The fund was incorporated January 1 to capitalize on the valuation gap between an exploration idea/concept in the private, non-listed stage, and a drill-ready project in the public stage.
See the strategy page for further information on the fund’s goals and how we aim to achieve those goals
The fund is a tax-transparent mutual fund under Dutch law (“fonds voor gemene rekening”)*. Assets of the fund are under custody of a special purpose vehicle (a “stichting”), managed by our administrator AssetCare Fund Services B.V. (“AssetCare”). AssetCare is an independent fund administrator. AssetCare also oversees compliance of the investments with the policy stipulated in the information memorandum. AssetCare calculates the fund’s Net Asset Value on a quarterly basis and computes the annual accounts independent of the fund’s manager.
The fund’s minimum investment is € 100,000. There are no entry or exit fees. Initial lock-up is 2 years. Taking this lock-up period into account, participants can submit a redemption request on a quarterly basis, with a notice period of one year.
The reason for this lock-up period and notice period matches the recommended minimum holding period of five years: there is no market for private exploration companies and there is a long lead time from incubation to a realized exit. Once listed it can still take a considerable time to (partially) liquidate the investment. A minimum holding period of five years increases the likelihood of one or multiple realized exits.
Management fee is 1% annually. Performance fee is 20% on realized profits. If an investor redeems during a calendar year, the accumulated performance fees will be charged directly (including unrealized profit and loss). The fund will return 50% of the realized profits to the investors after deducting the performance fees.
See the Information Memorandum and the Essential Information Document for further information.