Are you a professional or a private investor?

Before proceeding, please review the following Terms and Conditions:

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For the purposes of this website, the term "professional or qualified investor" refers to any investor who has the necessary experience and knowledge to make his or her own investment decisions and to correctly assess risks. Specifically, the following people and entities are considered to be professionals:

consider the following persons and entities as professionals:

a) Financial institutions and other legal entities that, in order to operate in the financial markets, must be authorized or regulated by States, whether or not they are members of the European Union. These include:

1. Credit institutions,

2. companies providing investment services,

3. insurance or reinsurance companies,

4. collective investment institutions and management companies of collective investment institutions,

5. capital-risk entities, other closed-end collective investment entities and Management Companies of Collective Investment Entities,

6. pension funds and their management companies,

7. securitization funds and their management companies; and

8. traders who habitually deal in commodities and commodity derivatives, as well as traders dealing on their own behalf and other institutional investors.

b) States and regional administrations, including public bodies that manage public debt at a national and regional level; central banks and international and supranational bodies, such as the World Bank, the International Monetary Fund, the European Central Bank, the European Investment Bank and others of a similar nature.

c) Entrepreneurs who individually meet at least two of the following conditions:

1. Total asset are equal to or greater than 20 million euros.

2. The amount of their annual turnover is equal to or greater than 40 million euros.

3. Own resources are equal to or greater than 2 million euros.

d) Institutional investors (entities holding large amounts of money for management and investment) who, not being included in letter a), have as their regular activity investing in securities or other financial instruments.

Notwithstanding the above, retail clients may request to be treated as professional clients, expressly waiving their treatment as retail clients. Admission of the request and such waiver shall be conditional upon the Management Company carrying out an appropriate assessment of the client's experience and knowledge in relation to the transactions and services requested and ensuring that the client is able to make his or her own investment decisions and understands the risks involved. In carrying out the aforementioned assessment, the Management Company shall verify that at least two of the following requirements are met:

1. The client has carried out transactions of significant volume in the relevant market of the financial instrument in question or similar financial instruments, with an average frequency of 10 per quarter during the previous four quarters.

2. The size of the client's financial portfolio, consisting of cash deposits and financial instruments, exceeds 500,000 euros.

3. The client holds or has held a professional position in the financial sector that requires knowledge of the operations or services envisaged for at least one year.

Additionally, retail customers may subscribe units, without any marketing activity, provided that they undertake to invest at least €100,000 and provide written proof that they are aware of the risks inherent in the investment.

Notwithstanding the above, in the case of venture capital funds, these may be marketed:

1. Amongst the administrators, managers or employees of the Management Company or self-managed entities, with respect to the entity itself or those managed or advised by the Management Company,

2. when the investors invest in venture capital entities listed on stock exchanges, and

3. among investors that justify their own experience in investment, management or advice in RCEs similar to the one in which they intend to invest. 

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