As part of our due diligence process we asked the funds we were considering about the clauses in the in management agreements related to extension periods. One of the fund mangers we spoke to referred us to the CMVM regulations below. (google translated for us!) Article 38 #3 and #4 state that
3 - Participants who vote against the extension may request the redemption of participation units.
4 - The value of the participation unit, the redemption of which is requested under the provisions of the previous number, corresponds to that of the last day of the period initially foreseen for the duration of the venture capital fund, and there must be an auditorās opinion, prepared in advance not exceeding 30 days from the date of redemption, expressly pronouncing on the valuation of the venture capital fundās assets.
I am an investor in Iberisā Greytech II fund. I am awaiting the 2023 Tax Year PFIC statement. Has anyone received it yet? I wrote to the investor email a few days ago but have not had a reply.
Thank you ahead of time for any information.
Last year we got it on 3/28. No, i havenāt gotten it yet, but Iām not expecting it until the end of March or early April. As I think was discussed here on nomadgate somewhere, it is pretty normal for K-1s and PFIC statements to be late. You pretty much have to assume you will be filing an extension.
Iām considering the Iberis Greytech Co-Investment Fund, or the Greentech II fund. I read the whole message string attached to this - anyone have second thoughts or regrets regarding their Iberis investment(s) that would be helpful to know before I proceed?
Greytech II has (up till now) performed above my expectations. Anything can still happen of course. I also believe the fund managers are very competent.
I second your opinion!
It has been a great company (transparent / clear / very responsive) and well above expectations performance. Second the other views on Iberis being every professional / competent. Really happy with my choice for GV investment.
itās getting a bit late this year for Iberis Greytech II to post the PFIC. Anybody have insights? Thanks.
I reached out to them last week and they said theyād be sending the PFIC in the next few days, so hopefully soon!
My fund, Nest Capital Fund, also issues the PFIC statement around mid April.
I wrote them as well with the same response! Hopefully indeed it is coming soon!
Still nothing, and the deadline is now in 5 days. (I know we can file for an extension, but still!) Iām less than pleased with how this has been handled this year. The past couple of years, it looks like it came in on March 28.