Governance

Finances

Project-level:
  • Each project has an accountant/financial director
  • Financial control policies, guidelines of expenses, and capital expenses
  • Monthly summaries of cash transactions
  • Quarterly full financial statements
  • Outside independent audit of annual financial statements
  • Transparent reporting to LPs
Fund-level:
  • Transparency in fee structure: consulting/oversight/board fees, management fees (if any), carried interest
  • Transparency in fund-level expenses: legal fees, investment team travel, deal origination fees, etc.
  • Formal policies for decision-making on investments: Investment Committee with charter, bylaws, etc.
  • Quarterly financial statements
  • Outside independent audit of annual financial statements
  • Transparent reporting to LPs

Operations

Project-level:
  • Access and inventory control policies, procedures and checks
  • Operational updates on the private LP site: tracking of construction milestones, etc.
  • Journalistic reporting on projects being completed: public site & social media accounts
  • Investor forum for direct dialogue between investors and business entrepreneurs
  • Provision for investors to visit project sites
Fund-level:
  • Policies on the level of investment oversight: “hands-on” approach to investment management
  • Transparent policies on travel expenses: balance between incentivizing the investment team to stay close to the ground and not abusing the travel budget
  • Quarterly meetings with investors