1 Effect of reclassifying shareholder loans and hybrid capital instruments (including convertible bonds) that represent shareholders’ long-term interest in a vehicle
Investors’ capital can take various forms aside from equity – examples include shareholder loans and hybrid capital instruments such as convertible bonds. Some vehicles are structured via a combination of equity participations and shareholder loans.
Shareholder 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 shares, no adjustment is included.