Direct-hold framework
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Rescope remaining LP-specific claims (accredited-investor-eligibility.md's NI 45-106 scope, direct-hold-framework.md's general-partner mention, perpetual-equity-model.md's Take Over Bid mechanism, principal-alignment-fee-preservation.md's offering-cost-reimbursement/no-NAV-fee clauses) to Canada/US explicitly; convert 6 dangling plain-text 'Interest Coverage Ratio' references to proper wikilinks pointing at cre-financial-metrics.md across ifrs-forecast-methodology and sensitivity-and-stress-test-methodology (EN+ES)
@@ -52,7 +52,7 @@ An investor who wishes to exit locates a willing counterparty directly; the ente ## Governance In each direct-hold vehicle, the general partner holds management authority over the vehicle and its single named property. Investor governance rights — as limited partners or equivalent unit holders — apply at the asset level rather than across a pooled portfolio: decisions pertain to the specific property in the vehicle, not to a collection of assets managed at the fund level. The [[perpetual-equity-model|perpetual equity model]] applies these mechanisms to [[investment-units|investment units]] held without a fixed redemption horizon. In each direct-hold vehicle, the governing entity — a general partner in Canada and the United States, an Administrator in Spain and Mexico — holds management authority over the vehicle and its single named property. Investor governance rights — as limited partners or equivalent unit holders — apply at the asset level rather than across a pooled portfolio: decisions pertain to the specific property in the vehicle, not to a collection of assets managed at the fund level. The [[perpetual-equity-model|perpetual equity model]] applies these mechanisms to [[investment-units|investment units]] held without a fixed redemption horizon. ## The bottom line