Risk is the only thing we manage twice.
Capital preservation is the first mandate. Every position is sized against a hard drawdown trigger; every sleeve is hedged against a defined regime; every redemption request is governed by a clearly disclosed mechanism.
The −20% rule.
If the Fund's assets fall by 20% of current AUM (dividends included), all positions are liquidated and trading is suspended within five business days.
Investors are then offered immediate redemption — in whole or in part — regardless of the standing lock-up period. Alternatively, a recovery strategy may be proposed. Funds are wired within 30 days of an investor's notice to close.
Liquidity governance designed to protect remaining investors.
Bulk Withdrawal Cap
If aggregate withdrawal requests in a billing period exceed 15% of NAV, requests are partially executed in the current period and remainder carried to the next.
Illiquid Asset Buffer
Where the Fund holds distressed debt, private equity or SPV structures whose immediate sale would damage the portfolio, the GP may defer redemption.
Emergency Deferral
In sudden crisis events — volatility surges, market-liquidity collapse — execution of redemptions may be deferred up to 180 days, with investor notification.
Where deferral extends beyond 180 days, investors retain the right to request an individual review of withdrawal terms. Alternative exit mechanisms include the transfer of assets to a dedicated SPV or structured notes of the Fund.
Certain risk factors.
Investment Strategy Risk
The Fund's strategy involves significant risks; objectives may not be achieved and performance may be adversely affected by market conditions, volatility or other factors beyond the manager's control.
Leverage Risk
The Fund may employ leverage. Use of leverage magnifies both potential gains and losses and may produce higher volatility and risk of loss.
Market Risk
Investments are subject to market risk including fluctuations in prices, interest rates and exchange rates, which may adversely affect Fund value.
Liquidity Risk
Certain investments may be illiquid, particularly during market stress; liquidations may occur at discounts to fair value.
Counterparty Risk
The Fund transacts with brokers, dealers and financial institutions. Counterparty failure could result in financial loss.
Operational Risk
Risk relating to accounting accuracy, regulatory compliance and effectiveness of internal controls.
Regulatory Risk
Changes in regulation or interpretation thereof could affect operations, financial condition and profitability.
Tax Risk
Tax treatment is subject to change based on new legislation, regulations or interpretations.
Performance Risk
Past performance is not indicative of future results; no level of performance is guaranteed.
Conflicts of Interest
Management and affiliates may have conflicts related to compensation, allocation of opportunities and trading activities.
The above is a summary. Investors should carefully review the full risk factor section of the Confidential Private Placement Memorandum and consult independent financial, tax and legal counsel before subscribing.