What type of sub-funds can be operated by a VCC Fund?
A sub-fund of a VCC Fund, subject to the approval of the Commission, will operate as a Collective Investment Scheme (“CIS”) or a Closed-End Fund (“CEF”) of any category and may elect to have a separate legal personality from that of the VCC Fund. For example, a sub-fund can be approved to operate as a CIS and an Expert Fund. The sub-fund shall comply with all requirements under the Financial Services Act (the “FSA”), Securities Act, Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008, relevant FSC Rules and Guidelines applicable to a/an CIS/Expert Fund.
A sub-fund of a VCC Fund can also act as a feeder fund or a master fund.