Special situation fund tenure requires investor approval for limited extensions and consent with exit rights for further extensions. Special situation funds must be close-ended and constituted in an International Financial Services Centre as a company, limited liability partnership, ... Summary
Special situation fund tenure requires investor approval for limited extensions and consent with exit rights for further extensions.
Special situation funds must be close-ended and constituted in an International Financial Services Centre as a company, limited liability partnership, trust, or another permitted legal form. Their tenure must be at least three years and disclosed in the placement memorandum. An extension of up to two years requires approval from investors holding two-thirds by value of investments. Any further extension requires express consent from willing investors and an exit opportunity for dissenting investors.
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