1 Effect of reclassifying investor loans and hybrid capital instruments (including convertible bonds) that represent investors’ long-term interest in a vehicle
Investors’ capital can take various forms aside from equity – examples include investor loans and hybrid capital instruments such as convertible bonds. Some vehicles are structured via a combination of equity participations and investor loans.
Investor loans and hybrid capital instruments are generally seen as part of the investors’ overall interest in the vehicle.
Since investors in the Fund only invest via units, no adjustment is included.