"This letter describes new terms of investment in all XYZ funds effective July 1, 2009. We have attempted to be responsive to changes in the industry and feedback from our investor base. We believe these improved terms strike the right balance between promoting capital stability and providing desired certainty of investor liquidity."
"In addition, we will abolish the manager’s ability to impose a gate at the fund level. However, the ability to suspend redemptions in extraordinary circumstances in order to serve the collective best interests of investors will be retained."
It is good to know that several managers are still listening to their investors and treating them as partners. One can only applaud the professional tone and assume the manager would be just as methodical when dealing with his portfolio of companies etc.
Monday, June 8, 2009
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