Perpetual equity model
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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)
@@ -37,7 +37,7 @@ Equity positions are denominated in [[investment-units|investment units]] record Investors who require liquidity identify eligible counterparties independently. The corporate entity does not intermediate the exit, maintain a buyback facility, or commit to any form of put right. The over-the-counter market for investment units in a given asset is thin by design — a consequence of the asset-specific, fixed-supply structure rather than a deficiency to be corrected. Transfer mechanics are straightforward: the seller identifies a counterparty, agrees a price bilaterally, and the property ledger is updated to reflect the new unit holder. No general partner approval decision is required for an ordinary transfer; an acquisition crossing 20% of outstanding units triggers a separate Take Over Bid mandatory-offer requirement rather than an ordinary transfer. Transfer mechanics are straightforward: the seller identifies a counterparty, agrees a price bilaterally, and the property ledger is updated to reflect the new unit holder. In the established Canada vehicle, no general partner approval decision is required for an ordinary transfer; an acquisition crossing 20% of outstanding units triggers a separate Take Over Bid mandatory-offer requirement rather than an ordinary transfer. ## Distribution Policy