Angel fund fundraising is limited to accredited investors, with private-placement disclosures and first-close onboarding requirements.

Angel funds may raise capital only from accredited investors through units, while key management personnel of the fund or its manager may invest. No minimum investment value applies to angel investors. Fundraising must occur by private placement through an information memorandum or placement memorandum, which must be filed with the Board at registration. At least five accredited investors must be onboarded before first close. Failure to declare first close as prescribed requires refiling the placement memorandum and paying the prescribed fee.

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