Investment allocation
Where several investment vehicles set up or managed by Horizon Asset Management each have an interest in investing in the same investment opportunity, Horizon Asset Management will encourage co-investment between the vehicles concerned whenever this method can be implemented in practice for the project in question and is not excluded by the reference documentation of the investment vehicles concerned.
Where a project to invest in a property asset or a portfolio of property assets is carried out directly or indirectly by means of co-investment between several vehicles under management, their respective share of investment in this project will be determined in accordance with Horizon Asset Management's procedure for managing conflicts of interest on the basis of:
the investment capacity of investment vehicles,
tax, legal, regulatory and contractual constraints on investment vehicles,
constraints on risk-splitting ratios and the influence of investment vehicles,
the status of the investment vehicles concerned and the regulations to which they are subject,
and the length of the investment period for investment vehicles,
All the criteria used to analyse these situations will be documented and kept by Horizon Asset Management..
In the case of a co-investment, the transaction will be carried out on the same terms for all the vehicles participating in the transaction. The transaction will be carried out on a pari passu basis on similar terms depending on the nature of the investments or the securities that do or do not make up the capital (shares, bonds, warrants, convertible bonds, current account advances, etc.).
However, in certain situations, Horizon Asset Management may give priority to certain FIAs. To date, the following situations have been identified: the creation of a thematic FIA (whose investment target corresponds precisely to this theme), the need to close an investment period within a short timeframe, or a subscription in a company that has already acquired some of the FIA's assets.
Lastly, with regard to opportunities that may be offered directly to FIA investors or third parties, Horizon Asset Management ensures that its own collective investment vehicles/FIAs are given priority for investment, and that the presence of another investor in the round table is likely to promote the success of the transaction.
