The Emerging Growth Fund Ltd. (referred to as “Fund”) is a Business Company incorporated under the laws of the British Virgin Islands (referred to as the “BVI”). The Fund is a “professional fund” within the meaning of the BVI’s Securities and Investment Business Act of 2010 and the Mutual Fund Regulations of 2010, (jointly referred to as the “Act”) on the basis that:
- Shares of the Fund can only be offered to “Professional Investors” within the meaning of the Act and;
- The “Professional Investors” will not be U.S. Persons.
- A minimum investment of US$100,000 is required.
As a professional fund, the Fund is required to be and will be recognised under the Act and it will be required to pay an annual recognition fee of US$1,000. Such recognition does not involve an examination of the merits of an investment in the Fund and does not entail supervision of the investment performance or portfolio constitution of the Fund by the BVI government, the Financial Services Commission in the BVI or by any regulators outside of the BVI.
It is anticipated that in the future the Fund will be re-registered or restructured as a segregated portfolio company and that the assets in each class of shares will be segregated assets of an independent portfolio.