To a casual observer, private equity may seem defined by headline-grabbing mega-deals and billion-dollar buyouts.
But while large- and mega-cap transactions dominate the financial press, we believe some of the most attractive investment opportunities in private equity are found elsewhere.
Our longstanding focus on private equity’s mid-market has reinforced our view that this segment can offer investors a distinctive combination of more disciplined entry pricing, greater scope for operational value creation, a broader mix of exit routes and stronger liquidity potential than the large- and mega-cap market. The latest data presented at our 2026 Annual General Meeting reinforce that view.
So what, exactly, is attracting investors?
THE MID-MARKET UNIVERSE
There is no single universal definition of the mid-market: thresholds differ by geography, industry and data provider. For the purposes of this analysis, the relevant comparison is between the small- and mid-market and the large- and mega-cap buyout segments used in the Preqin analysis (2025).
The economic distinction is about more than company revenue. It encompasses deal size, the number and type of potential buyers, financing requirements, operational maturity and the scope available for an active owner to transform the business.
Large- and mega-cap companies offer scale, but the investment universe is more concentrated and substantial pools of capital frequently compete for the same assets. Transactions are often highly intermediated, increasing the likelihood of competitive auctions and higher entry valuations.
The mid-market is more fragmented. It includes a larger number of founder-owned, family-owned and specialist businesses, and sourcing is more frequently influenced by local relationships, sector expertise and a manager’s reputation. This can create opportunities to invest outside the most competitive processes.
The pricing difference is material. In 2025, US small- and mid-market buyout transactions were completed at an average 12.0x EV/EBITDA, compared with 17.1x for large- and mega-cap transactions.
Figure 1: US buyout transaction multiples — small/mid-market versus large/mega-cap.
Source: Preqin, 2025. Performance is shown net to investor in USD.
A lower entry multiple does not guarantee a successful investment. It does, however, provide a greater margin of safety and reduces the need to rely on leverage or multiple expansion to meet a return objective. It also gives managers more room to create value through revenue growth, margin improvement and strategic repositioning.
MID-MARKET RETURN DRIVERS
The return drivers differ meaningfully between large- and mega-cap private equity and the mid-market because the underlying companies, financing structures and operational opportunities are different.
At the upper end of the market, scale and access to capital markets can be advantages. However, leverage optimisation, refinancing, procurement savings, supply-chain efficiencies and movements in valuation multiples often account for a greater share of the investment plan. With financing substantially more expensive than it was during the zero-rate period, relying heavily on these levers has become more challenging.
By contrast, the mid-market offers greater scope for operational transformation. Many businesses remain founder-led, under-digitised or operationally underdeveloped. Experienced private equity managers can therefore create value by professionalising management teams, improving systems and processes, expanding geographically and pursuing targeted bolt-on acquisitions.
Our research provides evidence of this operational potential. From entry to exit, median revenue growth was 55% for mid-market companies, compared with 27% for large-cap companies. Median EBITDA growth was 68%, compared with 32%. In other words, the mid-market companies in the dataset delivered approximately 2.0 times the revenue growth and 2.1 times the EBITDA growth of their large-cap counterparts.
Figure 2: Median revenue and EBITDA growth from entry to exit, and exit route by deal size.
Source: Preqin, 2025. Performance is shown net to investor in USD.
Mid-market companies can also demonstrate greater operational flexibility during periods of economic stress, particularly where business models are domestically focused and management teams are able to adapt quickly to changing circumstances.
The deal environment is also different. The mid-market remains comparatively fragmented and relationship-driven, while transactions at the top end are more likely to involve large funds bidding against one another in tightly managed auctions. Specialist sourcing and sector knowledge can therefore be more important sources of differentiation in the mid-market.
EXIT OPTIONALITY
The mid-market also offers a broader and more balanced set of exit routes. As pe the chart below, approximately 49% of mid-market exits were to strategic acquirers and 44% were to another financial sponsor, while only 7% were completed through an IPO. For large-cap companies, approximately 31% of exits were strategic sales, 25% were sponsor transactions and 45% were IPOs.
Figure 3: Exit Type by Deal Size.
Source: Sagard analysis based on Preqin, as of December 2025. Buyouts only, as of December 2025.
This matters because a mid-market owner is less dependent on public equity markets being receptive at a particular point in time. A business can be relevant to a corporate buyer seeking a new product or geography, to another sponsor with a larger fund or, less frequently, to the public market. No route is guaranteed, but a broader buyer universe can make exit planning more flexible.
Across the global buyout market, annual distributions as a percentage of drawdowns declined from 77% in 2021 to 55% in 2025. Meanwhile, Sagard has been distributing at a greater rate than the market, with the distribution-to-drawdown ratio of 190% in 2024 and 89% in 2025.
Across 2019–2025, the historical Sagard distribution-to-drawdown ratio exceeded the global market by an average of 46 percentage points. We believe this results from Sagard’s specific focus on high-quality mid-market companies that can be exited in various environments, along with proactive portfolio management.1
Figure 4: Annual distributions as a percentage of drawdowns.
Source: Sagard analysis based on Preqin as at December 2025, buyouts only, and historical Sagard cash-flow data as at December 2025.
1Certain statements above are based on the subjective views and analysis of Sagard and cannot be independently verified.
HISTORICAL RETURNS
The historical return data tell a similar story, although the advantage is not uniform in every vintage. US small- and mid-market buyout funds produced an average net IRR advantage of 488 basis points relative to large- and mega-cap funds.
Figure 5: Average net IRR — US small/mid-market versus large/mega-cap buyout funds.
Source: Preqin, 2025 Performance is shown net to investor in USD.
The significance of this result is not that smaller deals will automatically outperform. Rather, the combination of a lower starting valuation, stronger operational growth and more varied exit routes gives an experienced manager several potential sources of return. It can also reduce dependence on any single value creation driver, such as financial leverage or a higher valuation multiple at exit.
WHY THE CURRENT ENVIRONMENT STRENGTHENS THE CASE
The attractions of the mid-market are particularly relevant in the current financing regime. While interest rates have come down from the peak in 2022, they remain high.
Figure 6: Financing costs; paired with additional uncertainties.
Source: Sagard, Pitchbook, 2025.
Higher financing costs place greater pressure on businesses acquired at elevated multiples and on investment cases that depend heavily on debt-funded returns. They increase the value of disciplined entry pricing, underlying cash generation and operational improvements that can be delivered without continually expanding the balance sheet.
Artificial intelligence adds another dimension. It can support margin expansion through pricing, procurement and back-office productivity; improve due diligence and value-creation planning; and create new products and revenue streams. At the same time, it can disrupt software and services business models more quickly than a typical private equity holding period and make business durability and exit valuations more difficult to assess.
For this reason, AI should be reflected in underwriting rather than treated solely as an upside case. Our due diligence framework includes areas such as the company’s underlying moat, the sector’s defensibility against AI disruption, and the scale and durability of potential AI-driven value creation.
In an environment characterised by higher financing costs, selective exit markets and rapid technological change, the mid-market can offer a particularly attractive balance: lower entry valuations, significant operational whitespace and several potential routes to realising value. For investors seeking private equity alpha and liquidity across the cycle, that combination remains compelling.
Acknowledgment and Disclaimer
This document was prepared by Sagard Holdings Manager LP (“Sagard”) and/or its applicable affiliates, including Sagard Private Equity, a business line of Sagard Holdings Management Inc. (“SHMI”). Sagard Private Equity is comprised of investment professionals employed by or otherwise supervised by Performance Equity Management, LLC (“PEM”) dba Sagard Private Equity Solutions, Unigestion Private Equity Holding SA and/or its subsidiaries (“Unigestion”), and BEX Capital SAS (“BEX,” and together with PEM and Unigestion, the “Sagard Managers”), each of which is an affiliate of SHMI.
In April 2026, Sagard and Unigestion Private Equity Holding SA (“UNG PE”) announced the closing of their combination transaction, which marked the formal launch of the partnership and the integration of UNG PE into Sagard Private Equity. Existing funds and separately managed accounts will retain their current names and continue to reference the Unigestion name; UNG PE will adopt the Sagard Private Equity name for its future business, and new funds and separately managed accounts will reference the Sagard Private Equity name. References to historical performance, track record, AUM, or personnel of any Sagard Manager prior to closing relate to such Sagard Manager (and not to Sagard or Sagard Private Equity) and are presented for informational purposes only.
This document is confidential and is provided solely to the recipient for information purposes only and do not constitute an offer to sell or a solicitation of an offer to purchase any interest in any investment vehicles managed by Sagard. It may not be reproduced, transmitted, distributed, disclosed, or used, in whole or in part, for any other purpose without the prior written consent of Sagard or the applicable Sagard affiliate. This document does not constitute an offer to sell, or a solicitation of an offer to buy, interests in any fund referenced herein. Any offer or solicitation may be made only pursuant to the applicable fund’s confidential offering memorandum, private placement memorandum, subscription agreement, limited partnership agreement, and other governing documents, which shall control in the event of any inconsistency. The information is preliminary and subject to change without notice. None of Sagard, the Sagard Managers, or any feeder-fund sponsor or platform has any obligation to update the information contained herein.
In the event that the terms described herein are inconsistent with or contrary to the terms of the Fund Documents, the Fund Documents shall control. Nothing contained herein constitutes investment, legal, tax, accounting, regulatory, or other advice, nor should it be relied upon in making or recommending any investment decision. Prospective investors should consult their own professional advisors before making any investment. The information in this presentation, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons.
The securities described herein have not been approved, disapproved, recommended, or endorsed by any securities regulatory authority, and no such authority has passed upon their accuracy or merits. Any interests referenced herein have not been registered under any securities laws and are offered only in reliance on applicable exemptions. Investors will not receive the protections of registered investment company or commodity pool regulation.
Please see the endnotes for important information and disclosures on such topics as track record, hypothetical performance, projections, benchmarks, fund-structure specifics, and country specific disclaimers.
No party has any obligation to update any forward-looking statement or other information contained herein. All references to “dollars” or “$” are to U.S. dollars unless otherwise stated. All information is presented as of the date of this document unless otherwise stated. Sagard® and Portage Ventures® are trademarks of Sagard and its affiliates. All other trademarks referenced herein are the property of their respective owners. All rights reserved.
Past performance does not guarantee future results.
This document is a marketing communication. Please refer to the applicable fund offering documents, including the description of the relevant investment risks, before making any investment decision.
Country Specific Disclaimers
PLEASE READ CAREFULLY THE RESTRICTIONS ON THE PRIVATE PLACEMENT OF FUNDS AS THERE MAY BE LIMITED OR NO SITUATIONS IN WHICH MARKETING MAY BE PERMITTED WITHOUT THE FUND BEING REGISTERED, APPROVED OR OTHERWISE AUTHORISED IN THE JURISDICTION.
FOR UNITED STATES INVESTORS
In the United States, this document is disseminated by PEM, which is registered as an investment adviser with the U.S. Securities and Exchange Commission. Sagard Holdings Management Inc. owns a partial and controlling interest in PEM. Certain subsidiaries of Sagard Holdings Management Inc. could be considered affiliates or related persons of PEM, including Sagard Holdings Manager LP, Sagard Capital Partners Service Corp., Sagard Capital Partners Management Corp. and Sagard Holdings Manager (Canada) Inc.
To the extent any Sagard Manager that is not registered with the SEC engages in marketing activities directed at U.S. investors, such activities are conducted in accordance with the regulations. This document is intended only for institutional investors and is not adapted for retail clients.
THE EUROPEAN UNION – Unigestion and BEX
This document is disseminated in the European Union by Unigestion Asset Management (France) SA, which is authorised and regulated by the French Autorité des marchés financiers (AMF), and by BEX, which is registered as an AIFM with the AMF. It is intended only for “professional clients” and “eligible counterparties” as defined in MiFID II and has not been adapted for retail clients.
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Marketing communication: This document is a marketing communication. Information on risks and rewards is presented with equal prominence, and recipients should refer to the fund’s offering documents before making any investment decision.
FOR UNITED KINGDOM INVESTORS – Unigestion Only
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FOR SWITZERLAND INVESTORS – Unigestion Only
This document is disseminated in Switzerland by Unigestion SA, which is authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA) to operate as a fund manager and representative of foreign collective investment schemes; it is intended for qualified investors only. The legal documents and the latest annual and semi-annual financial reports (if any) of any applicable fund may be obtained free of charge from the Swiss representative. In the context of any offer and marketing in Switzerland, the place of performance is at the registered office of the Swiss representative, and the place of jurisdiction is at the registered office of the Swiss representative or at the seat or domicile of the investor. Swiss representative: Unigestion SA, 8C avenue de Champel, CP 387, CH-1211 Genève 12, Switzerland. Paying agent: NPB New Private Bank AG, Limmatquai, am Bellevue 1, 8001 Zürich, Switzerland.
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FOR SWITZERLAND INVESTORS – PEM Only Funds
The shares [or units] of the Fund shall be offered or advertised in Switzerland exclusively to qualified investors as defined by Article 10 of the Collective Investment Schemes Act, as amended from time to time (“CISA”) (“Qualified Investors”). The Fund has not been approved by the Swiss Financial Market Supervisory Authority (“FINMA”) for offering in Switzerland to non-qualified investors.
The Fund has appointed as Swiss Representative Waystone Fund Services (Switzerland) SA, Av. Villamont 17, 1005 Lausanne, Switzerland, Tel: +41 21 311 17 77, [email protected]. The Fund’s paying agent is Helvetische Bank AG. Any Fund Documentation may be obtained free of charge from the Swiss Representative in Lausanne. In respect of the Shares distributed in or from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss Representative.
FOR CANADA INVESTORS
This Presentation is being provided to you for informational purposes only and is not, and under no circumstances should be construed as, an advertisement, offering or solicitation for purchasers of securities in Canada. Investments in any securities referenced in this Presentation may only be made through a dealer that is registered, or exempt from registration, as a dealer in your jurisdiction of residence, pursuant to applicable Canadian private placement offering documents. No securities commission or similar authority in Canada has reviewed this material or has in any way passed upon the merits of any securities referenced in this material and any representation to the contrary is an offence. The information contained herein is intended solely for “accredited investors” within the meaning of applicable securities legislation.
Sagard Holdings Manager (Canada) Inc.is registered as an exempt market dealer in the provinces of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan. It will act as the dealer in respect of purchases of interests in certain funds advised by the Company in the Canadian provinces in which it is registered. The Ontario Securities Commission is the principal regulator of Sagard Holdings Manager (Canada) Inc.
FOR ARGENTINA INVESTORS, BRAZIL INVESTORS, AND MEXICO INVESTORS
This presentation and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. The Fund and any other products or services referenced in this presentation may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This presentation is directed at and intended for institutional investors (as such term is defined in each jurisdiction in which the Fund is marketed). This presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this presentation, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof).
FOR CHILE INVESTORS
This Presentation and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. The Fund and any other products or services referenced in this Presentation may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This Presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This Presentation is directed at and intended for institutional investors (as such term is defined in each jurisdiction in which the Fund is marketed).
This Presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this Presentation, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This Presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof). Date of the offer: [date of PPM] (i) This offer is made pursuant to Rule 336 issued by the Comisión para el Mercado Financiero of Chile (CMF); (ii) This offer deals with securities that are not registered in the Securities Registry nor in the Foreign Securities Registry kept by the CMF, and that are, therefore, not subject to the supervision of the CMF; (iii) Given that the securities are not registered, there is no obligation for the issuer to disclose in Chile public information about said securities; and (iv) The securities may not be publicly offered as long as they are not registered in the corresponding Securities Registry.”
FOR PERU INVESTORS
Specifically, the Fund will not be subject to a public offering in Peru. The Fund described herein have not been and will not be approved by or registered with the Peruvian Superintendency of Capital Markets (Superintendencia del Mercado de Valores, or the “SMV”) or the Lima Stock Exchange (Bolsa de Valores de Lima). Accordingly, the Fund may not be offered or sold in Peru except, among others, if such offering is considered a private offer under the securities laws and regulations of Peru. The Fund cannot be offered or sold in Peru or in any other jurisdiction except in compliance with the securities laws thereof. In making an investment decision, institutional investors (as defined by Peruvian law) must rely on their own examination of the terms of the offering of the Fund to determine their ability to invest in the Fund. This Presentation and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This Presentation is directed at and intended for institutional investors (as such term is defined in each jurisdiction in which the Fund is marketed). This Presentation is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this Presentation], prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This Presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof).
NOTICE TO RESIDENTS OF KUWAIT
The offering of interests in the Fund has not been approved or licensed by the Kuwait Capital Markets Authority or any other relevant licensing authorities in the state of Kuwait, and accordingly does not constitute a public offer in the state of Kuwait in accordance with law no. 7 for 2010 regarding the establishment of the Capital Markets Authority and the regulating securities activities (“CMA law”). This pitch book is strictly private and confidential and is being issued to a limited number of professional investors: Who meet the criteria of a professional client by nature as defined in article 2-6 of module 8 of the executive regulations no. 72 of 2015 of the CMA law; Upon their request and confirmation that they understand that the interests have not been approved or licensed by or registered with the Kuwait Capital Markets Authority or any other relevant licensing authorities or governmental agencies in the state of Kuwait; and must not be provided to any person other than the original recipient, and may not be reproduced or used for any other purposes whatsoever.
NOTICE TO RESIDENTS OF ABU DHABI GLOBAL MARKET AND/OR DUBAI INTERNATIONAL FINANCIAL CENTRE
This pitch book relates to a fund which is not subject to any form of regulation or approval by the Financial Services Regulatory Authority (“FSRA”) nor Dubai Financial Services Authority (“DFSA”). This pitch book is intended for distribution only to persons of a type specified in the FSRA’s and/or DFSA’s rules (i.E. “Professional clients”) and, therefore, must not be delivered to, or relied on by, any other type of person. This pitch book is for the exclusive use of the persons to whom it is addressed and in connection with the subject matter contained therein. The FSRA and/or DFSA has no responsibility for reviewing or verifying any pitch book or other documents in connection with this fund. Accordingly, the FSRA and/or DFSA has not approved this pitch book or any other associated documents nor taken any steps to verify the information set out in this pitch book, and has no responsibility for it. he interests to which this pitch book relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the interests. If you do not understand the contents of this document you should consult an authorized financial adviser. Sagard (MENA) Ltd., an affiliate of Sagard, is regulated by the ADGM Financial Services Regulatory Authority (the “FSRA”). To the extent this material is made available to Sagard (MENA) Ltd., the financial products or services to which this material relates will only be made available to Professional Clients or Market Counterparties as such terms are defined by the FSRA and no other person should act upon it.
NOTICE TO RESIDENTS OF UNITED ARAB EMIRATES
As per the rules stated in UAE Securities and Commodities Authority (“SCA”) Decision No. (13) of 2021 on the Regulations Manual of the Financial Activities and Status Regularization Mechanisms Rule Book (“SCA Rule Book”) and SCA Decision No. (04/rm) of 2023 concerning the promotion of foreign funds, the ‘promotion’ of a fund to retail investors is prohibited. The promotion of a fund to ‘professional investors’ and ‘counterparties’ within the state (“UAE”), each term as defined in the SCA rule book, shall be limited to only funds that are registered with SCA for marketing on a private placement basis. SCA approval for promotion of a fund in the UAE should not be considered a recommendation by the SCA to invest in the Fund, and the SCA shall not be responsible for any relevant party’s failure to perform its functions and duties or for the accuracy of the information contained in the Fund’s offering documents. The Fund and the interests have not been approved by or licensed or registered with the UAE Central Bank, the SCA, the Dubai Financial Services Authority, the Financial Services Regulatory Authority or any other relevant licensing authorities or governmental agencies in the UAE (the “authorities”). The authorities assume no liability for any investment that the named addressee makes as a professional investor. This pitch book is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof). The interests may be illiquid or subject to restrictions on their resale. Prospective investors should conduct their own due diligence on the interests. If you do not understand the contents of this pitch book you should consult an authorised financial advisor.
NOTICE TO RESIDENTS OF BAHRAIN
The central bank of Bahrain, the Bahrain bourse and the ministry of industry and commerce of the kingdom of Bahrain take no responsibility for the accuracy of the statements and information contained in this or the performance of the fund, nor shall they have any liability to any person, investor or otherwise for any loss or damage resulting from reliance on any statements or information contained herein. This pitch book is only intended for accredited investors as defined by the central bank of Bahrain. We have not made and will not make any invitation to the public in the kingdom of Bahrain to subscribe to the interests in the fund and this pitch book will not be issued, passed to, or made available to the public generally. The central bank of Bahrain has not reviewed, nor has it approved, this pitch book or the marketing thereof in the kingdom of Bahrain. The central bank of Bahrain is not responsible for the performance of the fund.
NOTICE TO RESIDENTS OF SAUDI ARABIA
This pitch book and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such. The Fund and any other products or services referenced in this pitch book may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the products and services referenced herein. This pitch book and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This pitch book is directed at and intended for the persons allowed to receive it under the applicable laws and regulations this pitch book is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this pitch book, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This pitch book is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof).
FOR ISRAEL INVESTORS
Specifically, capitalized terms that are used in the following paragraphs and are not otherwise defined herein, shall have the meaning ascribed to them under the Regulation of Investment Advice, of Investment Marketing, and of Portfolio Management Law, 1995 (the “Investment Advice Law”).
This presentations, as well as investment in the Fund described herein, is directed at and intended for Investors that fall within at least one category in each of: (1) the first Schedule of the Israeli Securities Law, 1968 (“Sophisticated Investors”); and (2) the First Schedule of the Investment Advice Law (“Qualified Clients”).
No action has been taken or will be taken in Israel that would permit the public offering of the Funds, or distribution of materials that relate to investment therein to the public in Israel. Neither this document, nor any other document that relates to the Fund, has been approved by the Israel Securities Authority.
It is hereby noted that with respect to Qualified Clients, the Marketer is not obliged to comply with the following requirements of the Investment Advice Law: (1) ensuring the compatibility of service to the needs of client; (2) engaging in a written agreement with the client, the content of which is as described in section 13 of the Investment Advice Law; (3) providing the client with appropriate disclosure regarding all matters that are material to a proposed transaction or to the advice given;
(4) a prohibition on preferring certain Securities or other Financial Assets; (5) providing disclosure about “extraordinary risks” entailed in a transaction (and obtaining the client’s approval of such transactions, if applicable); (6) a prohibition on making Portfolio Management fees conditional upon profits or number of transactions; (7) maintaining records of advisory/discretionary actions.
By receiving this document you hereby declare that you are a Sophisticated Investor and a Qualified Client, that you are aware of the implications of being considered a Sophisticated Investor and a Qualified Client (including the implications mentioned in the above paragraph), and consent thereto. Any Investor which is either: (1) not a Sophisticated Investor; or (2) not a Qualified Client – must immediately return this presentation to: Ittai Dissentshik, 6 Masryk Blvd., Tel-Aviv, Israel. This presentation is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof). In any case, the Fund shall not be offered or sold to any investor in Israel which is not a Sophisticated Investor.
This presentation is not intended to serve, and should not be treated as Investment Advice or Investment Marketing. Accordingly, the content of this presentation does not replace and should not serve as substitution for Investment Marketing or Investment Advising that take into account the special characteristics and needs of each investor. The Marketer is affiliated with the Fund, has a personal interest in the sale of the Fund and might prefer the Fund over other Financial Assets, due to the fact that the Marketer may receive a financial benefit from the issuer.
OTHER JURISDICTIONS
This document may not be distributed in, and securities may not be offered or sold to investors located in, any other jurisdiction except where such distribution or offer complies with applicable law.
