Disclaimer

Important Legal Information

The information on this website has been approved and issued by Bedrock SA, Bedrock Advisors SA, Bedrock Monaco SAM and Bedrock Asset Management (UK) Ltd, (together “Bedrock”). Bedrock SA is authorised by the Financial Market Supervisory Authority (FINMA) and supervised by the AOOS in Switzerland. Bedrock Advisors SA is an investment advisory firm and a fund distributor whose advisors are registered with the self-regulatory organism (SRO) ARIF in Switzerland. Bedrock Monaco SAM is authorised and regulated by the Commission for the Control of Financial Activities (“CCAF”) in Monaco. Bedrock Asset Management (UK) Ltd is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom. This website contains information which is a financial promotion for the purposes of the FCA’s Handbook of Rules and Guidance (“FCA Rules”) and which are provided for information purposes only and does not purport to be full or complete.

The information and opinions contained in this document are for background information and discussion purposes only and do not purport to be full or complete. No information in this document should be construed as providing financial, investment or other professional advice. This information contained herein is for the sole use of its intended recipient and may not be copied or otherwise distributed or published without Bedrock’s express consent. No reliance may be placed for any purpose on the information contained in this document or their accuracy or completeness. Information included in this document is intended for those investors who meet the Financial Conduct Authority definition of Professional Client or Eligible Counterparty or for those investors who meet the Swiss Federal Act on Financial Services Act (FinSA) of a Professional Client.

The information does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring any investment should inform themselves as to: (i) the legal requirements within the countries of their nationality, residence, ordinary residence or domicile for such acquisition; (ii) any foreign exchange control requirement which they might encounter on the acquisition or sale of investments; and (iii) the income tax and other tax consequences which might be relevant to the acquisition, holding or disposal of any investment.

Regulatory Disclosures:

> MIFIDPRU 8 Disclosure

> Stewardship Code and Shareholder Rights Directive Disclosure

> Sustainable Finance Disclosure

Restrictions on access to the information on this website:

United Kingdom:

To the extent investment funds are referred to on this website (together, the “Funds”), they are not recognised collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”). Information on this website is exempt from the restriction in section 238 of the Act on the communication of an invitation or inducement to participate in a collective investment scheme on the grounds that such information is communicated to and/or directed at only persons who are categorised as professional clients or eligible counterparties (within the meaning of the FCA Rules) in relation to the Funds. The investments and investment services to which this website relates are only available to such persons and other persons should not act or rely on it. In particular, any investment or investment service to which this website relates is not intended for persons who are retail clients and will not be made available to retail clients.

United States:

The information on this website is not directed at any person in the United States and this website is not intended to be used by any person in the United States.

Other jurisdictions:

The information on this website is not directed at any person in any jurisdiction where it is unlawful to access and use such information.

It may be illegal to download the information contained in this website in certain countries and “Bedrock” and its associated companies disclaim all responsibility if website visitors download any information from this website in breach of any law or regulation of the country in which they are residing.

Applications for shares in the Funds:

An application for shares in any of the Funds should only be made having read fully the relevant prospectus, available here.

It is the investor’s responsibility to read such prospectus and by making an application they will be deemed to represent that they have read such prospectus and agree to be bound by its contents.

Role of “Bedrock”

“Bedrock” does not provide investment advice to, nor receives and transmits orders from, investors in the Funds. “Bedrock” does not carry on any other activities for investors that constitute “MiFID or equivalent third country business” for the purposes of the FCA Rules.

Nothing contained in this website constitutes investment, legal, tax or other advice, nor is anything on this website a recommendation to invest in the Funds, any security, or any other instrument, nor is this website to be relied upon when making investment or other decisions. The information on this website is provided solely on the basis that investors make their own investment decisions. Should investors have any queries about the investment funds referred to on this website, they should contact their financial adviser.

Investment risks

The value of all investments and the income derived therefrom can fluctuate due to market movements and investors may not get back the amount originally invested. In the case of overseas investments, values may vary as a result of changes in currency exchange rates. This may be due, in part, to exchange rate fluctuations in investments that have an exposure to currencies other than the base currency of the portfolio. Investments in commercial buildings may prove illiquid in terms of the time taken to sell such assets. Past performance is no guide to or guarantee of future performance. Past performance is not a reliable indicator of future performance. The value of investments in the Funds, and the income from them may go down as well as up, and investors in the Funds may not get back all or any amount originally invested. Because of this, investors in the Funds are not certain to make a profit on their investments and investors may lose some or all of the money invested in the Funds. Returns may increase or decrease as a result of currency fluctuations.

Where this website refers to a particular tax treatment, please note that tax treatment depends on the circumstances of each investor in the Fund and may be subject to change in the future. Investors should consult their own tax adviser in order to understand any applicable tax consequences.

Alternative investments risks in general

As a professional investors, they should be aware that investing in alternative investments can carry significant risks. Alternative investments are investments that do not fall under the traditional categories of stocks, bonds, and cash. Examples of alternative investments include hedge funds, private equity, venture capital, and real estate.

Under the FCA financial promotions framework, alternative investments can only be promoted to professional investors. This is because professional clients are deemed to have the necessary knowledge and experience to understand the risks involved in these investments.

However, even with this level of expertise, it is important to be aware of the risks involved in alternative investments. Some of the risks include:

Illiquidity: Alternative investments can be difficult to sell quickly, which means that investors may not be able to access their money when they need it.
Lack of transparency: Alternative investments are often less transparent than traditional investments, which means that it can be difficult to get a clear picture of the underlying assets and their performance.
Complexity: Alternative investments can be complex, with unique features and structures that may be difficult to understand.
Concentration risk: Alternative investments often require a large minimum investment, which means that they may end up with a concentrated portfolio and a high degree of exposure to a single investment.
Higher fees: Alternative investments often come with higher fees than traditional investments, which can eat into their returns.

It is important to carefully consider these risks before investing in alternative investments. They should also ensure that they understand the terms of the investment, including any fees and charges, before committing their money.

If investors have any questions or concerns about investing in alternative investments, they should seek the advice of a professional financial advisor who is qualified to advise on these types of investments.

Risks related to Private Equity (PE) investments

Capital at risk: Investment in PE carries a risk to the capital invested and that investors may lose some or all of their investment.
Business Risk: PE investments involve ownership in non-publicly traded companies. These companies are subject to operational, market, and industry-specific risks, which can impact their financial performance and value.
Exit Risk: Realizing returns in PE often relies on successful exits, such as initial public offerings (IPOs) or sales to strategic buyers. Market conditions and timing can influence the success of these exits.
Limited liquidity events: Investment in a PE may only provide limited liquidity events, such as partial or full company sales or mergers, and that such events may not occur for several years.
Unlisted security: Investment in a PE is an unlisted security and that there is no established market for trading the shares.
Concentration of investment: the investment in a PE will typically involve a concentration of assets and that investors should consider the risks associated with this.
Complex structure: investment in a PE may have a complex legal and tax structure, and investors should seek professional advice to understand the risks associated with this.
Market Risk: Economic downturns or industry-specific challenges can negatively affect the profitability and growth prospects of PE portfolio companies.
Valuation Risk: Valuing PE investments can be complex, and the lack of public market prices makes it challenging to assess the fair value of these investments accurately.
Control Investments Risk: PE funds may make control investments. These investments could expose the fund to risk of liability for environmental damage, product defect, failure to supervise management, violation of governmental regulations, and other types of liability, in which the limited liability characteristics of business operations may be ignored.
Lack of Control over Investments Risk: Under certain circumstances, PE funds may acquire non-controlling interests in its investments, in which case the fund runs the risk of refusal of management or other shareholders or equity holders of such investments to adopt the recommendations of the fund.

Risks related to Real Estate Investments

Market risk: Real estate investments can be affected by changes in the property market, such as changes in interest rates, supply and demand, and economic conditions. These factors can impact the value of the property and the potential return on their investment.
Location risk: The value of a property can be heavily influenced by its location. Investing in a property in a less desirable location can result in lower rental income and capital appreciation potential.
Management risk: Managing a real estate investment can be complex and time-consuming. The performance of the investment is heavily dependent on the skills and experience of the property manager or management team.
Construction risk: Real estate investments that involve new construction or renovations can be subject to construction risk. This includes the risk of cost overruns, delays, and defects in the construction process.
Financing risk: Real estate investments often involve significant levels of debt financing, which can increase the risk of default and foreclosure in the event of market downturns or other adverse events.

Risks related to Hedge Funds

Lack of Transparency: Hedge funds are known for their limited transparency. Unlike traditional investments, they are not required to disclose their holdings and strategies publicly. This lack of transparency can make it difficult to assess the true risk exposure of the fund.
Illiquidity: Many hedge funds have lock-up periods during which investors cannot redeem their investments. This illiquidity can be a significant risk, as it limits the ability of investors to access their capital when they need it. Some hedge fund strategies may also involve illiquid assets that are hard to sell.
Leverage: Hedge funds often use leverage to magnify their returns. While this can enhance profits in favorable market conditions, it also increases the potential for larger losses. High leverage can lead to significant risk if market conditions turn unfavorable.
Managerial Risk: The performance of a hedge fund is heavily dependent on the fund manager’s skill and decision-making. Poor decisions or a lack of expertise can lead to subpar returns or losses for investors.
Performance Fees: Many hedge funds charge performance fees, which means they take a percentage of the profits. While this aligns the interests of the fund manager with investors, it can result in higher costs if the fund performs well.
Counterparty Risk: Hedge funds may enter into complex financial derivatives contracts or engage with other financial institutions. This exposes investors to counterparty risk, which is the risk that the other party in these transactions may fail to fulfil their obligations.
Market Risk: Hedge funds invest in a wide range of assets and markets. Depending on their strategy, they can be exposed to various market risks, such as equity market risk, interest rate risk, or currency risk.
Strategy-Specific Risks: Different hedge fund strategies have their own inherent risks. For example, long-short equity funds may face risks related to the underlying stocks they hold, while macro funds may be exposed to geopolitical and economic risks.
Regulatory and Legal Risks: Changes in regulations can impact hedge fund operations and strategies. Legal and regulatory issues can also affect the fund’s performance and ability to attract and retain investors.
Lack of Diversification: Some hedge funds may have concentrated portfolios or focus on a specific sector or market. Lack of diversification can magnify risks associated with a particular investment.
Fees and Expenses: Hedge funds typically charge management fees and performance fees, which can be higher than those associated with traditional investments. These fees can reduce an investor’s overall returns.

Private Debt:

Credit Risk: Private debt investments involve lending money to non-public companies or entities. The risk of default on these loans is higher compared to investing in publicly traded debt securities, which could result in the loss of principal and interest payments.
Equity Risk: Private debt funds may acquire equity in connection with a debt investment and may also invest, no an opportunistic basis, in equity-related securities, or acquire equity as a result of a reorganization or as a consequence of default or foreclosure on the collateral securing the fund’s loans. Equity securities fluctuate in value in response to many factors.
Market Risk: Changes in economic conditions or industry-specific factors can impact the creditworthiness of private debt issuers, affecting the value and performance of the debt investments.
Interest Rate Risk: Private debt instruments may carry fixed or variable interest rates. Changes in interest rates can impact the attractiveness of these investments, affecting their valuation.
Default Recovery Risk: In the event of a default, recovering the invested capital can be challenging, and the recovery rate may be lower compared to publicly traded debt securities.
Due Diligence Risk: Conducting thorough due diligence on private debt opportunities is crucial. The lack of publicly available information may pose challenges in assessing the financial health and risks associated with borrowers.
Control Investments Risk: Private debt funds may make control investments. These investments could expose the fund to risk of liability for environmental damage, product defect, failure to supervise management, violation of governmental regulations, and other types of liability, in which the limited liability characteristics of business operations may be ignored.
Lack of Control over Investments Risk: Under certain circumstances, private debt funds may acquire non-controlling interests in its investments, in which case the fund runs the risk of refusal of management or other shareholders or equity holders of such investments to adopt the recommendations of the fund.

Investors considering Private Debt, Real estate and Private Equity investments should carefully evaluate these risks, conduct thorough due diligence, and be prepared for longer investment horizons and potential illiquidity. Consulting with a qualified financial advisor or private market expert is essential to make informed investment decisions.

Accuracy of Information:

The information contained on this website (including any expression of opinion or forecast) has been obtained from, or is based on, sources believed by “Bedrock” and its associated companies to be reliable, but is not guaranteed as to its accuracy or completeness. Such information is provided without obligation on the part of “Bedrock” and its associated companies and on the understanding that any person who acts upon it or changes his investment position in reliance on it does so entirely at his own risk. The information contained on this website does not constitute an offer to buy or sell or an invitation to make an offer to buy or sell shares in any Fund.

Information posted on this website is current only as at the date it is first posted and may no longer be true or complete when viewed by investors. All information contained on this website may be changed or amended without prior notice although neither “Bedrock” nor any of its associated companies undertakes to update this website regularly.

No Liability:

The information and opinions contained in this website have been compiled, or arrived at, in good faith and on the basis of publicly available information, internally developed data and sources believed to be reliable as at the date of publication. However, no representation, warranty or undertaking, express or implied, is made by “Bedrock”, its associated companies or any other person as to the reliability, accuracy or completeness of the information contained on this website and no liability is accepted by such persons for the reliability, accuracy or completeness of such information. In no event will “Bedrock” or any of its associated companies or any of their directors or other employees be liable to any person for any direct, indirect, special or consequential losses or damages of any kind arising out of any use of this website or any other hyper-linked website or in reliance on the information and opinions contained in it from time to time, including without limitation, any loss of profit, business interruption, loss of programs or data on investors’ equipment or otherwise.

Investors should be aware that the Internet is not a completely reliable transmission medium. Neither “Bedrock” nor any of its associated companies accepts any liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to any direct, indirect or consequential damage, arising out of the use of the products or services referred to herein. In addition, neither “Bedrock” nor any of its associated companies accept any responsibility for the security or confidentiality of information transmitted across the internet to or from “Bedrock” or any of its associated companies and any such transmission of information is entirely at the risk of investors.

Notwithstanding any statement on this website, “Bedrock” does not exclude or restrict any duty or liability that it has to its clients under the regulatory system in the United Kingdom.

Material Interests:

“Bedrock”, its associated companies and its and their members and/or directors, officers and/or employees may have holdings in the Funds and may otherwise be interested in transactions that investors effect in the Funds.

Linked Websites:

This website may be linked to third party websites or contain information provided by third parties. Neither “Bedrock” nor any of its associated companies makes any representation as to the accuracy or completeness of such websites or information, have not and will not review or update such websites or information. “Bedrock” cautions users of this website that any use made of such websites or information is at their own risk. Neither “Bedrock” nor any of its associated companies accepts any liability arising out of the information contained on any linked website or information on this website provided by a third party and the use of such websites and information is at the risk of investors.

Copyright, Trademarks and Other Rights:

Copyright, trademarks, database rights, patents and all similar rights in this website and the information contained in it are owned by “Bedrock”, its associated companies, their licensors or relevant third party content providers. Investors may use the information on this website and reproduce it in hard copy for investors’ personal reference only. Such information 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 the prior written permission of “Bedrock”. Nothing on this website should be considered as granting any licence or right under any trademark of “Bedrock”, its associated companies or any third party.

Governing Law:

Investors agree that the use of this website and any dispute arising in relation to this website is subject to the law of England and Wales and they submit to the jurisdiction of the courts of England and Wales in connection with any such dispute.

“Bedrock”:

Bedrock Asset Management (UK) Ltd is a limited company registered in England and Wales with registration number 05171393 and registered office at 33 Glasshouse Street, London W1B 5DG, United Kingdom.

Bedrock SA is a Swiss company limited by shares incorporated in Geneva, Switzerland with registered number CHE-110.596.463 and registered office at 4 Chemin des Vergers, 1208 Geneva, Switzerland. Bedrock SA’s mediation instance (Ombudsman) for Switzerland is OFS Ombud Finance Suisse.

Bedrock Advisors SA is a Swiss company limited by shares incorporated in Geneva, Switzerland with registered number CHE-113.008.543 and registered office at 4 Chemin des Vergers, 1208 Geneva, Switzerland. Bedrock Advisors SA’s mediation instance (Ombudsman) for Switzerland is OFS Ombud Finance Suisse.

Bedrock Monaco SAM is a company limited by shares incorporated in Monaco with registered number 11S05515 and registered office at 7 Boulevard des Moulins, 98000 Monaco.