Investment Vehicles
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fix(index-topics): simplify all 7 Index Topics to brief, high-level navigation (Track-B operator directive) — this is a first/rough version, not a polished draft; stripped inferred rationale, causal framing, and connective interpretation from every lead and group intro; removed or minimized specific securities-law citations (NI 51-102, NI 52-110, NI 45-106, NP 58-201, NI 58-101, CSA National Policy 51-201) per operator direction to cite law only on direct need; trimmed See-also lists to 1 essential link each; EN+ES across reference, company, investments, financial-model, distributions, governance, risks
@@ -17,24 +17,19 @@ editor: woodfine-editorial paired_with: _index.es.md --- An investor in a Direct-Hold Solution holds equity in one named building, not a share of a commingled pool. The Investment Vehicles covers what that structure is, the legal form it takes in each of the four jurisdictions, and the exemptions under which units are distributed. Articles here are structural: what each vehicle is and how it is organised, not the terms of any specific offering or the projected outcome of any particular asset. The Investment Vehicles covers the Direct-Hold Solution structure, its legal form in each jurisdiction, and the exemptions under which units are distributed. <!-- START-HERE-HIGHLIGHT: engine reads this block to render the single "start here" card (reuses the existing cluster-card--start-here component). Do not add more than one. --> **Start here:** [[direct-hold-framework|Direct-hold framework]] — the single structural decision every other article in this category follows from. **Start here:** [[direct-hold-framework|Direct-Hold Framework]] <!-- END-START-HERE-HIGHLIGHT --> ## The direct-hold structure What one unit represents, why a creditor of one asset cannot reach another, and how the structure compares with the pooled vehicles an allocator is more likely to have seen. The direct-hold legal structure and how it compares with other vehicle types. <!-- AUTO-GENERATED MEMBERSHIP: DO NOT EDIT BELOW — regenerate from index_group: the-direct-hold-structure --> - [[direct-hold-framework]] — A legal structure that issues equity units in a single named direct-hold vehicle, not a share in a commingled pool, eliminating cross-asset contagion. @@ -45,9 +40,7 @@ structure compares with the pooled vehicles an allocator is more likely to have ## Legal form and jurisdiction The vehicle each jurisdiction's law mandates: the limited partnership form used in Canada, the flow-through equivalents planned for the United States, Spain, and Mexico, and the one Canadian partnership constituted to date. The legal form used in each of the four jurisdictions. <!-- AUTO-GENERATED MEMBERSHIP: DO NOT EDIT BELOW — regenerate from index_group: legal-form-and-jurisdiction --> - [[limited-partnership-structure]] — How the limited partnership legal form implements the direct-hold investment structure: the GP-LP relationship, limited liability, unitholders as limited partners, and the partnership agreement as the governing instrument. @@ -57,20 +50,13 @@ Canadian partnership constituted to date. ## Eligibility and distribution channels Who may subscribe, and through which channel: the prospectus route and the accredited investor exemption relied on alongside it, with the disclosure each one requires. Who may subscribe, and through which channel. <!-- AUTO-GENERATED MEMBERSHIP: DO NOT EDIT BELOW — regenerate from index_group: eligibility-and-distribution-channels --> - [[exemptions]] — Prospectus exemptions relied upon in each jurisdiction's offering: the accredited investor exemption and the parallel prospectus channel. - [[accredited-investor-eligibility]] — The accredited investor exemption under NI 45-106 as a distribution channel for direct-hold limited partnership units alongside the prospectus offering: who qualifies, what the exemption permits, and the disclosure documentation required at the time of subscription. - [[accredited-investor-eligibility]] — The accredited investor exemption as a distribution channel for direct-hold limited partnership units. <!-- END AUTO-GENERATED --> How units are sold on and what a holder is paid is covered under Distributions and Transfers; the financing behind each building is covered under the Financial Model. ## See also - [[corporate-structure|Corporate structure]] — the entity that sponsors and develops these vehicles - [[narrow-bank-financial-model|Narrow bank financial model]] — the financing discipline applied inside each vehicle - [[offering-risk|Offering risk]] — illiquidity, concentration, and the other risks specific to this mechanism - [[statutory-rights|Statutory rights]] — the rights that attach to each distribution channel - [[corporate-structure|Corporate Structure]]