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of <h1>Angel funds may raise only from accredited investors by private placement; file memo with merchant banker and onboard five investors</h1> Angel funds may raise capital only from accredited investors by issuing units; key management personnel may invest. No minimum investment value applies to angel investors. Fundraising must occur by private placement using an information or placement memorandum filed with the regulator through a merchant banker, who must incorporate regulator comments before circulation. An angel fund must onboard at least five accredited investors before declaring its first close; failure to do so requires refiling the placement memorandum and payment of the prescribed fee. If formed as a company, applicable company law also governs the fund.
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