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3.5. Investment Compartments

The Fund operates as an Alternative Investment Fund with more than one Investment Compartments however each one of the Investment Compartments constitutes a separate legal entity in accordance with section 9 of the AIF Law. Each Investment Compartment corresponds to a separate portfolio of assets and liabilities of the Fund. Investment Compartments are distinguished by their specific investment objectives, policy, risk profile, investment techniques or any other specific features. Prospective Investors may choose which Investment Compartment or Investment Compartments may be most appropriate for their specific risk and return expectations, as well as for their diversification needs.

Each Investment Compartment is subject to the provisions of the AIF Law as a standalone Alternative Investment Fund. The rights of Unit-Holders and creditors’ claims or the obligations of a particular Investment Compartment created by its constitution, operation or dissolution are limited to the assets of that Investment Compartment. In spite of this, the Fund and its Investment Compartments constitute a single legal entity.

An Investment Compartment (the ‘investor-compartment’) of the Fund may invest in another Investment Compartment of the Fund (the ‘target-compartment’), if only such investments are permitted by such investor-compartment’s relevant Supplement and the following conditions are met in a cumulative manner:

1.  The investor-compartment shall totally invest up to 35% of its assets in the target-compartment; 

2.  The target-compartment shall not acquire Investor Units of the investor-compartment;

3.  The value of the Investor Units that correspond to the investments in accordance with point (a) shall not be calculated twice in the calculation of the capital of the Fund;

4.  The voting rights, if any, attached to the Investor Units which correspond to the investment of the investor-compartment in the target compartment shall be suspended for as long as they are held by the investor-compartment

5.  Any Management Fees or related remuneration, marketing and Redemption or Redemption Fee or any expenses regarding the marketing and the Redemption regarding the investments of the investor-compartment into a target compartment shall not be accounted.

As of the date of this Offering Memorandum, the Investment Compartments under the Umbrella of the Fund are the following:

1.  Compartment 2020A1

2.  Compartment 2020B1

3.  Compartment 2020B2

4.  Compartment 2020B3

5.  Compartment 2020C2

Each Investment Compartment of the Fund will be represented by one or many Classes of Units and any reference as to the issuance or sale of Investment Units shall refer to a specific Class of Units.

The Fund’s Investment Compartments will invest either directly or through Special Purpose Vehicles which may serve sometimes as intermediary holding companies, depending on the requirements of local law and commercial requirements.