Risk Disclosure

Investments of the type discussed on this Site involve a high degree of risk, including the possibility of losing some or all of the capital invested. You should not invest amounts you cannot afford to lose.

The value of investments can fluctuate significantly due to macroeconomic conditions, interest rates, market sentiment, currency movements, sector-specific developments and other factors. Valuations of private-market investments are inherently subjective, may be based on limited information and may not reflect the price at which an investment can ultimately be realised.

Private-market and pre-IPO investments are typically illiquid. There may be no active secondary market, transfer restrictions may apply (including customary lock-up periods following any IPO), and you may be unable to sell your investment for an extended period or at all.

Investments made through single-opportunity vehicles or in a small number of positions are concentrated and less diversified than public-market portfolios. Adverse developments affecting a single issuer, sector or geography may have a disproportionate impact on returns.

There is no guarantee that any expected IPO, sale, merger or other liquidity event will occur, or occur on the anticipated timeline, structure or valuation. Regulatory, market or company-specific factors may result in delays, structural changes or cancellation. Post-IPO share prices can decline below the offering price.

Investments denominated in foreign currencies are subject to currency-exchange risk. Cross-border investments are subject to political, legal, tax, regulatory and settlement risks that may differ from those in Canada.

Private companies are generally not subject to the same disclosure obligations as public issuers. Information available to prospective investors may be limited, dated or unaudited. Financial projections and forward-looking information are inherently uncertain.

Changes in law, regulation, taxation, or in the interpretation or enforcement of the same, may materially and adversely affect the structure, tax treatment or economic outcome of an investment.

Fees, carried interest, transaction costs and other expenses will reduce net returns and may be material. Prospective investors should review the fee and expense disclosures in the applicable offering documents.

Past performance is not indicative of, and does not guarantee, future performance. Any references to historical performance are for illustrative purposes only and do not represent the returns of any specific investor.

The investments referenced on this Site are not suitable for all investors. Prospective investors must be able to bear the economic risk of an illiquid investment for an extended period, must have the knowledge and experience necessary to evaluate the merits and risks, and must satisfy any applicable investor-status requirements.