Kansas Subscription Agreement - A Section 3C1 Fund
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(3) is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40 per centum of the value of such issuer's total assets (exclusive of Government securities and cash items) on an ...
For the purpose of section 3(c)(1) of the Act, beneficial ownership by a com- pany owning 10 per centum or more of the outstanding voting securities of any issuer which is a small business in- vestment company licensed to operate under the Small Business Investment Act of 1958, or which has received from the Small ...
3C1 refers to a portion of the Investment Company Act of 1940 that allows private investment companies to be considered exceptions to certain regulations and reporting requirements stipulated by the Securities and Exchange Commission (SEC).
Private funds must not plan to issue an IPO and their investors must be qualified purchases to qualify for the 3C7 exemption. There is no maximum limit for the number of purchasers of 3C7 funds. In contrast to 3C7, 3C1 funds deal with no more than 100 accredited investors.
For instance, a qualified purchaser is often allowed to invest in funds that are exempt from the Securities and Exchange Commission (SEC) registration under both Sections 3(c)(1) and 3(c)(7) of the Investment Company Act, whereas an accredited investor would only be allowed to invest in a Section 3(c)(1) fund.
Types of 3(c)(1) Investors Generally speaking investors in Section 3(c)(1) hedge funds will be both accredited investors and qualified clients. A 3(c)(1) fund must limit its investors to qualified clients if it wants to charge a performance fee.
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) ...
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)(1) excepts from the definition of investment company any issuer whose outstanding securities (other than short-term paper) are beneficially owned by not more than one hundred persons and that is not making and does not at that time propose to make a public offering of such securities.
Private funds must not plan to issue an IPO and their investors must be qualified purchases to qualify for the 3C7 exemption. There is no maximum limit for the number of purchasers of 3C7 funds. In contrast to 3C7, 3C1 funds deal with no more than 100 accredited investors.