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7.8. Liquidity Risk Management

The Fund benefits from a liquidity risk management system. The fundamental objective of the system is to ensure that the liquidity of the fund assets allows meeting redemption requests from unit holders and other financial commitments, while preserving the principle of fair treatment of Investors.

In this context, procedures have been put in place to enable a monitoring of the liquidity risks of each Investment Compartment and to ensure that the liquidity profile of the Investment Compartment’s investment portfolio is such that the Investment Compartment can normally meet its share redemption obligations in case of an open-ended Investment Compartment. Procedures have also been adopted to address redemption rights in exceptional circumstances, including so-called special arrangements. The Manager may, under exceptional circumstances and in the interest of the relevant Investment Compartment or of the Investors of the relevant Investment Compartment, apply gates and/or side pockets. 

In general the procedures in place take into consideration the fact that unless there is contrary indication or provision in any Supplement, relating to a specific Investment Compartment:

1.  The Investment Compartments are addressed to Investors who have no need for liquidity of investment as provided in 11.3. Eligible Investors(pg. 71);

2.  An Investor is allowed to subscribe by contributing consideration in kind as provided in 12.6. Contribution-in-kind (pg. 75);

3.  The Redemption procedure of the Investment Compartments allows for a redemption in kind as provided in 16.8. Settlement (pg. 94);

4.  The lock up period for each Investment Compartment as described in its Supplement.