This article will provide a general overview of the steps involved in the formation and running of a closed-ended investment fund in the Cayman Islands pursuant to the Private Funds Act (As Revised) (the “Act”). Whilst there are no statutory requirements as to the type of legal entity…

在英属维尔京群岛（简称“BVI”）金融服务委员会（简称“FSC”）根据《BVI证券及投资业务法（修订版）》提供的众多投资基金结构中，核准基金和孵化基金多年来一直是新设基金经理人和新兴基金经理人极具吸引力的选择。这两种开放式基金结构于2015年由BVI《证券及投资业务（孵化基金和核准基金）条例》（简称“条例”）引入，旨在减轻基金经理人的监管负担，降低其营运成本，使其能够测试其投资策略和能力。鉴于这两种基金结构的固有局限性，条例中涵盖了相关条款，允许并促进其在特定触发事件发生时转换为更稳健的基金结构（即私募基金或专业基金）。

Among the many investment fund structures provided by the Financial Services Commission (“FSC”) of the British Virgin Islands (“BVI”) under the Securities and Investment Business Act (As Revised) of the BVI, Approved Funds and Incubator Funds have for a number of years been very attractive options for Start-up…

认购信贷安排（也称为“子额度”或“资本募集安排”）近年来日益受到重视，成为在开曼群岛和英属维尔京群岛（BVI）运营的私募股权发起人和基金管理人灵活的融资选择。本文重点介绍此类安排的关键特征、法律考量和战略优势。

Subscription credit facilities – also known as “sub-lines” or “capital call facilities” – have gained prominence in recent years as flexible financing options for private equity sponsors and fund managers operating within the Cayman Islands and British Virgin Islands (BVI). This article highlights key features, legal considerations and…