Republic of Ireland: Pick a pocket
Recent events in the stock markets and credit markets may mean promoters of certain types of funds need to consider putting in place measures to deal with illiquid investments or investments that are hard to value to ensure shareholders' interests in a fund are protected. This article examines how some Irish qualifying investor funds have had to consider dealing either with investments that cannot be realised in the short to medium term and so which cannot be used to meet repurchase requests in an Irish fund; and investments that cannot be valued with any certainty and which may therefore need to be written down in value. One way to deal with these two situations is the creation of a so-called 'side pocket'.
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