The Fund may invest in Property Investments in any geographical location subject to:

• A maximum of 40% of the Fund’s equity being invested in a single country;
• A maximum of 25% of the Fund’s equity being invested in any single property site; and
• A maximum of 40% of the Fund’s equity being invested in a single sector.

These limits may be increased by the Manager from time to time.

Subject to the sector limitations mentioned above, Investment Properties may be acquired in the following five sectors:

 Residential development:

• Retail/commercial development;
• Retail investment;
• Commercial investment; and
• Residential investment.

Investment in any of the real estate sectors mentioned above may be made:

• Directly 100% owned by the Fund or through a SPV controlled by the Fund;
• Direct co-investment less than 100% by the Fund or through a SPV controlled by the Fund with other co-investment parties; or
• Investment by the Fund or through a SPV controlled by the Fund into a fund or other entity provided that the maximum life of that fund or other entity is equal to or less than the life of the Fund.

The Fund will also consider investing in international liquid property instruments, derivatives, mutual funds and debt. The Fund will have a realisation strategy and will aim to commence the return of capital of investors from the fourth year of the life of the Fund. However, the investment opportunities will be viewed with an exit strategy, which is aligned with the term of the Fund.