Investments arranged through this website will be in offshore funds managed by our associated company, Bite Asset Management (Cayman) Limited. These funds will invest primarily in private equity investments, though there may also be other asset classes such as credit or real estate. These 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. Other risks include:
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. 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.
3. Risk of underlying investments
The funds may 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. No income
Neither the funds nor the investments or assets 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. Capital calls
When you commit to an investment, you may not be asked to pay all the amount you have committed up-front. Instead, the fund manager may call for some of the funds you have committed later, by way of a capital call. If you cannot meet this capital call, you may lose some or all of the amounts invested. Capital calls can happen at any time and you may have a limited time (such as 10 days or less) in which to meet them. We will make clear which investments may involve the amount you have committed being paid after a capital call. Do not commit to investing any sum which may require the amount to unless you are confident that you will have enough funds to meet a capital call in the future. There are severe penalties for not meeting a capital call. Your investment to date may be sold at a discount. In some circumstances, you may lose your entire investment to date.
The manager of the funds will not be authorised and regulated by the Financial Conduct Authority 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 may act as adviser to the funds but will give no advice or personal recommendation of any kind to you.
Investment in the funds is likely to have tax consequences which will depend on the individual circumstances of each investor.
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 offer documents, information memoranda 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).