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This applies only to PIFs targeting experienced investors or targeting qualifying investors.
The investment rules are set-out below:
| INVESTMENT RULES | EXPERIENCED INVESTORS | QUALIFYING INVESTORS |
|---|---|---|
| Main investment objective being to invest in the property (> 20% NAV) | Y | Y |
| Max 25% in any one single immovable property | Y | |
| Minimum 5 different properties | Y | |
| May not invest up to 100% of total assets in any single property fund | Y | |
| Open end fund No leverage | Y | |
| Closed end fund – max 100% NAV leverage | Y | |
| Between 10% and 20% of NAV may be invested in property | Y | Y |
Note: there are no borrowing restrictions.
The guidance note discloses that any PIF targeting Extraordinary investors falls outside the scope of this policy and that any such PIF established as a property fund would be subject to the general investment restrictions applicable to PIFs targeting extraordinary investors.