This document and website are not invitations to subscribe for shares in any investment; it is intended for informational purposes only.

Alternative investment products are speculative investments that involve a high degree of risk.   They are usually open to qualified investors who are comfortable with the substantial risks associated with investing in such products – they are complex investment vehicles not suitable for all investors and do not represent a complete investment program.  Alternative investment products often engage in leveraging and other speculative investment practices such as short sales, options, derivatives, futures, non-US securities, “junk” bonds, and other investments that may increase the risk of investment loss or involve substantial loss.  They can be highly illiquid and are not required to provide investors with periodic pricing or valuation, and may involve complex tax structures and delays in distributing important tax information.  Alternative investments are not subject to the same regulatory requirements as mutual funds.  Investors in these products are often charged high fees, which may offset any trading profits.  Investors may incur asset-based charges and expenses at the fund level and indirect fees, expenses, and asset-based compensation of investment funds in which these funds invest.  In many cases, they include underlying investments that are not transparent and are known only to the investment manager.

Alternative investment returns may fluctuate and are subject to market volatility; an investor’s shares, when redeemed or sold, may be worth more or less than their original cost.  An investor could lose all or a substantial amount of their investment.  Often, alternative investment fund account managers have total trading authority over their funds or accounts.  Using a single adviser applying generally similar trading programs could mean a lack of diversification and, consequently, higher risk.  Managers typically seek absolute positive investment performance by targeting a specific range of performance and attempt to produce targeted returns irrespective of the underlying trends of the stock market.  There can be no assurances that a manager’s strategy (hedging or otherwise) will be successful or that a manager will use these strategies for all or any portion of a portfolio.  There is often no secondary market for an investor’s interest in alternative investments, and none is expected to develop – there may be restrictions on transferring interests in any alternative investment.  Investments may also involve tax consequences; potential investors should speak with their tax advisor or another qualified professional before investing.

Past performance is not indicative of future results.  Alternative investment products often execute a substantial portion of their trades on non-U.S. exchanges.  Investments in foreign markets may entail risks that differ from those associated with investments in U.S. markets.  For a complete description of the risks associated with this type of investment, please read an investment’s Private Placement Memorandum and associated legal documents and consult with a competent investment professional.