.

Who are qualified US institutional buyers?
Qualified institutional buyers primarily refers to institutions that manage at least $100 million in securities including banks, savings and loans institutions, insurance companies, investment companies, employee benefit plans or an entity owned entirely by qualified investors. Qualified institutional buyers also include registered broker-dealers owning and investing, on a discretionary basis, $10 million in securities of non-affiliates. Please refer to Rule 144A under the U.S. Securities Act for a complete definition of a qualified institutional buyer.

 


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