Legal Disclaimer

All persons using the Macromoney website ("Site") expressly agree to the foregoing disclaimer as a pre-condition to using this Site for any purpose whatsoever. The materials on the Site including, without limitation, news articles, informational materials and all other manager-specific information, have been prepared for informational purposes only and do not constitute financial, legal, tax or any other advice. All information contained herein is provided "as is" and Macromoney expressly disclaims making any express or implied warranties with respect to the fitness of the information contained herein for any particular usage, its merchantability or its application or purpose. Prior to making any investment or hiring any investment manager you should consult with a professional financial advisor, legal and tax advisor to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment. In no event shall Macromoney be responsible or liable for the correctness of any such material or for any damage or lost opportunities resulting from use of this data.

By accessing the password-protected area of this site, you agree not to invest in any posted hedge fund or alternative investment vehicle (other than hedge funds or alternative investment vehicles in which you or your affiliates are already invested, have already been solicited for or are already actively considering an investment in) for thirty (30) days after the approval of your application. Macromoney reserves the right to terminate, at any time, any registered user's account with Macromoney (as well as access to the latter's web site), without giving notice or a reason for such termination to the user.

Additionally, by accessing the password-protected area of this site, you agree to immediately contact Macromoney if there is any change in your status as an "accredited investor" under Regulation D promulgated under Securities Act of 1933. For individuals such changes may include, for example, a registered user's net worth declining below $1,000,000, an expectation that income for the next twelve months may total less than $200,000, or an expectation that the registered user's combined income with his or her spouse may total less than $300,000 in the next twelve months All registered users, including individuals and entities, should communicate with their legal advisors if they believe that their status as an accredited investor has changed. If a registered user's status as an accredited investor has changed, such registered user agrees to immediately notify Macromoney of such change. Nothing in this Site may be considered as an offer or solicitation to purchase or sell securities or other services. If any provision in this Disclaimer Agreement is held to be invalid or unenforceable, then the remaining provisions shall continue in full force and effect.

Users of the Macromoney website may view, download and print information and materials on this Site for its personal and internal business use provided that all hard copies contain all copyright and other applicable notices. All users may not reproduce, modify, copy, alter in any way, distribute, sell, resell, transmit, transfer, license, assign or publish any information obtained from this Site. Registered User shall not use this site at any time for any purpose that is unlawful or prohibited and shall comply with any applicable local, state, national or international laws or regulations when using this Site.

Macromoney, and the logos and marks included on the Macromoney site that identify Macromoney services and products are proprietary materials. The use of such terms and logos and marks without the express written consent of Macromoney is strictly prohibited. Copyright in the pages and in the screens of the Site, and in the information and material therein, is proprietary material owned by Macromoney unless otherwise indicated. The unauthorized use of any material on the Macromoney website may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.


Macromoney UK Ltd is an Appointed Representative of Sapia Partners LLP, an entity which is authorised and regulated by the Financial Conduct Authority.


The materials on the Site is a summary and is not an offering or a solicitation of an offer to purchase an interest. Any such offer or solicitation will be made to qualified investors only by means of a confidential private offering memorandum and related offering materials, and only in those jurisdictions where permitted by law. Such offer or solicitation may only be made by means of delivery of that document which contains important information (including investment objective, policies, risk factors, fees, tax implications, and accredited investor qualifications) relating to such investment product or fund. There is no guarantee that the investment objective will be achieved. Moreover, the past performance of the investment team should not be construed as an indicator of future performance. Without limitation, these materials do not constitute a recommendation to enter into any proposed transaction or investment. You should not construe the contents of this information as legal, tax, investment or other advice. By accepting this information, you acknowledge that the Companies are not acting as your broker, financial advisor, in any other fiduciary capacity or otherwise as your advisor or agent with respect to transaction or investment. The information contained on this Site is based on material that Companies believe to be reliable. Assumptions, estimates and opinions contained on this Site constitute information we received from reliable sources as of the date of the Site and are subject to change without notice. Neither the Companies or any of their respective officers, directors, employees, agents, controlling persons or affiliates makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained on this Site, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to past or future facts or results. The market analysis, projections, targeted returns, estimates and similar information, including all statements of opinion and/or belief contained on this Site (collectively, “forward-looking information”), are subject to inherent uncertainties, contingencies and qualifications and are based on a number of assumptions. Forward-looking information involves significant elements of subjective judgment and analysis that may or may not be correct.


Additional information for Qualified Investors in Switzerland
The Fund is compliant with Swiss law for distribution to qualified investors in or from Switzerland. The Swiss representative is Fundbase Fund Services AG, Bahnhofstrasse 3, CH-8808 Pfaeffikon SZ. The Swiss paying agent is Neue Helvetische Bank Ltd., Seefeldstrasse 215, CH-8008 Zurich. Investors in Switzerland can obtain the binding documents of the Fund, such as legal fund documents, audited annual reports, directors reports and marketing material free of charge from the Swiss representative. This document may only be issued, circulated or distributed so as not to constitute an offering to the general public in Switzerland. Recipients of the document in Switzerland should not pass it on to anyone without first consulting their legal or other appropriate professional adviser, or the Swiss representative.


1. About Macromoney
The Macromoney UK Ltd website “www.macromoney.com” (“our site”) is a website operated by Macromoney UK Ltd (“us” and the expression “we” and “our” shall be construed accordingly) and the information on our site is issued by us both inside and outside the United Kingdom. We are registered in England and Wales with registration number 10317350 and have our registered office at 134 Buckingham Palace Road, London SW1W 9SA.
2. Important Information
This site may contain information or documents which constitute a financial promotion for the purposes of the Financial Services and Markets Act 2000 and the handbook of rules and guidance issued from time to time by the UK Financial Conduct Authority (the "FCA Rules"). The information on this site is issued by us only to and/or is directed only at (i) persons who have professional experience in matters relating to investments (being "investment professionals" within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO")) or (ii) persons falling within Article 49(2) ("high net worth companies, unincorporated associations etc") of the FPO or (iii) persons who are otherwise permitted by law to receive it (all such persons being "Relevant Persons"). The information contained on this site is not intended to be viewed by, passed on or distributed (directly or indirectly) to, any other category of persons. Any investment or investment activity to which information on this site relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Information on this site must not be acted or relied upon by persons who are not Relevant Persons.
FOR PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA: in relation to each member state of the EEA (each a “Member State”) which has implemented the Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”), information relating to any investment fund described on this site is only available and interests in any such investment fund will only be offered or placed to the extent that: (1) such investment fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) such information may otherwise be lawfully distributed and the interests in the relevant investment fund may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor).
INFORMATION FOR U.S. INVESTORS: Macromoney UK Ltd does not offer investment advisory services to the public in the United States. We are not registered with the U.S. Securities and Exchange Commission (the “SEC”) or any state securities commission as an investment adviser. Any investment fund described on this site is not being offered to the public in the United States. If an investment fund described on this site is offered on a private placement basis to selected U.S. investors, the offering will be limited as described in the fund’s offering materials in order to comply with U.S. laws. Neither the SEC nor any other U.S. regulatory authority has reviewed the contents of this website or endorsed or commented upon the information set forth in this website. Any representation to the contrary is a criminal offense.
This site is not intended to constitute, and should not be construed as, investment advice. Potential investors in any investment fund described on this site should seek their own independent financial advice. This site has been provided for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to on this site. This site is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest or any investment service, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. The distribution of information contained on this site in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. Persons interested in receiving further information about any investment or service should inform themselves as to: (i) the legal requirements within the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange control requirement which they might encounter; and (iii) the income tax and other tax consequences which might be relevant.
Any decision to purchase securities or interests with respect to any investment fund described on this site must be based solely upon the information contained in the relevant offering memorandum for that investment fund, including any supplements thereto, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements relating to such investments. Some or all alternative investment programs may not be suitable for certain investors.
3. Risk factors and other information
Nothing contained on this site constitutes investment, legal, tax or other advice, nor is it to be relied upon when making investment or other decisions. The information on this site is provided solely on the basis that you make your own investment decisions. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction.
Past performance may not be repeated and should not be seen as a guide to future performance. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.
Exchange rates may cause the value of overseas investments and the income arising from them to rise or fall. The levels and bases of and reliefs from taxation may change. Any tax reliefs referred to are those currently available and their value depends on the circumstances of the individual investor. Investors should consult their own tax adviser in order to understand any applicable tax consequences.
4. Your use of our site
These terms of use set out the terms on which you may make use of our site, whether as a guest or a registered user, and apply to every page on our site, whether or not such pages are individually disclaimed. Please read these terms of use carefully before you start to use our site. By using our site, you have indicated that you accept these terms of use and that you agree to abide by them. If you do not agree to these terms of use, please refrain from using our site.
You must NOT use our site (or permit or procure others to use it) as follows:
1. for any unlawful, improper or illegal purpose or activity;
2. to communicate or receive information that is obscene, indecent, pornographic, sadistic, cruel, or racist in content, of a sexually explicit or graphic nature, which promotes or incites discrimination, hatred or racism or which might be legally actionable for any reason;
3. in a manner intended to threaten, harass, or intimidate;
4. to violate our or any third party’s copyright, trademark, proprietary or other intellectual property rights;
5. to damage our name or reputation or that of our affiliated companies or any third parties;
6. to impersonate any of our employees or other person or use a false name while using our site or implying an association with us;
7. to penetrate our security measures or other entities’ systems (“hacking”);
8. to transmit unsolicited voluminous emails (for example, spamming) or to intercept, interfere with or redirect email intended for others using our site;
9. to generate excessive amounts of internet traffic, to interfere with our network or other’s use of our site or to engage in activities designed to or having the effect of degrading or denying service to users of our site or others;
10. to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into our site or any other entity’s systems and it is your responsibility to ensure that whatever you download or select for your use from our site is free from such items;
11. to post or transmit information that is defamatory, fraudulent or deceptive, including but not limited to scams such as “make-money-fast” schemes or “pyramid/chain” letters; and/or
12. to transmit confidential or proprietary information, except solely at your own risk.
When using our site, you must comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to download the information contained on our site in certain countries and we and our affiliated companies disclaim all responsibility if you download any information from our site in breach of any law or regulation of the country in which you reside.
5. User identification code
You will be provided with a user name and password to access our site. You must treat this information as confidential and you must not disclose it to any third party or allow any third party to access our site using your user name or password. You agree to notify us immediately if you suspect any unauthorised use of our site or of your user name or password.
6. Termination and suspension of access to our site
We reserve the right to deny you access to our site, or immediately to suspend or terminate your access to our site, or to disable any user name or password (whether chosen by you or allocated by us) at any time (in our sole discretion).
7. Liability for use of our site
Access to our site is permitted on a temporary basis and we reserve the right to withdraw or amend the service we provide on our site without notice. We do not accept any liability if for any reason our site is unavailable at any time or for any period.
The information and any opinions contained on the site are subject to change, are for background purposes only and are not to be relied upon as advice or interpreted as a recommendation. The information and opinions contained in our site have been compiled, or arrived at, by us from sources believed by us to be reliable as at the date of publication. However, we, our affiliated companies and other third parties connected to us do not accept any responsibility for any reliance which is placed by any visitor to our site, or by anyone who may be informed of any of its contents, on any information or opinions which are expressed herein and, to the extent permitted by law, expressly exclude all conditions, warranties, representations, undertakings and other terms which might otherwise be implied by statute, common law or in equity.
We, our affiliated companies and other third parties connected to us hereby expressly exclude any liability and responsibility arising from any reliance placed on such materials and information by any visitor to our site, or by anyone who may be informed of any of its contents, for (i) the accuracy, validity, timeliness, merchantability or completeness of, any information or data (whether prepared by us or by any third party) for any particular purpose or use or that the information or data will be free from error and (ii) any direct, indirect or consequential loss or damage of any kind incurred by any visitor to our site, or by anyone who may be informed of any of its contents, in connection with our site or in reliance on the information or opinions contained in it, or in connection with the use, inability to use, or results of the use of our site or any websites linked to it or materials posted on it. This does not affect our liability for any loss or damage which cannot be excluded or limited under applicable law and does not exclude or restrict any duty or liability that we have to our customers under the regulatory system in the United Kingdom.
The internet is not a completely reliable transmission medium and neither we nor any of our affiliated companies accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from us or any of our affiliated companies. Any such transmission of information is entirely at your own risk. This does not exclude or restrict any duty or liability that we have to our customers under the regulatory system in the United Kingdom.
Should you leave our site via a link contained within our site and view content that is not provided by us, you do so at your own risk. We provide links only as a convenience and without liability. In particular, and without limitation, you understand and agree that the ability to link to another web site and the fact that a link exists does not mean that we endorse or guarantee such site, the site sponsor or the site contents. The content which you access via such links will not have been developed, checked for accuracy, or otherwise reviewed by us. We make no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality, sequence or timeliness of any electronic content. Your reliance on any information contained on any site reached through a link shall be your own responsibility. When you leave our site, unless otherwise indicated, you will be subject to the terms of use and privacy policies of the new web site which you are visiting. If you reached our site via a link, please be advised that the ability to link to our site and the fact that a link exists does not mean that we necessarily endorse, support, sanction, encourage, verify, or agree with the comments, opinions, or statements posted on the web site from which you linked to our site (the “Linking Site”). We are not responsible for any damages or losses arising from any delays, defects or omissions that may exist in the services, information or other content provided in the Linking Site. We make no guarantee or representation as to, and shall have no liability for, any content on any Linking Site, including, without limitation, the accuracy, subject matter, quality, sequence or timeliness of any such content.
8. Indemnity
You agree to indemnify, defend, and hold harmless us, our affiliates and our officers, partners, employees, and agents from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with your breach of the terms of use and/or access to or use of this site.
9. Intellectual property rights
We are the owner or the licensee of all intellectual property rights in our site, and in the materials published on it. Those works are protected by laws and treaties around the world. All such rights are reserved. You may use the materials on our site and download and reproduce them in hard copy for your own reference only. Such materials may not otherwise be reproduced, distributed, stored in a data retrieval system or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without our prior written consent. Nothing on our site should be construed as granting any licence or right in relation to any of our trademarks or those of our affiliated companies or any third party.
10. Severability
If any specific term or condition of these terms of use is determined by a court of competent jurisdiction to be invalid, void or unenforceable, that determination shall not affect the validity of the remaining provisions of these terms of use. Headings used in these terms of use are for convenience, are not substantive and shall not be used to interpret or construe any of the provisions contained in these terms of use. When used in these terms of use the words “includes”, and “including” shall be deemed to be followed by the phrase “without limitation”.
11. Material Interests
We and our partners, officers and/or employees may have holdings in the investment funds referred to on this site and may otherwise be interested in transactions that you effect in those funds.
12. Your personal data
We may collect and process the following data about you in accordance with the terms of use:
1. information that you provide by filling in forms on our site, including information provided at the time of registering to use our site, subscribing to our service, posting material or requesting further services;
2. if you contact us, we may keep a record of that correspondence;
3. we may ask you to complete surveys that we use for research purposes, although you do not have to respond to them; and
4. details of your visits to our site and the materials and information that you access, for the following purposes:
5. to ensure that content from our site is presented in the most effective manner for you and for your computer;
6. to provide you with information, products or services that you request from us or which we consider may interest you, where you have consented to be contacted for such purposes;
7. to allow you to participate in interactive features of our service, when you choose to do so;
8. to determine your suitability to be granted access to our site; and
9. to notify you about changes to our services.
13. Disclosure of your personal data
We may disclose your personal data to our affiliated companies, agents and contractors (including to parties located outside the European Economic Area) for the purposes stated above. We may also disclose your personal data to third parties (including to parties located outside the European Economic Area):
1. in the event that we sell or buy any business or assets, in which case we may disclose your personal data to the prospective seller or buyer of such business or assets;
2. if Macromoney UK Ltd or its assets are acquired by a third party, in which case personal data held by it about its clients may be one of the transferred assets;
3. if we are under a duty to disclose or share your personal data in order to comply with any legal obligation, or
4. in order to enforce or apply our terms of use and other agreements or to protect the rights of Macromoney UK Ltd, our customers, or others.
By using this site, you consent to processing of your personal data in accordance with our terms of use and you warrant that all data provided by you is accurate.
14. Cookies
Cookies are small text files which are placed on the computer of a website user to provide the website operator with information about use of the site. We use Google Analytics cookies to collect information, in an anonymous form, about how visitors use our site and to prepare reports for statistical analysis. The information collected includes the number of visitors to the site, where visitors have come to the site from and the pages that they have visited. We use the information to help us improve the site and users’ experience of it.
By accepting these website terms of use you consent to the use of these cookies for these purposes.
15. Law and variation
These terms of use and any non-contractual obligations arising from or connected with them shall be governed by and shall be construed in accordance with English law. English courts will have exclusive jurisdiction over any dispute arising from, or related to, use of our site (whether arising out of or in connection with contractual or non-contractual obligations) (“proceedings”) and it is a condition of using our site that you waive any objection to proceedings in such courts on the grounds of venue or that proceedings have been brought in an inconvenient forum, although we retain the right to bring proceedings against you for breach of these terms of use in your country of residence or any other relevant country.
We may revise these terms of use at any time by amending this page. You are expected to check this page from time to time to take notice of any changes we made, as by using our site you acknowledge that you have accepted any such amendments.
16. Entire agreement
These terms of use shall form the entire agreement between you and us in relation to your use of our site.