Maricopa Arizona Subscription Agreement - A Section 3C1 Fund
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FAQ
The 3c1 fund look through refers to a method that allows the fund manager to evaluate the underlying investments of the fund, as part of compliance under the Maricopa Arizona Subscription Agreement - A Section 3C1 Fund. This process is crucial for assessing the economic exposure and risks associated with the fund's investments. By implementing a look through approach, you gain clarity on the actual assets held within the fund, which helps in making informed investment decisions.
A person may not invest in a hedge fund relying on the Section 3(c)(7) exemption unless such person meets the definition of a ?qualified purchaser.? The Act defines the term ?qualified purchaser? to include, in part: any natural person who owns at least $5 million in investments; or.
Section 3(c)(1) of the Investment Company Act of 1940 provides an exemption from having to register as an investment company under the Act for a hedge fund whose securities are not publicly offered and are owned by not more than 100 persons.
Accredited investors can invest only in 3(c)(1) funds, whereas qualified purchasers can typically invest in both 3(c)(1) funds and 3(c)(7) funds. A 3(c)(1) fund allows only 100 accredited investors, or 250 accredited investors if the fund size is less than $10M.
3C7 funds, as noted, take investments from qualified purchasers, whereas 3C1 funds work with accredited investors. 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.
There is no maximum limit for the number of purchasers of 3C7 funds.
Q: CAN THE 3C7 FUND EXCLUSION AND THE 3C1 FUND EXCLUSION BE COMBINED IN A SINGLE FUND IN WHICH THE INVESTORS CONSIST OF QUALIFIED PURCHASERS PLUS UP TO 100 OTHERS? A: No, except in the case of a fund that was in existence on September 1, 1996 and satisfies certain additional requirements.
3C1 refers to a portion of the Investment Company Act of 1940 that exempts certain private investment companies from regulations. A firm that's defined as an investment company must meet specific regulatory and reporting requirements stipulated by the SEC.
The Act defines the term ?qualified purchaser? to include, in part: any natural person who owns at least $5 million in investments; or. any other person (e.g., an institutional investor) that owns and invests on a discretionary basis at least $25 million in investments.
As in the case of 3(c)(1) funds, ?knowledgeable employees? (as defined above) are permitted to invest in a 3(c)(7) fund, whether or not they are qualified purchasers, without jeopardizing the exemption. Offshore funds too may exceed the 100-investor limitation if their U.S. investors are qualified purchasers.
