Private placement required for migrated venture capital funds to receive subscription monies through units only.

A migrated fund that qualifies as an alternative investment vehicle is constrained in its fundraising mechanism: migrated venture capital fund monies may be accepted only by way of private placement of its units. The provision establishes a statutory limitation on subscription routes, restricting all investor receipts for investment purposes to private placement offers of units and precluding public offers or alternative subscription mechanisms.

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