This web page is intended for recipients in Australia only.
Eligible Investors
METI is only open to investment by wholesale clients (as defined in section 761G of the Corporations Act).
Not open to United States persons
Without limiting the above, METI is only open to investment by persons who are:
(a) not a ‘U.S. person’ for the purposes of Regulation S under the U.S. Securities Act of 1933, and
(b) ‘Non-United States person’ as defined in Section 4.7(a)(1)(iv) of the rules of the U.S. Commodity Futures Trading Commission.
The global race to achieve Net Zero carbon emissions by 2050 is accelerating what many believe to be one of the largest infrastructure opportunities of our lifetime.1 Macquarie Asset Management, the world’s largest infrastructure investor with 400+ infrastructure investment professionals, including 110 dedicated green energy professionals, is well positioned to capitalise on this opportunity.2
Macquarie Energy Transition Infrastructure Fund (the “Fund” or “METI”)
• Access to an initial seed portfolio, including seven warehoused assets expected to be transferred to the Fund at cost plus a mark-up, but below fair market value 5
• Monthly subscriptions
• Quarterly redemptions (subject to liquidity) following 3 year lock-up period
• A$100,000/€100,000 minimum investment
• Macquarie Asset Management has 28+ years of infrastructure experience
The energy transition
147+ countries and 1175+ companies have committed to Net Zero operations by 2050.6 To meet targets, nearly the entire world’s energy infrastructure must be replaced with renewable sources at a cost of nearly $6.7 trillion per year.7 Tailwinds, including increased global demand for energy, energy security concerns, government investments, mandates and subsidies, corporate pledges and technological advances are accelerating demand for renewable energy infrastructure that can be deployed at scale.
Private infrastructure may offer investors potential benefits including diversification, downside protection, inflation hedge, cash yield and capital growth.8
Adding infrastructure to traditional equity and fixed income investments may have the potential to improve overall portfolio returns and reduce volatility.9
Given the strong tailwinds supporting the energy transition and the robust demand for new energy infrastructure, we believe that the Fund is well positioned to capitalise on the opportunity.
METI is a semi-liquid, open-ended fund focused on private energy transition infrastructure investments. It aims to deliver both income and long-term capital growth to investors, through exposure to technologies that support the global energy transition.
The Fund seeks to create value by building, developing and operating companies in the energy transition sector. It has a global mandate, with a focus on OECD countries, which reflects both the opportunity set and the global nature of the market.
Initially, investments will focus on decarbonising the electricity sector. The Fund will focus on the deployment of technologies that can be implemented quickly, at scale, and have a measurable green impact.10 Over time, the opportunity set will expand to include decarbonisation of industry and transport.
Fund focus10
Near-term
Decarbonisation of electricity
Renewable energy generation
Wind, solar and hydro-electric
Clean grid
Battery storage and distributed energy
Long-term
Decarbonisation of transport and industry
Circular economy
Specialised recycling and waste-to-biofuels
Clean fuels
Biofuels and sustainable aviation fuels
Initial Fund investments
The Fund offers access to a seed portfolio. Galehead, Aula Energy, Treaty Oak, Nola, and the additional three assets mentioned below are expected to be transferred to the Fund at cost plus markup, but below fair market value.(disclaimer)
| Name | Treaty Oak12, 13 | Galehead12, 13 | Aula Energy12, 13 | 3 more assets12 | Nola15 | Lynn and Inner Dowsing (LID)16 | D.E. Shaw Renewable Investments (DESRI)17 |
| Asset Type | Develop, Own and Operate | Develop, Own and Operate | Develop, Own and Operate | Develop, Own and Operate | Operating assets | Operating assets | Operating assets |
| Technology | Solar and storage | Solar, wind and storage | Onshore wind, solar and storage | Onshore wind, offshore wind, solar, natural climate solutions | Solar | Offshore wind | Solar and storage |
| Asset Description | Develops, builds, owns and commercializes solar and storage assets | Renewables developer with data-driven approach and in-house analytics platform | Renewables platform with full-suite of capabilities to manage projects across the complete asset lifecycle | Blueleaf: onshore wind and solar Forliance: natural climate solution Broadhelm Renewables: offshore wind in the UK14 |
Portfolio of operating and construction stage solar assets | Portfolio of operating wind assets in the UK | A major owner of renewables assets in the US |
| Geography | USA | USA | Australia | Global | USA | Europe | USA |
| Targeted allocation | 5-10% | 5-10% | 5-10% | ~10% | ~10% | 5-10% | ~20% |
| MAM institutional funds co-investing | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Name |
Nola1 |
Treaty Oak2 |
Galehead2 |
Aula Energy2 |
3 more assets2 |
Sandpiper3 |
Magnus3 |
Hobbs3 |
Technology |
Solar |
Solar and storage |
Solar and storage |
Onshore wind, |
Onshore wind, offshore wind, solar, natural climate solutions |
Solar |
Offshore wind |
Solar and storage |
Asset Description |
Portfolio of operating and construction stage solar assets |
Develops, builds, owns and commercialises solar and storage assets |
Renewables developer with data-driven approach and in-house analytics platform |
Renewables platform with full-suite of capabilities to manage projects across the complete asset lifecycle |
Blueleaf: onshore wind and solar Forliance: natural climate solutions Broadhelm Renewables4: offshore wind in the UK |
Bilateral opportunity to invest in a portfolio of operating solar assets |
Proprietary opportunity to invest in an operating asset with strong cash yield |
Exclusive transaction with a major owner and developer of renewables in the US |
Geography |
USA |
USA |
USA |
Australia |
Global |
USA |
Europe |
USA |
Targeted Allocation |
~10% |
5-10% |
5-10% |
5-10% |
~10% |
~10% |
~20% |
~20% |
All information as at April 2024. Please note the individual company mentioned on this page is meant for illustration purposes only and is not intended as a solicitation or an offer to buy or sell any interest or any investment. 1. Please note this is a structured infrastructure debt investment. The investment has been closed on 15 April 2024 on Macquarie balance sheet. It will be transferred to the Sub-Fund at cost upon raising of sufficient capital to invest in the deal. Transfer is expected to occur in stages. 2. Assets may be acquired by Sub-Fund at intervals over 18 months following the Sub-Fund’s launch, though subject to change. Asset acquisitions are subject to investment committee approval. There is no guarantee that investors will be able to participate in the seed assets or that they will be able to participate in such investments on acceptable terms. Additionally, participation in any of the seed assets is not certain and will be subject to factors which are beyond our control including, without limitation, (i) the successful completion of contract negotiations in relation to such seed asset; (ii) no breach or default by any prospective counterparty of its obligations; and (iii) the raising of sufficient capital to invest in the deal. The Sub-Fund is expected to acquire these assets at the original cost incurred by Macquarie plus a 10% per annum risk premium Compelling entry value proposition in embedded value of these 6 assets, given they all have either been sourced bilaterally or have been created by MAM. Based on independent Valuation Reports prepared in December 2023, solely for the purpose of the Macquarie Infrastructure and Real Assets (Europe) Limited (“MIRAEL”). These 7 assets warehoused by MAM balance sheet will be transferred at or below current market valuation. Additional investments being secured will not benefit from this. As anticipated, the Investment Manager reserves the right to transact at a cost on or around FMV however in the event of a material adverse change in the business causing the value to drop materially below the proposed transaction price. 3. These assets will be acquired from 3rd parties at the market price. 4. MAM will partner with Corio Generation and invest alongside Corio in offshore wind development projects. Corio Generation is wholly owned by Macquarie Group. Corio Generation website: https://www.coriogeneration.com/about.
Asset experience
Aula Energy
Treaty Oak
For METI and for all Macquarie’s managed equity strategies focused on green investing we follow an established green governance framework. Through this framework, METI commits to deliver, to measure and to report annually on environmental outcomes.
METI will deliver impact through investing in line with the five Green Purposes. The Green Purposes are a set of five environmental goals and are listed as below:
- Reduce greenhouse gas emissions
- Increase natural resource efficiency
- Protect the natural environment
- Protect biodiversity
- Promote environmental sustainability
Green Principles
Heritage & Capabilities
Macquarie Asset Management ("MAM") has 30+ years of experience creating, scaling, operating, and transforming infrastructure investments. It has $US622 billion assets under management and actively manages infrastructure and real assets used by approximately 290+ million people every day.18 MAM is well positioned to capture this opportunity. METI is MAM’s fifth dedicated energy transition infrastructure equity fund.
90
green energy investments, including 47 green energy realisations19
400+
infrastructure investment professionals including 110 green sector professionals
50
global offices20
Investment objective |
The Fund will aim to generate capital appreciation and yield over the medium-to-long term through investments made globally in businesses and operating assets in the energy transition sector. The Fund has a target net total return of 9-11% and a target net distribution yield of 4%.1 |
Fund size |
|
Inception date |
31 July 2024 |
Fees |
Please refer to the Fund’s Information Memorandum for information on fees. |
Minimum investment |
A$100,000 (unless otherwise determined by the Trustee) |
Distribution frequency |
Generally quarterly. Investors may elect to have their distributions paid in cash or reinvested |
APIR code |
MAQ3949AU |
The Fund is available to wholesale clients (as defined in the Corporations Act 2001 (Cth)) only.
1. The Target Net Return assumes (a) management fees, administration fees and expenses of METI in accordance with the METI Information Memorandum, (b) performance compensation charged to the Sub-Fund in accordance with the Sub-Fund PPM Supplement (c) offering and organisational expenses incurred directly by the Sub-Fund at the maximum capped amount indicated in the Sub-Fund PPM Supplement (d) no management fee offset and (e) annual, ordinary ongoing Sub-Fund expenses as per the Sub-Fund PPM Supplement. Actual expenses or costs of METI or the Sub-Fund may vary significantly from such assumptions, which could result in a materially lower Net Return. The target Net Return for individual investors in METI may differ depending on the size and timing of an individual investor’s investment.
Key Risks
All investments carry risk. Different investments carry different levels of risk, depending on the investment strategy and the underlying investments. Generally, the higher the potential return of an investment, the greater the risk (including the potential for loss and unit price variability over the short term). When you make an investment, you are accepting the risks of that investment. It is important to understand these risks before deciding to invest.
In addition, there will be occasions when the Trustee, the Investment Manager, the Sub-Fund Investment Manager and their affiliates may encounter potential conflicts of interest or duty in connection with the Fund, the Sub-Fund and the Underlying Investments. Conflicts can create risks for investors and some of these risks are discussed below.
The level of risk that you are willing to accept will depend on a range of factors including your financial objectives, risk tolerance, age, investment timeframe and where other parts of your wealth are invested. The value of your investment and the returns from your investment will vary over time. Future returns may differ from past returns. We do not guarantee the returns of the Fund and you may lose some or all of the money that you have invested. The significant risks of the Fund are described below but other risks may also adversely affect the Fund. You should seek your own professional advice on the appropriateness of this investment for your particular circumstances and financial objectives.
Please note that the risks applying to the Sub-Fund described below also apply to any MAM Managed Funds in which the Sub-Fund invests.
You should read Section 2 (Risks you should consider) of the Fund’s Information Memorandum in full once issued and seek your own professional advice in relation to an investment in the Fund.
Liquidity risk: The Fund will not accept redemptions during Lock-up. Investments in the Fund should be considered illiquid especially during Lock-up. Even following Lock-up, there is no guarantee of liquidity at the time an investor submits a redemption request and an investor’s ability to have its units redeemed may be restricted at any time. No public market exists for the units in the Fund, and none is expected to develop. A substantial portion of the Sub-Fund’s assets is invested in Unlisted Infrastructure Investments and Infrastructure Debt Investments, which are invested for the long term, have limited liquidity and cannot readily be liquidated without impacting the Sub-Fund’s ability to generate full value upon their disposition. This means that such investments may not be able to be sold in a timely manner, potentially resulting in delays in redemption processing by the Sub-Fund (and therefore, by the Fund) or the suspension of redemptions by the Sub-Fund (and therefore, by the Fund). Although the Trustee will seek to apply the liquidity mechanisms detailed in Section 5.2 of this Information Memorandum, it may not be able to do so during certain periods, or at all, due to the managing general partner of the Sub-Fund not accepting or processing redemptions or suspending redemptions (which it has a broad discretion to do). Investors must be prepared to bear the risks of owning the units in the Fund for an extended period and may not receive any income or capital from the Fund until its investments are realised, which may not be until or following termination of the Fund.
Investment Risk: The risk of an investment in the Fund is significantly higher than an investment in a typical bank account or fixed income investment. Amounts distributed to unitholders may fluctuate, as may the Fund’s unit price. The unit price may vary by material amounts, even over short periods of time, including during the period between a redemption request or application for units being made and the time the redemption unit price or application unit price is calculated. Changes in the valuation of Underlying Investments may result in the loss of principal or large movements in the unit price of the Fund. The Fund and Sub-Fund will have to meet certain costs and expenses, which may be fixed, while returns are variable, and this may cause or exacerbate poor performance.
Investment Manager Risk: Investors will have no right or power to participate in the management or control of the Fund or Sub-Fund and must depend solely on the ability of the Investment Manager and the Sub-Fund Investment Manager to manage the Fund and the Sub-Fund, respectively. Investors will not have an opportunity to evaluate the investments of the Fund or the Sub-Fund before such investments are made. There is no guarantee that either the Fund or the Sub-Fund will achieve its performance or sustainability objectives, produce returns that are positive, or compare favourably against its peers. In addition, the investment strategies and internal trading guidelines of the Fund and the Sub-Fund may vary over time, and there is no guarantee that such changes would produce favourable outcomes. The Sub-Fund Investment Manager will recommend and decide on the investments that the Sub-Fund will make, whether and when to increase an investment in an existing Underlying Investment, and whether and when to divest. The Sub-Fund Investment Manager is generally expected to implement for the Sub-Fund whatever strategies or discretionary approaches within such broad mandate it believes may be best suited to prevailing market conditions. There can be no assurance that the Sub-Fund Investment Manager will be successful in applying any strategy or discretionary approach to the Sub-Fund’s trading or investment activities. The success of the Fund will be dependent on the Sub-Fund Investment Manager to identify investment opportunities and implement its investment strategy and the skill and expertise of the investment professionals employed by the Sub-Fund Investment Manager. There can be no assurance that these key investment professionals will continue to be associated with the Sub-Fund Investment Manager throughout the life of the Sub-Fund, and the composition of the team dedicated to the Sub-Fund may change without notice to the investors.
Deal risk: The availability and volume of investment opportunities suitable for the Sub-Fund is difficult to predict. The Sub-Fund competes against other investors to secure access to assets in a highly competitive environment. Consequently, the Sub-Fund may not be able to identify or secure access to suitable investments or may be required to make investments on economic terms less favourable than anticipated. The Sub-Fund Investment Manager may expend significant resources and costs in relation to a potential investment for the Sub-Fund that does not proceed to completion. Such costs (including any related tax) will be borne by the Sub-Fund and may not necessarily be able to be recouped.
Risks associated with investments in infrastructure assets: The performance of infrastructure investments are likely to be correlated to the global and domestic infrastructure sector in general, and may be affected by factors such as the availability and cost of finance, risks associated with the general economic climate, geographic or market concentration, the terms of project agreements (particularly upon termination), labour force issues, technical problems (such as mechanical breakdown, part shortages, failure to perform to design specifications, latent defects), default or failure of sub-contractors, the inefficient or inadequate operation or maintenance of assets, decommissioning costs, availability of government funding or subsidies, the level of usage of infrastructure, the level of supply of infrastructure projects, prevailing interest rates, commodity prices (for example, electricity or fuel prices), difficulty with negotiating long-term procurement and sales agreements with counterparties, government regulations, dependence of such projects on a small number of suppliers or supply chain risk. Infrastructure assets generally include or require title to or access to land, and the assets may be impaired or adversely affected if that title or access is challenged or impeded. Further, the evaluation (and valuation) of infrastructure investments may be based on long-term estimates of matters (such as natural resource availability, asset life, stability of costs and/or demand or usage) that are by their nature difficult to predict, complex and uncertain. In addition, general economic conditions in relevant jurisdictions, as well as conditions of domestic and international financial markets, may adversely affect operations of the Fund or the Sub-Fund. In particular, because of the long lead time between the inception of a project and its completion, a well-conceived project may, as a result of changes in investor sentiment, the financial markets, economic, or other conditions prior to its completion, become an economically unattractive investment. Many infrastructure investments include investment in real estate. The Fund will therefore be exposed to the risks inherent in the ownership of real property, including the payment of expenses and other real property taxes, property maintenance and improvements; disposal costs; possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; risks associated with indigenous land rights and changes in interest rates.
Risks associated with investments in renewable energy assets: In addition to the risks generally associated with investments in the infrastructure sector, the Fund is also exposed to the additional risks associated with the ownership of renewable energy infrastructure and renewable energy infrastructure-related assets. This includes increasing competitive pressures within the energy industry; the burdens of ownership of renewable energy infrastructure, including the significant expenditure required over the lifecycle of the asset (that is, development, operation and decommission); local, national and international economic conditions; the supply and demand for services from and access to renewable energy infrastructure; the financial condition of users and suppliers of renewable energy infrastructure assets; changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of renewable energy infrastructure assets difficult or impracticable; changes in laws, including environmental law, and regulations, and planning laws and other governmental rules; environmental claims arising in respect of renewable energy infrastructure acquired with undisclosed or unknown environmental problems or as to which inadequate reserves have been established; changes in energy prices; changes in fiscal and monetary policies; uninsured casualties; underinsured or uninsurable losses, such as force majeure events and terrorist acts; continued growth of the clean technology market worldwide; competitive pressures primarily as a result of consumer demands, technological advances and privatisations; technology risks; availability of resources; power purchase agreement risk; renewable energy pricing; effects of ongoing changes in the electricity supply industry; grid risk; demand and usage risk; action from special interest groups; actions and decisions of the government bodies, including in respect of sovereign rights and permits, and other factors which are beyond the reasonable control of the Fund. Many of these factors could cause fluctuations in usage, expenses and revenues, causing the value of the investments to decline and the Fund’s returns to be negatively affected.
Disclosures
This information is confidential and may only be accessed by licensed financial advisers, wholesale clients (as defined in section 761G of the Corporations Act) and investment researchers. It is not to be accessed by retail clients. This information is intended for recipients in Australia only.
This information has been prepared by Macquarie Specialist Investment Management Limited (ABN 84 086 438 995 AFSL 229916) (MSIML), the issuer of units in the Macquarie Energy Transition Infrastructure Fund (the Fund or METI). MSIML has appointed Macquarie Investment Management Global Limited (ABN 90 086 159 060 AFSL 237843) (MIMGL) as investment manager of the Fund.
The information on this page is general information only and is not, and should not be construed as, an advertisement, an invitation, an offer, a solicitation of an offer or a recommendation to participate in any investment strategy or take any other action, including to buy or sell any product or security or offer any banking or financial service or facility by any member of the Macquarie Group (Macquarie Group comprises Macquarie Group Limited ABN 94 122 169 279 and its worldwide affiliates). The information on this page has been prepared without taking into account any person’s investment objectives, financial situation or needs. Recipients should not construe the contents of this presentation as financial, investment or other advice. It should not be relied upon in determining whether to invest in the Fund or in making any other investment decision. In deciding whether to acquire or continue to hold an investment in the Fund, investors should read the Fund’s information memorandum. The information memorandum is available by contacting us on 1800 814 523.
Past performance information is for illustrative purposes only and is not a reliable indicator of future performance.
Future results are impossible to predict. This presentation may contain opinions, conclusions, estimates and other forward-looking statements which are, by their very nature, subject to various risks and uncertainties. Actual events or results may differ materially, positively or negatively, from those reflected or contemplated in such forward-looking statements.
In preparing this presentation, reliance may have been placed, without independent verification, on the accuracy and completeness of information available from external sources. To the maximum extent permitted by law, no member of the Macquarie Group nor its directors, employees or agents accept any liability for any loss arising from the use of this presentation, its contents or otherwise arising in connection with it.
Other than Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank), any Macquarie Group entity noted in this material is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
1 Bloomberg New Energy Finance (BNEF) Outlook 2022 report.
2 IPE Real Assets Top 100 Infrastructure Investment Managers, published July/August 2023 and Macquarie Asset Management Internal Analysis as at 31 December 2023.
5 METI is expected to acquire these assets at the original cost incurred by Macquarie plus a 10% per annum risk premium. Compelling entry value proposition in embedded value of six seed assets, given they all have either been sourced bilaterally or have been created by MAM. Based on independent Valuation Reports prepared solely for the purpose of the Macquarie Infrastructure and Real Assets (Europe) Limited (“MIRAEL”). Seed portfolio warehoused by MAM balance sheet will be transferred below current market valuation. Additional investments being secured will not benefit from this.
6 Zerotracker.net, accessed 17 April 2024.
7 Bloomberg New Energy Outlook 2022, except electrified transport, which is from the Electric Vehicle Outlook 2021 Net-Zero Scenario. The Net-Zero Scenario target global net zero by 2050 in line with 1.77 degrees Celsius of warming. Investment includes electricity grids. There can be no guarantee that such forecast will be achieved.
8 Capital is still at risk – the value of investments may fall as well as rise and you may not get back the amount originally invested.
9 Sources: MAM Internal Analysis, Cambridge associates, Bloomberg Finance LP. Past performance is not indicative of future returns. Analysis conducted based on quarterly returns between Q4 2003 and Q1 2023. Unlisted Infrastructure: Cambridge Associates Infrastructure Index; Global equities: MSCI World Index; Global bonds: Bloomberg Global Aggregate Total Return Index. Traditional 60:40 portfolio: 60% equities, 40% bonds.
10 Not all investments made by the Fund are anticipated to deliver green impact. However, these investments will support the Fund’s investment objective by providing the liquidity and returns profile required by the high net worth target investors. We will also seek, using commercially reasonable efforts, for these investments to be thematically aligned with the Green Purposes. The Investment Manager and Sub-Investment Managers will invest at least 80% of the Fund's investments in investments which are aligned with at least one of the Green Purposes. Investments may have neutral or negative impacts to certain of the Green Purposes or other Sustainability factors, which are considered in the investment decision-making process. Over time, the opportunity set will expand to include decarbonisation of industry and transport. Examples are for illustrative purposes only. The provided examples serve only to represent the types of investment that METI may enter into. Whilst the above examples give an indication of the proposed current focus of METI, there is no guarantee that METI will invest into all or any of the above mentioned sectors either in the near term or long term and investors are requested to review METI’s PPM Supplement.
11 Assets may be acquired by METI at intervals over 18 months following METI launch, though subject to change. Asset acquisitions are subject to investment committee approval. There is no guarantee that investors will be able to participate in the seed assets or that they will be able to participate in such investments on acceptable terms. Additionally, participation in any of the seed assets is not certain and will be subject to factors which are beyond our control including, without limitation, (i) the successful completion of contract negotiations in relation to such seed asset; (ii) no breach or default by any prospective counterparty of its obligations; and (iii) the raising of sufficient capital to invest in the deal. METI is expected to acquire these assets at the original cost incurred by Macquarie plus a 10% per annum risk premium. Compelling entry value proposition in embedded value of six seed assets, given they all have either been sourced bilaterally or have been created by MAM. Based on independent Valuation Reports prepared solely for the purpose of the Macquarie Infrastructure and Real Assets (Europe) Limited (“MIRAEL”). Seed portfolio warehoused by MAM balance sheet will be transferred below current market valuation. Additional investments being secured will not benefit from this. As anticipated, the Investment Manager reserves the right to transact at a cost on or around FMV however in the event of a material adverse change in the business causing the value to drop materially below the proposed transaction price.
12 MAM will partner with Corio Generation and invest alongside Corio in offshore wind development projects. Corio Generation is wholly owned by Macquarie Group. Corio Generation website: https://www.coriogeneration.com/about.
13 These assets will be acquired from 3rd parties at the market price.
17 There is no guarantee that the Fund will achieve its investment objectives. Target returns are hypothetical returns, not actual returns. The Target Net Return assumes (a) management fees and performance compensation charged to the Fund in accordance with the headline terms generally expected of the Limited Partnership Agreement of the Fund (b) offering and organizational expenses incurred directly by the Fund at the maximum capped amount indicated in the Memorandum (c) no management fee offset and (d) annual, ordinary ongoing partnership expenses as per the PPM Supplement. Actual expenses or costs of the Fund may vary significantly from such assumptions, which could result in a materially lower Net IRR. The Target Net IRR for individual investors in the Fund may differ depending on the size and timing of an individual investor’s Capital Commitment. Target returns being shown for information purposes only and should not be relied upon to make predictions of actual performance. Target returns are based on facts and assumptions that we believe to be reasonable. Targeted performance is not a guarantee, projection or prediction and is not necessarily indicative of future results. The scenarios presented are an estimate of future performance based on current market conditions and are not an exact indicator. What you will get will vary depending on how the market performs and how long you keep the investment. Future performance is subject to taxation which depends on the personal situation of each investor, and which may change in the future and may lead to a financial loss if no guarantee on the capital is in place.
18 Costs and returns may increase or decrease as a result of currency fluctuations.
19 The Fund is subject to Article 8 of the EU's Sustainable Finance Disclosure Regulation. The Fund will consider a number of factors in making investment decisions, including sustainability. Prospective Investors are invited to read the PPM Supplement, and to fully evaluate the characteristics and objectives of the Fund before deciding whether or not to subscribe for Interests. For further information on SFDR disclosures please refer to the relevant funds’ data room https://funds.s64capital.com/products/meti.
20 Subject to local registration or notification. In each case, investors must also: (i) be a well-informed investor as defined in article 2(1) of the Luxembourg law of 23 July 2016 relating to RAIFs, as may be amended from time to time; and (ii) satisfy all additional eligibility requirements for the Fund from time to time as set out in the PPM Supplement and/or subscription agreement. U.S. persons are not eligible investors.
21 Certain financial intermediaries may charge up-front subscription fees and on-going sub-distribution fees. On-going sub-distribution fees will be charged on certain classes of shares only. Please see the PPM and PPM Supplement for further details.