Update For All Registered Private Funds - Calculation Of Net Asset Values

Funds registered under the Private Funds Law (as amended) (the “Private Funds Law”), with the exception of certain alternative investment vehicles, are obliged to have appropriate and consistent procedures for the purposes of proper valuations of their assets. The Cayman Islands Monetary Authority (“CIMA”) has published rules for the calculation of net asset values (the “Rule”) to ensure that the valuation of the assets of a fund is fair, reliable, complete, neutral and free from material error and verifiable. The rules are largely a reiteration of best practice and, in most cases, we do not expect private funds will need to make significant changes to their existing procedures or documentation.