An Expert Fund is an investment fund specifically targeted at accredited investors, recognised as Expert Investors under the Collective Investment Schemes.
An expert investor is defined as:
(i) An investor who makes an initial investment of not less than USD 100,000; or
(ii) A sophisticated investor as per the Securities Act 2005.
The expert fund enjoys exemption from the numerous stringent provisions that form a governance stranglehold over global funds. It opens the doorway to reshape investment boundaries from the perspective of investment strategy and risk appetite.
How can it be set up?
The Expert Fund can be constituted as a private limited company or even a public limited company. It can also be established as a Unit Trust Fund.
It can take the legal form of an umbrella fund, single class, multi-class, multi-currency, fund of funds, PCC, master fund or feeder fund.
The Expert Fund can be established as a self-managed fund (managed by its board of director) or by appointing a fund/cis manager.
Licence application criteria
The application submitted to the FSC should include at least:
- » constitutive document;
- » the offering document (PPM/Prospectus);
- » operating agreements;
- » procedure and control manuals;
- » Statement of declaration attesting competencies of MLRO and Deputy MLRO;
- » Information on the fund administrator; and
- » track record of fund management amongst other requirements.»
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