Capital Structure & Returns
How capital is raised, structured, and returned to investors across four lock‑up tiers.
Private placement across four lock‑up tiers
The Fund will raise capital solely from individual investors via private placement, subject to applicable securities laws and any exemptions or licensing requirements in the jurisdiction of offer. Each investor subscribes under one of four lock‑up tiers, selected at subscription, which determines the applicable base return, administrative cost treatment, and eligibility for the Special Pool Fund bonus.
Investor Subscribes
Capital is committed via private placement subscription documentation.
Selects Lock‑Up Tier
One of four tiers is chosen at subscription — 12, 24, 36 or 60 months.
Base Return Determined
The selected tier fixes the applicable base return and administrative cost treatment.
Special Pool Eligibility Set
36‑ and 60‑month tiers gain eligibility for the Special Pool Fund bonus.
Figure 5 — Lock‑up tenure by investor tier. Ranging from a 12‑month minimum commitment to a 60‑month maximum commitment. Full tier terms are set out in Section 7.
SPV & Master Fund architecture
Each lock‑up tier subscribes through its own SPV; capital is aggregated by a Limited Partner SPV and deployed through a Master Fund managed by the Management Company.
Four tiers, from 12 to 60 months
| Lock‑Up Tier | Min. Tenure | Base Return (p.a.) | Admin Cost | Special Pool Bonus | Indicative Net Return |
|---|---|---|---|---|---|
| Tier 1 | 12 months (min.) | 8% | 1.5% (deducted) | Not applicable | 6.5% p.a. |
| Tier 2 | 24 months | 10% | None | Not applicable | 10% p.a. |
| Tier 3 | 36 months | 12% | None | +3% from Special Pool | Up to 15% p.a. |
| Tier 4 | 60 months | 12% | None | +6% from Special Pool | Up to 18% p.a. |
The Special Pool Fund bonus for Tier 3 and Tier 4 is performance‑linked and not guaranteed. The Special Pool Fund balance is expected to compound at an average of 30–40% per year, indicative not guaranteed. Net returns above assume the bonus is achieved in full.
A performance‑linked waterfall for Tier 3 & 4
The Special Pool Fund is the mechanism by which Tier 3 (36‑month) and Tier 4 (60‑month) investors receive their additional 3% and 6% return enhancement respectively, derived from the Fund's gross profits after deducting the administrative cost and all payables.
Because the Special Pool Fund is derived from actual realised gross profit after costs and payables, the bonus payable in any period depends on underlying financing performance and is capped at the stated maximum (3% or 6%).
Transparent, tier‑specific cost treatment
Tier 1
1.5% administrative cost is deducted directly from the investor's return, reducing the 8% base return to an indicative 6.5% net return.
Tier 2
No administrative cost is charged against the investor's 10% base return.
Tier 3 & 4
No administrative cost is charged against the 12% base return; investors instead participate in the Special Pool Fund, which itself bears a 5% administrative cost at the Fund level before distribution.
This structure ensures administrative costs are transparently disclosed and applied consistently — either as a direct deduction from the investor's return (Tier 1) or embedded within the Special Pool Fund waterfall (Tiers 3 and 4).