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12.11. Subscription Through Nominees 

Any Investor will only be able to fully exercise his rights directly against any Investment Compartment, if the Investor is registered himself and in his own name in the Register of the Investment Compartment. In cases where an Investor invests in the Investment Compartment through an intermediary investing into the Investment Compartment in his own name but on behalf of the Investor (a "Nominee"), it may not always be possible for the Investor to exercise certain rights directly against the Investment Compartment. 

For the avoidance of doubt, in cases where a Nominee invests into the Investment Compartment in his own name but on behalf of several Investors, any applicable Minimum Subscription Amounts and/or holding amounts will be assessed at the level of the Nominee, without applying any look-through to the level of the individual, underlying Investors.