Invest in unlisted companies.
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• What is Bewater Funds?

  Bewater Funds provides the opportunity to invest in shares or other illiquid assets of a single unlisted company, in Spain or other OECD countries, through a Closed End Fund (CEF). The company is selected by Bewater Asset Management SGEIC, SA, team, hereinafter the Management Company. Additionally, shareholders of CEF can express the asset manager their interest in selling their shares though the website with a simple click.

  Bewater Funds is the commercial brand of Bewater Asset Management SGEIC of closed-end funds, SA.

• What problem does it solve?

  The shares of SL (limited liability) companies in Spain are illiquid by nature because they are subject to preferred shareholder rights of the partners, entailing tedious procedures and authorisations (waiver of pre-emptive rights, call for general Shareholders’ meeting, etc.),that reduce the number of potential buyers. If the shareholders of a SL allow their shares to be acquired by a third party, it indicates a high price or that they simply allow the third party to do the work in order to establish a current market price for the shares. Shareholders can subsequently use their pre-emptive rights to acquire the shares themselves. This usually involves liquidity discounts between 25 to 50% on the market price.

• How do we solve it?

  Bewater Funds incorporates a Closed End Fund (CEF) for each company in which it invests. The shares of the fund will be offered to investors, previously registered on the website, who can put forward an expression of interest for the quantity and price of shares they wish to acquire. Once purchased, can express their interest in selling their shares though the website with a simple click. This is done without the limitations of pre-emptive rights or the need to call a general shareholders meeting.

• Advantages for investors

  Investing through Bewater Funds has many advantages:

  • Pre-selection of companies by the asset manager, composed of a team that has invested in more than 50 private companies.
  • Follow up by the Asset Manager, who requires all SLs to have a shareholders agreement to protect the interests of minority shareholders.
  • Possibility of investing in a single fund, or diversifying through investments in multiple funds.
  • Shareholders of CEF can express their interest in selling their shares though the website with a simple click.
  • Commissions up to 74% lower than an average Spanish venture capital fund: Fees.
  • High level of skin in the game by the management team, who invest at least 20% of every fund at the incorporation

• What guarantees does Bewater Funds provide?

  Bewater Funds can not offer any guarantee on investments made. The investor assumes all the risks involved in investing in companies with a recent and unconsolidated history. That is why we have decided that this product can only be acquired by investors with sufficient knowledge and experience involved with the investment.

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