Status: You are viewing the version of the handbook as on 2020-09-30.

fund investing in inherently illiquid assets

    128a non-UCITS retail scheme which satisfies the conditions in (1), (2) and (3):

      1. (1) either:
        1. (a) the investment objectives and policy published in the instrument constituting the fund and the prospectus aim to invest at least 50% of the value of the scheme property in inherently illiquid assets; or
        1. (b) at least 50% of the value of the scheme property has been invested in inherently illiquid assets for at least three continuous months in the last twelve months; and
      1. (2) the instrument constituting the fund and the prospectus do not provide for limited redemption arrangements that reflect the time typically needed to sell, liquidate or close out the inherently illiquid assets in which the non-UCITS retail scheme invests; and
      1. (3) the scheme is not in the process of winding up or termination.