ADVOKS GLOBAL · KENYA
The Capital Markets (Alternative Investment Funds) Regulations
2. Interpretation
Edition: 2023-12-15 · In force
2. Interpretation
In these Regulations, unless the context otherwise requires—"alternative investment fund" means a collective investment scheme that privately pools funds from at least two but not more than one hundred investors in Kenya or outside Kenya to invest on the investor’s behalf in accordance with a defined investment policy statement:"change in control" means change in the controlling interest or change in legal form in relation to a fund manager;"final account" means an account of the winding up approved by the board of directors, partners or trustees showing how the fund manager has conducted the affairs of the scheme and how the scheme property has been disposed of;"formation document" means—(a)a memorandum and articles of incorporation for the constitution of an alternative investment fund as an investment company;(b)a trust deed and supplemental deed for the constitution of an alternative investment fund as a trust;(c)in relation to an alternative investment fund constituted as a limited liability partnership, a partnership deed and any other supplementary deed; and(d)in relation to any other alternative investment fund, such documents as may be prescribed by the Authority;"investee company" means an enterprise, company, special purpose vehicle, limited liability partnership or body corporate in which an alternative investment fund may invest;"leverage" means any method by which a fund manager increases the exposure of the scheme it manages through borrowing of cash or securities, or by any other means;"participant" means the holder of a participatory interest;"participatory interest" means any interest or share, undivided or otherwise, whether called a participatory interest, share, unit or by any other name, and whether the value of such interest, unit or share remains constant or varies from time to time, which may be acquired by an investor in a portfolio; and"placement memorandum" means the information document used for the purpose of the private placement of participatory interests in an alternative investment fund.