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11.2. The Subscription

Applications of each investor during the first subscription must be for the Minimum Subscription Amount and subsequently the Minimum Additional Subscription Amount.

The terms and conditions for applying for Investor Units are set out in the Subscription Application. 

Investor Units of each Investment Compartment are available for issue during the relevant Initial Offering Period at the Initial Subscription Price per Investor Unit or as designated in the particular Investment Compartment.

After the close of the Initial Offering Period, Investors may subscribe for Investor Units on the Subscription Days at the applicable Subscription Price, calculated with reference to the Net Asset Value per Unit on the relevant Valuation Day.

The Manager is authorised to close or restrict the Investment Compartments to new subscriptions, either for a specified period or until it  otherwise determines and either in respect of all Investors or new Investors only.