As a listed fund, there are three main routes to markets, the Premium Segment of the Main Market, the Specialist Fund Segment of the Main Market and AIM.
Entry requirements | Premium Main Market | SFS | AIM |
---|---|---|---|
Transferable securities to be freely negotiable | ✔ | ✔ | ✔ |
Type of funds | Closed ended | Closed ended | Closed ended |
Offering document |
UKLA approved prospectus |
UKLA approved prospectus |
AIM admission document |
Audited historical financial information | 3 years* | 3 years* | 3 years* |
UK Corporate Governance Code | Applies | ☓ | Code of choosing |
Sponsor/NOMAD | Sponsor | ☓ | NOMAD |
Free float | 25% | No prescriptive free float | No prescriptive free float |
Working Capital Statement | Unqualified for 12 months | PD disclosure - can be qualified | Unqualified for 12 months |
Investment diversification | ✔ | ☓ | ☓ |
No more than 10% invested in other closed ended funds | ✔ | ☓ | ☓ |
Feeder funds | ✔ (The feeder has to control the master) | ✔ | ✔ |
*or such shorter period that the entity has been in operation
Dedicated to closed-ended funds targeting retail and institutional investors.
Dedicated to specialist, closed-ended investment funds for professional investors.
For straightforward closed-ended fund structures seeking retail and institutional investors.