286
286 completed closed-end fund (FIZ) issues
PLN 4,5 bn
Over PLN 4.5 billion
invested by our Clients
Education
What are Closed-End Funds (FIZ)?
Closed-end investment funds (FIZ) are investment funds issuing investment certificates that are characterised by a limited investor access (they can be joined only during the subscription period for their shares) and a limited possibility of “exit”.
In the first step, the only institution that can set up a closed-end investment fund, i.e. an Investment Fund Company (TFI), defines the investment objective and includes it in the Charter (which is the document that regulates all issues related to the operation of the fund). The fund then proceeds to raise funds during the period and on the terms regulated by the second legally required document, i.e. the Terms of Issue.
What are Investment Certificates?
A closed-end investment fund raises money from investors who in return receive participation certificates called Investment Certificates. It is worth noting that Investment Certificates are equity securities, so their holders have the right to take part in the Investors’ Meetings of a given fund and may sell the Certificates to third parties (which is not possible in the case of open-end fund participation units). Issues take place in the primary market (i.e. similar to companies issuing shares) and can be of two types:
private, addressed to up to 149 pre-designated investors
public, addressed to an unlimited number of investors
We are trused by
M/S Corporate Bond FIZ
The fund is aimed at Investors who expect a higher rate of return than from bank deposits or treasury bond funds and at the same time are looking for a lower risk investment compared to equity or mixed funds. The fund may not be suitable for Investors who plan to withdraw their funds before one year.
Assumed rate of return 2.25-2.75% above WIBOR 3M
Fixed fee 1.25% per annum
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