standard spvs uae

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 - One capital call upfront (all expenses must be budgeted for upfront). - Annual financial package sent to LPs	Provide Carta with: - Fully executed operating agreement - 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 year-end	Provide Carta with: - Provide accrual adjustments - Prices per share and/or ending valuation of ownership for updated valuation numbers at least 10 business days prior to reporting deadline.
	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