ARC Fund (an en commandite partnership) will behas been established in South Africa as an evergreen (open-ended) investment vehicle.
ARC will has contributed 49.9% of its interests in financial services companies (through a holding company) and 100% of its interests in nonfinancial services companies to ARC Investments in return for shares in ARC Investments. , after which ARC Investments will contribute the investments to the ARC Fund as a capital contribution.
UBI GP (a Black-managed and controlled fund manager in terms of the DTI Codes) has been established to act as the General Partner and manager of the ARC Fund, and in return will earn an annual fund management fee.
To ensure that ARC Investments is permanently Black-controlled, ARC will hold a voting-only B share in ARC Investments:
Shareholders will vote on the transfer of the B shares.