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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.

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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. f)      Taxation: Investment in the funds is likely to have tax consequences which will depend on the individual circumstances of each investor.
7. 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).

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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].

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.

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.

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.

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.

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)

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.

Your investment history helps support your knowledge and experience in alternative assets.

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.

You can change your mobile number by getting in touch with us a [email protected]

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.

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.

-        www.financial-obdsman.org.uk

-        Ec.europa.eu/consumers/odr

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.