All Questions

with tagLegal
3
1

What field or variable are we supposed to use to document that we have met the potential LP and that we are confident they are accredited?

This is important to document that we are not doing a general solicitation.

Top answer:

Tags are great for this use case. Also, you can setup a Meeting stage where you can move LPs that you have met with. 

 -  Mike Suprovici
0
1

I live in Canada, what language for the PACT? See details for what I put.

Given I expect to be raising from LPs from Canada and USA: "The undersigned understands that the Offering is being made without registration under any securities law in any jurisdiction, including the Securities Act of 1933 (the “Securities Act USA”), as amended, or any securities law of any state of the United States. And including in Ontario, Canada, without registration under the Securities Act, R.S.O. 1990, c.S5 (the "Securities Act ON").  The Offering is being made only to accredited investors as defined in the Securities Act ON and Securities Act USA (or in the applicable jurisdiction). [[management_company]] acknowledge that different jurisdictions have differing definitions of 'accredited/sophisticated investor' and is respecting the regulated requirements in the applicable jurisdictions." Please provide feedback or approve.

Top answer:

The PACT is a non-binding agreement, and, before any entities are formed, the jurisdiction does not matter, since there is no underlying entity to bind the agreement to. In general, it can be any jurisdiction, as the agreement is non-bin...

2

Do US rules on accredited investors reach US citizens living abroad?

Our fund is aiming to get commitments/investments from several US nationals that reside in Latin America that most likely would not qualify as Accredited Investors. 

Top answer:

Yes. We strongly advise you not to pitch people who do no meet the accredited investor requirements in general. 

 -  Mike Suprovici
0