The value of the Fund’s investments could increase or decrease over its life. There can be no assurance that the Fund will achieve its targeted returns or be able to return investors’ upfront investments. The investments in unlisted companies made by the Funds are generally riskier than investments in listed companies, being usually smaller in size and more vulnerable to changes in the economic environment, market conditions, technological developments, and more dependent on their management teams. The past performance of similar investments is not a reliable indicator of the Fund’s future investment performance.

Investors need to have the financial capacity and willingness to assume and accept the risks and lack of liquidity associated with an investment in the Fund

The Fund will make investments which, in turn, finance their investments with debt and via standard leveraged transactions which by their nature are subject to high levels of financial risk, which may lead to increased losses if the leveraged investment has negative returns.

Some of the investments may be made in currencies other than the euro, thus exposing their value to fluctuations as a result of exchange rate movements.

The Fund’s investors do not have any decision-making power with respect to the investments made by the Fund. The success of the Fund will depend substantially on the background and experience of the professionals involved with the Management Company in identifying, selecting and concluding investment agreements. There can be no assurance that any of those professionals will continue to provide their services at their respective entities throughout the life of the Fund.

It is possible that the Fund will not manage to commit capital during the investment period or that the capital commitments secured will fall short of the Fund’s Total Committed Capital. This may occur as a result of the Fund competing with other investment vehicles for investment commitments. The competition to find investment opportunities could intensify, which could reduce the number of investment opportunities available and/or have an adverse effect on the conditions under which these investment opportunities may be pursued by the Fund.

During the life of the Fund, changes of a legal, tax or regulatory nature may occur, such as changes in regulations or their interpretation thereof by the competent or supervisory bodies and which may have an adverse effect on its investments or their returns, or on the Fund’s or its investors’ ability to continue to hold them or on their economic, financial or legal regime. Moreover, there can be no assurance that all the Fund’s investments will obtain the most efficient tax treatment from the perspective of the Fund or its investors. In addition, given the emerging nature and potential changes in applicable ESG and sustainability regulations and guidelines, the Management Company may need to review the disclosures made in relation to the Fund in response to evolving legal, regulatory or internal guidelines, or changes in the industry’s approach to ESG classifications and descriptions.

In the event that a Fund investor does not uphold its obligation to pay in the amounts of capital called by the Fund, that investor could be exposed to the consequences of non-performance established in the legal documentation of the Fund

Unforeseen events of a social, political or economic nature in a given country could affect the value of the Fund’s investments, making them more volatile or causing them to incur losses. This risk is greater in countries considered to be developing or emerging.

The Fund’s valuation will depend on the valuations reported by the managers of the investments. In addition, the dates of those valuations could be different from the valuation date used in the reports the Fund’s Management Company provides its investors. The value of the Fund’s investments must be deducted for all expenses and fees that must be borne by the Fund. The Fund’s expenses and fees will therefore affect its valuation. Note that the impact of those expenses and fees tends to be greater in relative terms during the first years of the Fund’s life and could even cause the value of the Fund’s shares to dip below their initial value.

Sustainability risk is any environmental, social or governance event or condition that could have a material negative impact on the value of an investment if it were to materialise. Among other factors, sustainability risk depends on the business sector or geographic location of the investments.

This risk factor refers to the possible existence of situations in which the interests of the Fund’s Management Company, the Fund´s investments and the employees or persons related to them come into conflict with the interests of the investors in the course of the placement and/or management of the Fund.

Any potential conflicts of interest would be managed in keeping with the provisions of prevailing legislation and, specifically the contents of the Management Company’s Internal Code of Conduct. In addition, the Fund will structure and organise itself such that potential conflicts of interest can be anticipated, managed and reduced to a minimum without undermining the interests of its investors.

During due diligence on investments, as well as during the period in which investments form part of the Fund’s portfolio, there may be situations where the Management Company may not have full access to the portfolio detail or knowledge of all information about all circumstances that may adversely affect the portfolio.

The illiquid nature of the Fund’s investments may result in the Fund’s duration being extended beyond that provided for in its legal documentation, due to the difficulty of liquidating the assets and in order to do so under the most optimal conditions. In this case, investors in the Fund will continue to bear the fees provided for in its legal documentation.

It may also be necessary to sell certain portfolio investments at an unfavourable time in order to liquidate the Fund. This could have an impact on the net asset value of the Fund’s units, which may differ if the investments in the Fund’s portfolio had continued.