What is Bite？
Bite Investments ("Bite") is an online alternative investment platform and regulated asset manager. We are majority owned by VCP Apex, which is regulated in North America (FINRA / SEC), Europe (FCA, UK), Asia (SFC, Hong Kong) and Cayman (CIMA).
Bite enables access to top performing alternative investments funds via a feeder fund structure while also helping digitalize the wealth management industry with tech solutions.
Bite’s technology enabled investment platform allows individuals to invest much smaller amounts than typical minimum buy-ins, through aggregating their commitments together; it may also provide better liquidity terms than investing in the funds directly.
What can Bite offer？
- Review: premium alternative asset overseas investment opportunities
- Invest: Access investments of your choice via our technology enabled platform with an online subscription process subject to a minimum investment of $100k USD
- Track: Monitor your investments and keep informed throughout the product life cycle
- Support: Enjoy the peace of mind that all your documentation, compliance and investment information is in one easy to access account
- Insight: Bite facilitates sourcing, due diligence and client education
- Diversification: review top quality products that help give your clients exposure to the private markets
- Access: the leading funds from around the globe
- Monitor: Subscriptions, administration and reporting. Keep your clients up to date assisting clients with portfolio review
- Streamline operations: Online process to help clients with all their investment needs
For Fund Mangers:
- Diversify your investor base: a largely untapped pool of capital
- Amplify your message: reduce the number of due diligence calls, travel and follow up associated with fund raising
- Simplify distribution: Control the dissemination of materials and track engagement
- Leverage technology: reduce cost in compliance, data gathering, and time spent administrating subscription
- Communication: Investor communications in one place for a simplified IR experience
Where is Bite based?
Bite Investments UK (Ltd) is headquartered in the United Kingdom.
Company name: Bite Investments (UK) Limited
Company Registration Number: 925768
Company address: 28 Eccleston Square, London SW1V 1NZ
Bite Investments (UK) Limited is an appointed representative (with firm reference number 925768) of VCP Advisors Limited trading as VCP Apex (UK). VCP Apex (UK) is authorised and regulated by the Financial Conduct Authority (with firm reference number 523831). VCP Apex (UK) (company registration number 06817064) and Bite Investments (UK) Limited (company registration number 11706620) are incorporated in England and Wales and both have their registered offices at 28 Eccleston Square, London SW1V 1NZ.
BITE Asset Management (Cayman) Limited is registered in the Cayman Islands.
Company name: BITE Investments (Cayman) Ltd
Company Registration Number: 345845
Company address: 5th Floor, Anderson Square Building, 64 Shedden Road, PO BOX 31325 SMB · Grand Cayman, Cayman Islands, KY1 - 1206
BITE Asset Management (Cayman) Limited (“Bite AM”), which is a wholly owned subsidiary of Bite Investments (Cayman) Limited is an investment management company that is incorporated in the Cayman Islands and is registered with the Cayman Islands Monetary Authority as a Registered Investment Management company and is subject to their oversight and regulation. Bite AM is registered under the Securities Investment Business Law (2019 Revision) to provide investment services only to those persons who meet the definition, in the law, of “Sophisticated” or “High Net Worth Person” and thus all investments into Bite AM sponsored investment products must be from such Sophisticated or High Net Worth Persons.
Who is VCP Advisors?
The VCP Apex group of companies is a financial services firm with headquarters in London and offices in New York, Tokyo, Shanghai, and Hong Kong. VCP Apex is an alternative investment management and advisory specialist. As well as being the majority shareholder of Bite Investments (Cayman) Limited, VCP Apex leverages its extensive experience and network of B2B2C partners to augment Bite’s product offering.
In the United Kingdom, VCP Apex is authorized and regulated by the Financial Conduct Authority (the “FCA”) and entered on the FCA register with registration number 523831. In the UK, this website is designed for High Net Worth and Sophisticated Investors, Professional Clients, Per Se Professional Clients and Eligible Counterparties only. If you are not categorized as such, please ignore this material.
VCP Apex provides certain investment advisory services to BITE Asset Management (Cayman) Limited.
In the United States, VCP Americas LLC is registered with the SEC and a member FINRA / SIPC. Securities offered will not be registered under the US Securities Act of 1933, as amended (the "33 Act") or approved by the US SEC or any other federal or state governmental or self-regulatory agency. No governmental or other agency has passed or will pass opinion on the accuracy or adequacy of this website. Securities shall be offered pursuant to various exemptions to registration provided by the 33 Act. Securities will be offered for investment to "accredited investors" within the meaning of Regulation D under the 33 Act pursuant to certain exemptions there from.
In Hong Kong, VCP Advisors (HK) Limited is regulated by the Securities and Futures Commission (the "SFC") since 20 December 2019 and entered on the SFC register holding a Type 1 license with CE. number BOK076 to engage in (a) placing of securities and (b) dealing in collective investment schemes. In Hong Kong, this website is designed to be made available to Professional Investors only. The term "professional investor" is as defined in the Securities and Futures Ordinance and its subsidiary legislation. If you are not categorized as such, please ignore this material. VCP Advisors (HK) Limited does not hold client assets. The terms "hold" and "client assets" are as defined under the Securities and Futures Ordinance. This website has not been reviewed by the SFC or any regulatory authority in Hong Kong.
How does Bite get access to premium alternative assets?
Bite has a number of strategic shareholders, including VCP Apex, which has a track record spanning over decade in advising alternative asset managers and raising capital for private market deals. This network enables Bite to access to some of the best investment opportunities in the private markets.
Can I speak with someone at Bite?
Whilst primarily being a technology platform Bite recognises that you may have unique questions and situations that need resolving. Bite does not offer investment advice, but our sales support is available to assist you when needed. If you wish to get in touch with a team member, please contact us on [email protected].
Will Bite advise me on the best investments?
Bite will not offer investment advice. Part of the rigorous account registration process is to ensure only investors with a sound financial understanding of these investments can access them. Whilst we would like to open the alternative asset market up to everyone the risks involved require a minimum level of knowledge, experience and resource and the investment decision remains entirely yours.
When you sign up, the documents available will explain in more detail how funds are structured, how investments are selected, and the role played by Bite and its associated companies in selecting and managing them. Bite does not make recommendations on investments and expects you to conduct your own due diligence before investing and to seek independent professional advice where appropriate.
Bite can help you with technological and procedural queries and our sales support will assist you if your issue is not addressed in our Help Centre. If you wish to get in touch with a team member, please contact us on [email protected].
What does Bite do with my investments?
Bite’s technology enabled investment platform will allow individuals to invest much smaller amounts than typical minimum buy-ins, into top performing Alternatives funds, by aggregating investor commitments together. The type of investment structure will vary, but Bite will instruct you to pay a third-party bank account directly (e.g. fund custodian or administrator, GP or SPC bank accounts).
What funds can I use to settle my commitments?
Bite strongly advises users that the funds are not an appropriate investment for retirement income, savings you have withdrawn from your pension or other money you need to live on (such as payment for loss of your job, or insurance pay-outs for death, sickness, or injury).
It is imperative that you can meet all investment commitments in full as the penalties associated with not doing so are onerous and can be punitive resulting, in the worst case, with the loss of all your investments.
It is strongly recommended that you seek independent advice from a financial adviser if you have any doubts or concerns regarding your suitability to meet the financial obligations you agree to.
What products are available on Bite’s platform?
Bite continually strives to be the premium provider of alternative investment opportunities to high-net-worth investors and their advisers. The number and type of products vary so please register to see what is currently available. Typical investments can include Private Equity funds, Private Credit funds, Venture Capital funds, Real Estate funds and Hedge funds.
What are the risks involved with Alternative investments?
Investing in alternative investment funds is high risk and there is no guarantee of future outcomes.
Funds available via the Bite platform will invest primarily in private equity style, illiquid investments. Private equity investments are not suitable to all investors because they involve significant risks, including the risk that you lose some or all of the money invested. However, your maximum loss as an investor is capped at the amount committed to the Fund (though this might not be payable all at once – see ‘How are my investments funded?’ and ‘What happens in the event I can’t meet a capital call or default on an investment?’ below.
Further information on fund specific risks can be found in the Investment Offering documentation or Limited Partner Agreement (LPA) available to you before the investment process. However, common risks include:
- a) Illiquidity: Any investment in the funds is likely to be highly illiquid. There is unlikely to be any secondary market or other clear means of accessing an investment in the funds.
- b) Unlimited duration: There is no time limit for investment in any of the funds. It may not be possible to liquidate, redeem or withdraw from any investment. Investment should be regarded as long-term i.e., of at least 5 years duration with a typical private equity fund having a lifecycle of 10 years.
- c) Risk of underlying investments: Private equity funds invest in unlisted companies which may have limited operating history and may be start-up or early-stage companies. Such companies may become highly successful but statistically many will fail.
- d) No income: Neither the funds nor the private equity investments in which they invest are likely to pay dividends or other investment returns apart from any profit on exit from sale, listing of shares etc. (where they are successful, and this happens). You should not lot look to an investment in the funds to provide you with a reliable income – the funds will not be an appropriate investment if you need a regular income from your investments. They will not be an appropriate investment if you are seeking retirement income.
- e) Regulation: The manager of the funds will not be authorised and regulated by the FCA in the UK. If the funds or the investment manager (BITE Asset Management (Cayman) Limited) is at fault or fails, you will have no claim against the investment manager, under either the Financial Ombudsman Scheme or the Financial Services Compensation Scheme in the UK. Although BITE will have limited obligations to you as arranger of investment in the funds, this will not ensure repayment of any sums invested. BITE Asset Management (Cayman) Limited and BITE Investments (UK) Limited may act as adviser to the funds but will give no advice or personal recommendation of any kind to you.
- f) Taxation: Investment in the funds is likely to have tax consequences which will depend on the individual circumstances of each investor.
- g) Default: The commitment you make is legally binding and failing to make payments on time can incur severe financial penalties. In the event you are unable to meet a drawdown notice (or Capital call), BITE, through the GP of the fund, has the right to sell your entire investment at a significant discount to the entry cost or market value of the investment, or even at nil value. Your entire investment to date is at stake in the event of a default.
If you are in doubt about any aspect of investing in the funds, you should consult an appropriately qualified and authorised adviser (including an adviser authorised and regulated by the Financial Conduct Authority if you are in the UK).
You should carefully read any offering documents, information memoranda, limited partnership agreements and other documents on the website relating to a specific investment as these may contain further specific risk warnings.
The funds are not an appropriate investment for retirement income, savings you have withdrawn from your pension or other money you need to live on (such as payment for loss of your job or insurance payouts for death, sickness or injury).
What happens to my investments if Bite Investments ceases to trade?
The investment structures used by Bite Investments are separate entities to the operational company of Bite.
The board of the relevant structure will continue to be responsible for your investments and all the assets with in the SPC or General Partnership, Limited partnership structure.
Close ended investment funds are constructed to take this risk on board. Where applicable the General Partnership will continue to be responsible for the assets and are independent to Bite Investments Cayman.
Where a SPC has been used the share class you have bought not only remains segregated from Bite Cayman Investments operations, but also from other Segregated portfolio liabilities as well.
How does Bite select Funds?
Bite can secure investment allocations from hard to access asset managers through a combination of its own network, via the network of its majority shareholder, VCP Apex, and other product partners.
Funds are assessed by Bite’s investment committee before being offered to you. The selection basis includes but is not limited to, underlying fund market opportunity, team, track record, fund terms and fit with Bite’s investor base.
i) Top Tier managers: continuously monitored and tracked
ii) Identify opportunity: Research team monitors the landscape for opportunities
iii) Due Diligence: performed by the research team and investment committee
iv) Investment assessment: Investment committee assesses quality of the investment opportunity
- Target fund managers: Managers who target investor returns, have robust ESG criteria and with whom Bite can build a long-term relationship
- Business model: repeatable business models that can replicate past success and have a clearly defined and defensible strategy
- Team: Quality, longevity, and unity of purpose. We look for high performance teams who have a history of working together and are aligned to the success of the investment strategy
v) Investment decision: this rests with you. You can review the documentation online at your convenience and use our fully digitised platform to invest in premium products of your choice
In no way is the availability of a product on the platform intended to constitute advice. The investment decision remains with you.
What are the fees charged by Bite?
Bite does not charge fees for the use of its platform and it is free to use for clients who have successfully been through the account registration process.
Fees are only incurred when you make an investment. The fees are typically: a one-off introduction fee and an annual investor servicing fee. Both fees are a % of the sum invested or assets under management (AUM). Bite reserves the right to determine the fee levels on a per product basis and reserves the right to change fee levels on future products.
The underlying fund fees usually involve a management fee and a performance fee. A typical premium private equity fund will charge a 2% management fee and a 20% performance fee. The performance fee is subject to a typical hurdle rate of 6-8% and represents the benchmark a fund has to reach before the private equity fund managers are entitled to their performance fee.
You should consider very carefully the offering documents, information memoranda, limited partnership agreements and other documents on the website relating to a specific investment as this will tell you about fees specifically applicable to that investment.
Bite charges fees on a per product basis. Standard fees include:
- Subscription Fee (a one-off fee charged as a percentage of the subscription amount)
- Management Fee
- 0% Performance fee (Bite reserves the right to charge a performance fee on a per product basis).
What happens when I choose to invest?
You will be able to review the fund details and invest online. The investment process is conducted online but we may need you to send or sign physical documents. Once your investment has been approved, payments are made directly to the fund manager. Transactions will be updated in your account once we have confirmation of clearance.
At set intervals, monthly/quarterly/annual, Bite will issue an investor statement with your investment’s value (Net Asset Value) and this valuation will be reflected in your portfolio.
If/when the fund distributes investment returns, it will be to the bank account you used to fund the investment and the transactions will be reflected in your account.
How are my investments funded?
There are two main investment profiles: “upfront funded” and “drawn down funded” investments.
Upfront Funded: Certain investments may require you to fund the full amount of your commitment on subscription and / or the closing of the fund i.e. by a specified day. This means you must pay the full amount of your commitment by a single date. Effectively a single payment in full.
Drawn down Funded: This is the typical private equity fund model, in which you make a commitment to invest a fixed amount and, over time, the fund manager will ask you to make payments (not exceeding your total commitment amount) to meet that commitment. These payment requests are called “capital calls” and they are drawn down against your commitment.
A typical Private Equity fund’s capital calls may look like (illustrative only):
- On closing: 25%
- Year 1: 25%
- Year 2: 20%
- Year 3: 20%
- Year 4: 10%
That said, the manager has discretion as to how much, and when, they make capital calls.
Investors have a specified time frame in which to make the payment, usually 10 days.
Missing deadlines incurs severe financial penalties and in the event you are unable to meet a drawdown notice (or Capital call), BITE, through the GP of the fund, has the right to sell your entire investment at a significant discount to the entry cost or market value of the investment, or even at nil value. Your entire investment to date is at stake in the event of a default.
What is the relationship between Bite Investments and Bite GP?
Bite Investments is the manager of Bite GP and an investment management agreement has been signed between the two parties. Bite Investments is responsible for the management and control of the business affairs of the Partnership, including allocating capital and managing investments.
What is the relationship between Bite Investments and Bite Investor Funds SPC?
Bite Investments is the manager of Bite Investor Funds SPC and an investment management agreement has been signed between the two parties. Bite Investments is a 100% shareholder of the management shares of the Bite Investor Funds SPC.
What rights do investors have in the SPC?
Investors purchase a specific share class relating to the product they have invested in. As such they have the right to receive dividends and to surplus assets in the case of a winding up of the Segregated Portfolio (SP). Investors also have redemption rights determined by the Offering memorandum, supplier and subscription documents. Please read these documents carefully as they are specific to each SP. Investors will not have voting rights in the SPC and should review the Offering memorandum and subscription documents to understand what rights they are entitled to.
How do capital calls work?
If you choose to invest in a closed ended fund the schedule of capital calls is determined by the underlying fund managers. Typically, Bite will make a 30% initial capital call on first close and the remaining commitment will be called over the course of the investment period.
You will receive communications for anticipated capital calls and Bite will give you as much notice as feasible. You must be aware that you may be asked to make a capital call on short notice (in a matter of days) and as such should make arrangements to cater for that eventuality.
What happens if I can’t meet a capital call or default on an investment?
The financial penalties for late payments and default are severe.
A late payment will incur interest and is fund specific. Rates and process are set out in the product documentation.
A defaulting investor is one who fails to make a payment as a result of a capital call, in full and on time. If a payment has not been received after a set period of time the investor is deemed to have defaulted.
Penalties are fund specific and vary but can include:
- A forfeiture of the right to contribute subsequent capital into the fund
- The right to sell the investor’s stake in the fund at a heavy discount or in the extreme case at nil value
You are strongly advised not to make commitments to funds that you cannot currently fulfil or may not be able to fulfil in the future.
How do I exit/realise/sell my investment?
The investment opportunities you will find on Bite are typically private market investments and as such have no readily available market such as a publicly traded stock market. Before you invest, you should consider the length of the investment period and if necessary, seek independent professional advice as to the suitability of investing in such a long-term investment.
Bite offers you the ability to try to sell your investment to another Bite client, or through the Bite network, but there is no guarantee that a buyer will be found.
How does Bite return distributions or income to me?
When you are due income or capital is being returned to you, Bite will use the bank account you used to settle the original commitment. Returns are net of fees and fund costs.
Who can open an account and invest?
Anyone can open an account with Bite provided they meet certain requirements regarding their knowledge, experience and access to suitable resources, as well as having met our AML/KYC standards.
Bite is open to High Net Worth and Sophisticated Investors, and their advisers. This means we must ask you several questions to assess the suitability of our products to you.
Advisers can open an account to see if any products are suitable for their clients provided their client’s meet the definitions of either a HNWI or a Sophisticated Investor
Fund managers can open an account as professional clients. Please get in touch with us on [email protected].
What is the process to open an account?
Opening an account with Bite is free. You simply register on the Bite website and follow the process:
(1) Account Details: we need to know who you are and how to get in touch with you
(2) Investor Type: Bite is only suitable for HNWI, sophisticated investors, advisers and professional clients. You will have to identify which type of investor you are.
(3) Suitability and Appropriateness test: We have to ensure you have the necessary knowledge and experience to understand alternative investment funds and that they are suitable for your investment needs.
(4) Set password and profile details.
(5) Access our Digital Market Place and start reviewing alternative investment funds
The process is online, but in some instances, a member of our team will directly contact you to confirm certain details and gain a better understanding of what you aim to get out of Bite.
What is a High-Net-Worth Investor and do I qualify?
You qualify as a high-net-worth investor if one of the following applies to you:
Throughout the financial year immediately preceding the date you register
(1) You had an annual income to the value of £100,000 or more (this must exclude money withdrawn from pension savings or pension income).
(2) You held net assets of £250,000 or more. Net assets do not include:
- Your primary residence or any money raised through a loan secured on that property
- Any rights of yours under a qualifying contract of insurance
- Any benefits (pension or otherwise) which are payable on the termination of your employment, death or retirement
- Withdrawals from pension savings (except where the withdrawals are used directly for income in retirement)
Please note that this is only a summary of the declaration that a HNWI is required to make. You should consider carefully in the sign-up process whether you can accurately give the declaration required.
What is a Sophisticated Investor and do I qualify?
You may be a Sophisticated Investor if you have been one of the following:
- A member of a network or syndicate of business angels in the last 6 months
- Invested in an alternative investment fund or unlisted company in the last 2 years
- A professional in the private equity, hedge fund or alternative asset sector for 2 years
- A director of a company that turns over more than £1m in the last 2 years, or are currently.
Please note that this is only a summary of the declaration that a Sophisticated Investor is required to make. You should consider carefully in the sign-up process whether you can accurately give the declaration required.
What is a Professional Investor and do I qualify?
You can request to be classified and treated as a professional client. This includes meeting specific qualifying criteria related to assets and understanding of the relevant financial products, as well as regulated financial institutions such as regulated fund and asset managers, banks, insurance undertakings, pension funds and other regulated financial institutions.
Bite reserves the right to change your classification and will notify you accordingly in accordance with as per FCA Rules and if it intends to do so, it may require further information or investor declarations from you. You have to inform Bite as to any changes that would affect your eligibility to be classified as a professional client.
How do I assess my net worth?
Bite strongly advises users that the funds are not an appropriate investment for retirement income, savings you have withdrawn from your pension or other money you need to live on (such as payment for loss of your job or insurance pay-outs for death, sickness or injury) and as such should not consider using them when determining your net assets.
Net assets must not include:
- Retirement income
- Savings from pension or other money need to live on (such as payment for loss of your job or insurance pay-outs for death, sickness or injury)
- Property which is your primary residence, or any money raised through a loan secured on that property
- Any rights of yours under a qualifying contract of insurance
- Any benefits (in the form of pensions or otherwise) which are payable on the termination of your service or on your death or retirement and to which you are (or your dependants are), or may be, entitled
Any withdrawals from my pension savings. (except where the withdrawals are used directly for income in retirement)
What documents are needed to open an account?
The necessary documents may vary, but examples that are to be uploaded include certified copies of:
- Scan or photo of your ID/passport
- Proof of residency:
- Utility bill (from within the last 3 months)
- Bank statement (from within the last 3 months)
- Non mainland China bank account
You may be required to submit other supporting documentation. E.g.
- Brokerage statement or statement from your wealth manager
- Proof of income:
- Salary slip
- Investment income documents.
Why do you need to know my investment history?
Your investment history helps support your knowledge and experience in alternative assets.
Can I share materials with my advisers?
Bite has strict confidentiality terms. You are responsible for the material that you share with your adviser and you may only do so in a professional capacity. For further guidance please read our terms and conditions regarding use of materials found on the platform.
Why is the minimum investment $100k?
Bite has a general minimum investment of $100k, substantially lower than typical buy-in amounts for premium alternative asset funds but reserves the right to change the threshold on a per product basis. Please read the product material carefully prior to making an investment decision.
How do I change my mobile number?
You can change your mobile number by getting in touch with us a [email protected]
How do I change my password?
You can change your log in password on your profile page under settings or follow the ‘forgotten password’ prompt at the account sign in step.
What is the complaints procedure?
Bite takes complaints exceedingly seriously. Please e-mail your complaint, concern or issue to [email protected]
Bite takes complaints very seriously. Please e-mail your complaint, concern or issue to [email protected]
The manager of the funds will not be authorised and regulated by the FCA in the UK. If the funds or the investment manager (BITE Asset Management (Cayman) Limited) is at fault or fails, you will have no claim against the investment manager, under either the Financial Ombudsman Scheme or the Financial Services Compensation Scheme in the UK. Although Bite will have limited obligations to you as arranger of investment in the funds, this will not ensure repayment of any sums invested. BITE Asset Management (Cayman) Limited and Bite Investments (UK) Limited may act as adviser to the funds but will give no advice or personal recommendation of any kind to you.
If you are an eligible complainant (which essentially means you are a consumer and not investing as part of a business), you may have the right to complain to the Financial Ombudsman Service and the European Commission’s Online Dispute Resolution platform in relation to the role of Bite on the basis above and you feel Bite has not adequately dealt with your complaint.
Your investments are not protected by the Financial Services Compensation Scheme (FSCS) or Financial Ombudsman Service (FOS) in the event you receive a lower amount than you initially invested.
What does Bite offer me and my clients?
Bite empowers you to explore the alternative asset market with confidence:
Client education: facilitates sourcing, due diligence and client education with material adapted to each local market
Portfolio Diversification: review top quality products that help give your clients exposure to the private markets
Access: Allow your clients to access the leading funds from around the globe at investment sizes that allow them to get comfortable with the asset classes available
Monitor: Subscriptions, administration, and reporting. Keep your clients up to date assisting clients with portfolio review
Streamline operations: Online process to support clients through out the investment process and beyond
How does Bite protect my client relationships?
We recognise that value and effort in becoming a trusted adviser.
Client accounts are linked to your account to enable you to assist in the investment process from helping them understand their suitability for certain products to guiding them through international regulatory frameworks.
Bite vets all products for quality and credibility, see ‘How does Bite select funds’. This does not constitute investment advice to you or your clients and past performance is not a We recognise the value and effort in becoming a trusted adviser.
Active engagement is supported by Bite. For a 2-year period from account opening or your clients most recent investment you will be credited for the introduction and associated intermediary introduction fee.
What are the benefits for introducing my clients?
Aside from allowing you to gain access to assets that are historically the preserve of institutional investors, localised materials to support your advice and an easy to use platform to simplify the investment process you will be eligible to an introduction fee.
Bite reserves the right to change this fee on a per product basis but is in line with market expectation between 1-1.5% of the subscription value.