Take a Risk
What type of fund requires the share summary/roll to be completed?
Ltd's
(LP's have Interest)
What is a TA Confirm?
Technical Audit Confirmation from A Third Party that confirms the specific details about the company’s transaction or balances.
Which SWP should be used if it is NOT a PCAOB Audit?
Capital Allocation - T.00.2
Capital Activity - T.00.1
What is the generally the % for Management fees and Incentive fees charged by the Investment Manager?
Management Fees: Typically, 0.5% to 2.5%
Incentive Fees: Typically, 20%
What are Redemptions and Subscriptions?
Redemptions (Withdrawals): Capital taken out of the fund.
Subscription (Contribution): Capital invested into the fund
Where are Management Fees stated?
In the LPA Agreement
List 4 items Stated in a LPA Agreement
•Management fees
•Performance (Incentive) fees
•Crystallized performance fees
•Carried Interest
•Claw Back Provision
•Hurdle Rate
What are types of RICs?
mutual funds, Exchange-Traded Funds (ETFs), Unit Investment Trusts (UIT’s) and closed-end investment companies.
What is your Bible?
The LPA Agreement (The terms!)
Bonus: What is Capital Allocation and Capital Activity?
•Capital Allocation: Refers to the process of allocating the profit/loss to the respective investors in accordance with their ownership standing in the fund. This is usually laid out in the LPA/OM.
•Capital Activity: Refers to the capital movements (subscription/contribution, redemptions/withdrawals, transfers, and switches in the fund).