FUNDS 4. FUNDS 4. SPECIALIST CLASSES OF FUNDS
FUNDS 4.1 FUNDS 4.1 Specialist Funds
FUNDS 4.1.1(1) A Domestic Fund that falls within one or more of the criteria specified in Rules 4.1.2 to 4.1.4 is hereby prescribed to be a Domestic Fund of that specialist class or classes.(2) A Foreign Fund that falls within one or more of the criteria specified in Rules 4.1.2 to 4.1.4 is hereby prescribed to be a Foreign Fund of that specialist class or classes for the purposes of:(a) managing that Fund in the Abu Dhabi Global Market;(b) marketing of the Units of that Fund in or from the Abu Dhabi Global Market; or(c) determining whether a Domestic Fund investing in such a Fund continues to meet any criteria or other requirements applicable to that Domestic Fund.
FUNDS 4.1.2 FUNDS 4.1.2
A Fund is a Feeder Fund if it is dedicated to investing all, or substantially all, of its assets in the Units or Debentures of a single other Fund (Master Fund).
Guidance1. A Domestic Feeder Fund may have a Foreign Fund as its Master Fund.2. A Sub-Fund of an Umbrella Fund is not a Feeder Fund.
FUNDS 4.1.3 FUNDS 4.1.3
A Fund is a Master Fund if it, in whole or in part, issues its Units or Debentures to one or more other Funds which are dedicated to investing in that Master Fund.
A Domestic Master Fund may have one or more Foreign Funds as its Feeder Funds.
FUNDS 4.1.4(1) A Fund is an Umbrella Fund if the contributions of the Unitholders in the Fund and the profits or income out of which payments are to be made to them are pooled separately in a number of Sub-Funds constituting separate parts of the Fund Property.(2) A Fund Manager of an Umbrella Fund must ensure that none of its Sub-Funds invests in another of its Sub-Funds.
Real Estate Investment Trust (REIT)
A Fund is a Real Estate Investment Trust (REIT) only if it meets the criteria in Rule 13.5.
Venture Capital Fund
FUNDS 4.1.6(1) A Fund is a Venture Capital Fund if it:(a) invests only in the Securities of companies which are at an early stage of development and that are not listed or admitted to trading on an exchange, either;(i) directly; or(ii) indirectly as a Feeder Fund holding units of a Master Fund, in accordance with (2);(b) is closed ended;(c) limits total subscriptions to an amount not to exceed $100 million or a higher amount approved by the Regulator; and(d) is either;(i) a Domestic Fund that is either an Exempt Fund or Qualified Investor Fund; or(ii) a Foreign Fund that is not available to Retail Clients.(2) A Venture Capital Fund may consist of a Master Fund and Feeder Fund(s) structure in which:(a) each Feeder Fund meet the requirements in (1)(a)(ii),(b) and (d); and(b) the Master Fund meets the requirement of (1)(a)(i),(b), (c) and (d).