Co-investment portfolio management requires alignment with alternative investment fund investment, exit, withdrawal, performance, and unlisted-security conditions.

Co-investment terms must not be more favourable to a co-investor than the corresponding investment terms of the Alternative Investment Fund. Exit terms, including exit timing, must be identical to those applicable to the fund, and early withdrawal is permitted only to the extent that the fund has exited the relevant investee company. All assets under management must be invested in unlisted securities of investee companies in which Category I or Category II Alternative Investment Funds managed by the same manager invest.

---

---

---