fund administration uae
Scope of Services: Carta Fund Administration (UAE *)
| SERVICE | CARTA RESPONSIBILITIES | CLIENT RESPONSIBILITIES |
| Maintain accounting books and records | Maintain and update schedule of investments on Carta platform, including total capital called and distributions | Provide Carta with: - Fully executed operating agreements with list of commitments and carry percentage by member - Subscription packets - Side letters (if applicable) - Investor W-8s/W-9s(FATCA forms), CRS self-cert forms and up-to-date contact information |
| Valuations updated at quarter-end | Provide Carta with: - Accrual adjustments: - 45 Day Reporting: Provided within 10 business days after quarter end. - 60 Day Reporting: Provided within 15 business days after quarter end. - Prices per share and/or ending valuation of ownership for updated valuation: - 45 Day Reporting: Provided within 10 business days after quarter end. - 60 Day Reporting: Provided within 15 business days after quarter end. |
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| Valuations loaded 48 hours* after receipt from Client | Provide documentation to support transactions and valuations | |
| Completion for dissolution of the business at end of life of the applicable entities | ||
| Maintain GP entity accounting books and records | Capital transaction tracking of GP entity by member (contributions, distributions) | - Provide breakdown of GP contribution amongst partners - Executed Operating and Subscription agreement |
| Annual cash reconciliation and valuation updates per fund statements for GP entity | Provide any invoices for expenses or any accruals | |
| Annual invoice payments | Client to provide invoices any other supporting documents (if applicable) | |
| Maintain annual accounting books and records for GP entity with read-only access granted to Client for review of balance sheet, income statement, and general ledger | ||
| Banking and payment of expenses | Set up wires for client approval for all investments, expenses, and cash activity Lead time for wire requests is T+1*. All requests to be received after 12pm Singapore Time will be initiated the next business day |
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) |
| Confirm all fund expenses (including management fee calculations) are done in accordance with the operating agreements | Client to provide approval for payments and the relevant supporting documents | |
| IFRS financial reporting | External unaudited financial reporting package distributed quarterly to investors produced via Carta platform with format shown in Exhibit 2: | Provide fund newsletter (if applicable) |
| Balance Sheet | ||
| Statement of Operations | ||
| Schedule of Investments | ||
| Statement of Changes | ||
| Partners' Capital Statements | ||
| Net IRR, Deal Level IRR, RVPI, TVPI, and DPI are available on Carta platform | ||
| Client-provided fund newsletter posted with the Carta report package (if applicable) | ||
| Year-end filings, audit, and tax process | Carta will manage year-end audit (if applicable) and tax timeline as agreed upon between Carta, Client, and auditor (and no fewer than 90 days after the fiscal year end): | |
| Draft and maintain timeline for all parties involved | Provide execution of the engagement letters, audit rep letter, audit confirms, and tax returns | |
| Provide books and records to auditor and tax provider | Timely completion of regulatory business filings | |
| Provide supporting documentation to auditor and tax provider along with answering questions | Collection of financials and other valuation support for portfolio companies | |
| Manage relationships with auditor and tax provider | Client is responsible for any regulatory filing requirements and such filing or reporting will not be handled by Carta | |
| Completion of auditor-provided template for audit confirms; auditor to send and collect from various parties (portfolio companies, banks, legal counsel, etc.) Auditors appointed by the client will handle the preparation of the financial statement |
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| All documents to auditors and tax teams will be shared through Carta platform, Box | ||
| Tax and audit report distribution on Carta platform | ||
| Capital calls | Lead time for Capital call requests is T+1*. All requests to be received after 12pm Singapore Time will be initiated the next business day | Provide percentage or dollar amount to be called |
| The following are available on Carta platform: - Calculation by investor, letter preparation and distribution - Tracking receipts of payments - Follow-ups to investors provided with Client discretion 24 hours* post-due date |
Notification of commitment or carry percentage changes by member | |
| Cash distributions | 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 | Ensure that investors have updated their bank account details on Carta’s portal | |
| Draft and publish letters through Carta platform | ||
| Set up wires in bank account | ||
| Stock distributions | Perform waterfall calculations in accordance with the operating agreement | Provide number of shares to be distributed and provide final sign-off on calculations. |
| Draft and publish letters through Carta platform | Engagement with third-party brokerage | |
| Work with third-party brokerage to facilitate distribution | ||
| Maintain investor information on Carta platform | Contact preferences to be maintained on Carta platform upon request; investors can also update their own information through Carta platform Review of KYC related documents as part of the investor acceptance process |
Provide AML/KYC documents collected from investors. |
| Responding to ad-hoc investor queries of a routine nature (such as queries on NAV, commitment etc) | ||
| All bulk communications will be done via Carta platform and it will serve as a document repository for such communications (capital calls, distributions, quarterly/annual reports, investor update letters, tax documents, etc.) |
*All SLAs indicated are based on Singapore Business Hours
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