Per se professional
Regulated financial institutions
Credit institutions, investment firms, insurers, collective investment schemes and their managers, pension funds and other authorised or regulated financial entities.
For allocators
A structure you can see through, agreed before capital moves.
Family offices, institutions and corporates come to us for a defined exposure rather than a blind pool. The investment policy, valuation approach, reporting cycle and fee basis are settled and documented at launch — which is the only point at which an investor has real negotiating leverage.
Eligibility
Who qualifies as a professional investor
ZUAIS follows MiFID II. Some investors are professional by category; others can be treated as professional on request where they meet the criteria. We assess and document classification before any fund material is shared.
Per se professional
Large undertakings
Companies meeting the size tests on balance sheet total, net turnover or own funds, as set out in the MiFID II client categorisation rules.
Per se professional
Public bodies
National and regional governments, public bodies managing public debt, central banks and international institutions.
On request
Elective professional
Family offices, investment holding companies and experienced individuals who meet the qualitative and quantitative criteria and accept the consequences of the classification in writing.
Onboarding
Five stages, no surprises at stage four
Every document we will need is listed at the first substantive meeting. AML requests arriving late are the most common reason a subscription slips, so we front-load them deliberately.
Stage 01
Introduction & classification
Mandate discussion and professional-investor classification, documented before any fund-specific material is shared.
Stage 02
Structure proposal
Vehicle and compartment design, draft investment policy, service providers, cost basis and indicative timetable, in writing.
Stage 03
Documentation review
Fund rules, risk disclosures, valuation and fee terms reviewed with your counsel and advisers, with time to negotiate.
Stage 04
AML, KYC & subscription
Identification, beneficial ownership and source of funds, subscription execution, account set-up and capital call mechanics.
Stage 05
Live reporting
Agreed reporting cycle begins, with a named contact for questions between reports and annual audited accounts.
Governance
The four documents that decide everything
Investment policy
Eligible assets, exclusions, concentration limits, leverage, currency and duration. If it is not permitted here, it does not happen — and changes require the process the fund documents specify.
Valuation policy
Methodology per asset type, frequency, who values what, and where independent input is required. Written before the first valuation, not after the first dispute.
Risk framework
Risk management functionally separate from portfolio management, with documented limits monitored at transaction level and an escalation path when a limit is approached.
Conflicts policy
Especially relevant in a group with regulated operating businesses. Related-party dealings are identified, assessed and disclosed to investors, or not done.
Reporting
What arrives, and when
The reporting pack is agreed at launch and written into the fund’s terms. Content and frequency vary by strategy — a trade finance programme reports differently from a development project — but the commitment is fixed before subscription.
- Per NAV cycle
- Net asset value, position-level holdings, movements in the period, cash and undrawn commitments.
- Quarterly
- Manager commentary on portfolio developments, pipeline, risk limit utilisation and anything that changed materially.
- Annually
- Audited financial statements of the fund, prepared by an independent auditor appointed for the fund.
- On event
- Material events: limit breaches, valuation changes of significance, service provider changes, litigation or default in the portfolio.
- To the regulator
- Reporting to the ATVP on the funds managed, as required under the registered regime.
Investor questions, answered directly
Read all 46 answersWhat does onboarding involve?
- Professional-investor classification, AML and KYC including beneficial owners and source of funds, review of fund documentation, execution of subscription documents and agreement of capital call mechanics. The full document list is given at the first substantive meeting.
How are fees charged?
- The fee basis is agreed and documented per fund before subscription — typically a management fee and, where relevant to the strategy, a performance-related element — alongside disclosed operating costs such as administration, audit, valuation and legal fees. No undisclosed charges.
Can I invest in a single strategy only?
- Yes — that is the point of the structure. Compartments and dedicated funds exist so an investor can take one strategy, or one project, without acquiring exposure to the rest.
How liquid is an investment?
- Assume illiquid unless a fund’s documents say otherwise. Real estate and private technology positions are long-dated; trade finance exposures are short-dated at asset level but that does not automatically make the fund redeemable. Liquidity terms are defined per fund.