Standard Scope of Services: SPVs (UAE*)
Service | Carta responsibilities | Client responsibilities |
Maintain accounting books and records | Annual maintenance and update schedule of investments on Carta platform
| Provide Carta with:
|
Valuations updated at year-end | Provide Carta with:
| |
Provide documentation to support transactions and valuations | ||
Completion for dissolution of the business at end of life of the applicable entities | ||
Banking and payment of expenses | Annual cash reconciliation | Provide read-only access to fund’s bank account with the ability to set up wires (bank must have two-step authorization capability and account must be in fund’s name) |
One-off invoice payment (upfront) | Client to provide invoices any other supporting documents (if applicable) | |
IFRS financial reporting | External unaudited financial reporting package distributed annually to investors via the Carta platform: | |
Balance Sheet | Provide fund newsletter, if applicable | |
Statement of Operations | ||
Schedule of Investments | ||
Client-provided fund newsletter, posted on Carta platform | ||
Capital calls | Single capital call upfront (all expenses must be budgeted for upfront). Lead time for Capital call requests is T+1. All requests to be received prior to 2pm Singapore Time and it will be initiated the next business day | Provide dollar amount to be called |
Liquidation distributions - Cash | Single Distribution - Perform waterfall calculations in accordance with the operating agreement | Provide dollar amount to be distributed and provide final sign-off on calculations 5 business day notice required for distribution requests. |
Work with investors to confirm wire instructions (ie investors will be updating their bank wire details on Carta’s platform) | Additional follow-up with investors to confirm wire instructions beyond two attempts | |
Draft and publish letters through Carta platform | ||
Set up wires in bank account (T+2 from the date where all investors and GP have confirmed the bank wire details for disbursement of distribution) | ||
Maintain investor info on the Carta platform | Contact preferences to be maintained on Carta platform upon request; Investors can also update their own information through the Carta platform Review of KYC related documents as part of the investor acceptance process (if applicable) | Provide AML/KYC documents collected from investors |
DISCLOSURE: This communication is being sent on behalf of Carta Investor Services, Inc. (“Carta”), an affiliate of eShares, Inc. dba Carta, Inc. Certain transactional fees may apply. This communication is not to be construed as legal, financial, accounting or tax advice and is for informational purposes only. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein.
*Regulated by the Financial Services Regulatory Authority in the ADGM