A District of Columbia Subscription Agreement — A Section 3C1 Fund is a legal document that outlines the terms and conditions of an investment in a fund that qualifies under Section 3C1 of the District of Columbia Code. This agreement is specific to investment funds based in the District of Columbia. Section 3C1 of the District of Columbia Code pertains to the taxation of investment funds, providing certain exemptions and benefits to fund managers and investors. To avail of these benefits, investors must adhere to the requirements stated in the District of Columbia Subscription Agreement. The agreement typically includes detailed information about the fund, its objectives, investment strategies, and restrictions. It outlines the terms of the investment, such as the minimum investment amount, subscription fees, and lock-up periods. Additionally, the agreement may also include provisions related to the calculation and distribution of the fund's profits, as well as the redemption or transfer of the investment. Depending on the specific type of fund, there may be different variations of the District of Columbia Subscription Agreement — A Section 3C1 Fund. Some examples of these variations include: 1. Hedge Fund Subscription Agreement — A Section 3C1 Fund: This type of agreement applies to hedge funds operating within the District of Columbia that meet the requirements of Section 3C1 of the District of Columbia Code. 2. Private Equity Subscription Agreement — A Section 3C1 Fund: This agreement is tailored specifically for private equity funds that qualify under Section 3C1 of the District of Columbia Code. 3. Venture Capital Subscription Agreement — A Section 3C1 Fund: This variation of the agreement is applicable to venture capital funds based in the District of Columbia that meet the criteria outlined in Section 3C1. In summary, a District of Columbia Subscription Agreement — A Section 3C1 Fund is a legal contract governing the terms of investment in a fund that qualifies under Section 3C1 of the District of Columbia Code. It ensures compliance with the District of Columbia's tax regulations and outlines the rights and obligations of both the fund manager and the investor.
District of Columbia Subscription Agreement - A Section 3C1 Fund
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3(c)(1) In other words, 3C1 allows private funds with 100 or fewer investors (and venture capital funds with fewer than 250 investors) and no plans for an initial public offering to sidestep SEC registration and other requirements, including ongoing disclosure and restrictions on derivatives trading.
Under Rule 3c-5 of the Investment Company Act, an "executive officer" is a knowledgeable employee, which is in turn defined to include a "president, any vice president in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making ...
Meaning that if you want to file a 3(c)5 you're looking at allocating at least 55% of your portfolio directly to real estate. The remaining 45% is broken down even further into two more tiers. First, an additional 25% of the portfolio must be in real estate related interests.
Meaning that if you want to file a 3(c)5 you're looking at allocating at least 55% of your portfolio directly to real estate. The remaining 45% is broken down even further into two more tiers. First, an additional 25% of the portfolio must be in real estate related interests.
A 3(c)(1) fund is a pooled investment vehicle that is excluded from the definition of investment company in the Investment Company Act because it has no more than 100 beneficial owners (or, in the case of a qualifying venture capital fund, 250 beneficial owners) and otherwise meets criteria outlined in Section 3(c)(1) ...
Requirements for Accredited Investors An entity is considered an accredited investor if it is a private business development company or an organization with assets exceeding $5 million. Also, if an entity consists of equity owners who are accredited investors, the entity itself is an accredited investor.
3C7 funds, as noted, take investments from qualified purchasers, whereas 3C1 funds work with accredited investors. 4. Investors in 3C7 funds are held to a higher wealth measure than those in 3C1 funds, which can limit the investor pool that a fund is hoping to raise money from.
Section 3(c)(5)(C) generally excludes from the definition of investment company any entity that is primarily engaged in the business of purchasing or otherwise acquiring mortgages and other liens on and interests in real estate.