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02 / OUR EXPERTISE

Fund & project architecture

Can the project move forward when people disagree?

What deserves
a closer look.

A founder sees a product. An investor sees exposure. A partner sees tomorrow’s work. A useful fund or project structure makes room for all three: who decides, who contributes, who carries the downside and when to revisit the agreement.

01

Time has a structure

Compare how long an asset needs with how long its capital can wait. An attractive project can still have the wrong funding horizon.

02

From interest to commitment

Translate expressions of support into contributions, timing and conditions. Model what happens when one contribution arrives late.

03

Design for disagreement

Map decision rights, incentives and exit questions. Identify the terms that need specialist legal or tax review.

QUESTIONS THAT MATTER

Before commitment.

Who contributes and who decides? Do asset and funding horizons fit? How are value and risk shared?

WHAT YOU LEAVE WITH

A map of capital and responsibility, with structural choices that can be discussed and tested.

The precise scope, deliverables and engagement model are agreed after understanding the project.

CAPITAL / THE GROUND RULES

The money is ready to work together. Have we agreed the ground rules?

Four tools, four different sets of questions. Understand how they work before considering whether they fit.

01

VCC

Share the building. Keep each room’s accounts in order.

Singapore

Think of an umbrella VCC as a fund building: sub-funds have their own rooms and accounts, with some shared administration. The next room cannot simply slide its bills under your door. Singapore law segregates sub-fund assets and liabilities, although each room is not a separate legal person.

WHAT IT IS FOR
Organise different investment strategies, asset pools and management responsibilities within one fund-company structure. A VCC can also be a single fund.
BOUNDARIES TO UNDERSTAND
Statutory segregation does not remove investment risk. Incorporation is distinct from fund-management licensing. Manager eligibility, offering arrangements and fund documents still need checking; tax relief or capital protection cannot be assumed.

THREE QUESTIONS TO TAKE WITH YOU

  1. Is one fund enough, or is there a clear reason for sub-funds?
  2. Who manages, values, safeguards and audits the assets, and how are costs allocated?
  3. When can investors exit, and which document sets out their rights?

OFFICIAL FURTHER READING

02

Offshore funds

Choose the fund’s port. Then read the navigation rules.

Cayman example

“Offshore fund” is not a worldwide licence. Take the Cayman Islands as one example: a vehicle may involve a company, partnership or trust. Redemption rights and other statutory conditions affect the applicable framework. Changing port does not retire the logbook: documents, valuation, audit and reporting still need attention.

WHAT IT IS FOR
Make the vehicle, investor rights, management roles and continuing obligations of a cross-border fund clear and verifiable.
BOUNDARIES TO UNDERSTAND
Cayman is an example, not a template for every jurisdiction. Check formation, fund regulation, offering requirements and applicable exemptions separately. “Offshore” does not establish tax exemption, anonymity, unrestricted marketing or guaranteed returns.

THREE QUESTIONS TO TAKE WITH YOU

  1. Where are the assets, manager and investors, and why choose this domicile?
  2. Which framework fits the redemption rights and fund terms, and does an exemption actually apply?
  3. Who handles valuation, asset safekeeping, audit and reporting, and at what continuing cost?

OFFICIAL FURTHER READING

03

Trusts

Before handing over the keys, write down whom the door is for.

Singapore introduction

A settlor arranges for a trustee to hold or manage assets for beneficiaries, under the trust terms and applicable law. Holding the keys does not mean “move in and spend freely.” The trustee has duties, and its powers have boundaries.

WHAT IT IS FOR
Provide continuity in whom assets support, when they are distributed and who makes the decisions.
BOUNDARIES TO UNDERSTAND
Revocability, retained control, tax and creditor effects depend on the terms, governing law and facts. Check the service provider’s licensing or exemption status. No creditor-proofing, tax exemption or particular succession outcome is promised.

THREE QUESTIONS TO TAKE WITH YOU

  1. Who is this for, and when and how will assets be transferred or distributed?
  2. What may the trustee decide, and who oversees replacement and conflicts of interest?
  3. Which law applies, can the trust be changed or revoked, and how are continuing fees paid?

OFFICIAL FURTHER READING

04

Insurance

Agree the rainy-day bill while the sky is clear.

Hong Kong & Singapore sources

Insurance is an umbrella whose terms are agreed in advance: premiums buy the cover specified in a contract. A handsome handle does not settle a claim. Start with who needs protection and the size of the gap, then distinguish cover from any savings or investment features.

WHAT IT IS FOR
Transfer part of an agreed risk to an insurer and prepare for the financial burden it could create.
BOUNDARIES TO UNDERSTAND
Payments depend on underwriting, exclusions and contract terms. Check premiums, charges and long-term affordability. Early surrender of a life policy may return less than premiums paid; non-guaranteed bonuses or benefits are not promises. Read Hong Kong and Singapore guidance within their respective systems.

THREE QUESTIONS TO TAKE WITH YOU

  1. Who needs cover, against which risks, for how much and for how long?
  2. What is excluded, and what disclosure, claims and other contract conditions apply?
  3. What are the full costs, surrender losses and non-guaranteed elements, and is the commitment affordable?

OFFICIAL FURTHER READING

An introduction with official further reading, not individual legal, tax or investment advice. Actual arrangements depend on applicable law, documents and circumstances.

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