Management company
MIMCO Asset Management S.A.S. (MIMCO AM) AMF approval n° GP-21000018
Issuer
MIMCO Green Value
Legal structure
Simplified joint stock company with variable capital
Domicile and jurisdiction of the fund
France
Target size of commitments
The Management Company targets a total amount of Commitments of €40.000.000,00
Launch date
08/03/2022
Closing date for subscriptions
31/03/2024
Subscription price
The higher of (i) the nominal value plus the issue premium and (ii) the net asset value following subscription, plus any equalisation premium (see Information Document)
Share class - ISIN code
Class S – FR0014007XK0
Class A – FR0014007XL8
Class I – FR0014007XJ2
Lock-up period
12 months
Distribution target
In-fine
Minimum subscription
S – €250.000
A – €250.000
I – €5.000.000
Effective date
Effective date + 90 days
Depository Bank / Registrar
ODDO BHF France
Auditor
Grant Thornton France
Subscription fees
0%
Early redemption fee
6% after 12 months then decreasing gradually to 1% after 36 months (see Information Document)
Management fee
A and S shares: 0.60% of the fund’s Gross Asset Value
I shares: 0.20% of the fund’s Gross Asset Value
Outperformance target
S shares: outperformance of 80% of the IRR portion exceeding the 7% threshold
A shares: outperformance of 70% of the IRR portion exceeding the 7% threshold
I shares: outperformance of 80% of the IRR portion exceeding the 7% threshold
La SAS
Société par actions simplifiée à capital variable
Head office : 87 Boulevard Haussmann – 75008 Paris
The AIFM management company
MIMCO ASSET MANAGEMENT
AMF approval n° GP-21000018
Authorised under the AIFM directive
RCS Paris : 898 003 124
Head office : 87 Boulevard Haussmann – 75008 Paris
Phone : +33 1 44 70 04 36
E-mail : [email protected]
Depository Bank / Registrar
Oddo BHF SCA
12 Boulevard de la Madeleine - 75009 Paris
Phone : +33 1 44 51 85 00
The auditor
Grant Thornton France
29 rue du Pont - 92200 Neuilly-Sur Seine
Phone : +33 1 41 25 85 85
Capital loss risks
The Company does not offer any guarantees of capital protection and therefore the Net Asset Value may be lower than the Subscription Price. Investors are warned that their capital is not guaranteed and may not be returned or may only be partially returned, even if they hold their Shares for the full recommended investment period. Shareholders should not invest in the Company if they are unable to bear the financial consequences of such a loss.
Discretionary management risks
The Management Company will manage the Company on a discretionary basis in accordance with the conditions set out in the Articles of Association and in compliance with this Information Document, and in particular with the investment strategy. In any case, the Management Company must act in accordance with the Company's corporate interest and the common interest of the Shareholders. The discretionary management method is based on the Management Company's assessment of the qualities of complex investments, on the selection of specific real estate assets and on the anticipation of real estate market trends. However, there is a risk that this assessment may be contradicted by the performance of the investments and that the Company may not always be invested in the best performing markets or properties. The Net Asset Value of the Company may be adversely affected. Similarly, the Company's performance may be below the management objective.
Real estate risks
The investments made by the Company will be subject to the risks inherent in the holding and management of Real Estate Assets, and in particular those relating to the possibility of resale of the Real Estate Assets and the risks of depreciation of the Real Estate Assets: all these risks are likely to result in a decrease in the Net Asset Value. The value of the Real Estate Assets held by the Company is linked to the evolution of the real estate markets. As such, the performance and the evolution of the invested capital are exposed to the risk linked to the evolution of this asset class. A large number of factors (generally related to the economy or more specifically to the real estate market) may have a negative impact on the value of the Real Estate Assets held by the Company and consequently on its Net Asset Value. No guarantees can therefore be given as to the performance of the Real Estate Assets held by the Company.
Liquidity risks
The attention of Authorized Investors is drawn to the fact that their investment in the Company is not liquid. Indeed, the Company is subject to a liquidity risk through its majority exposure to Real Estate Assets whose resale time is dependent on the status of the real estate markets.
Specific risk related to development operations
The Company may also engage in or be indirectly exposed to development transactions (real estate development contracts, forward-funding sales, delegated project management contracts) which may expose it to the following risks (i) risks related to construction as project owner; (ii) risks of default by the developer, project manager, general contractors and all trades; and (iii) risks of deferred collection in time from the completion of the construction of the building and its letting. The Company will therefore directly or indirectly bear the letting risks normally associated with such assets.
Risks related to leveraged debt
The Company, directly or indirectly through the Target Companies, may have recourse to debt to finance its investments, under the conditions indicated above. Under these conditions, fluctuations in the real estate market may significantly reduce the capacity to repay the debt. The use of debt enables the Company to make property investments for amounts greater than those raised and to increase the return on equity. On the other hand, fluctuations in the credit market can also reduce the sources of financing and significantly increase the cost of this financing. The use of debt exposes the Company mainly to the risk of an unfavourable change in interest rates in the event of a variable-rate loan being taken out, and to the risks associated with a general increase in rates. The use of leverage, while increasing the Company's investment capacity, also constitutes a risk that losses are amplified compared to an unleveraged investment and may therefore result in a decrease in the Company's Net Asset Value.
Risks related to the commitment of forward financial instruments
The use of financial futures instruments will enable the Company to partially or fully hedge its exposure to interest rate and currency risk but may also give rise to a counterparty risk in the event of default by its co-contractor and thus entail a risk of a more significant and rapid decline in the Net Asset Value than that of the assets in which the Company is invested. Furthermore, these financial futures instruments are valued at their market value at least quarterly. It is possible that the market value may be negative and negatively affect the Net Asset Value.
Interest rate risks
A risk related to the change in interest rates may be involved in some investments. Interest rate risk is the risk of depreciation of interest rate instruments (long and/or short-term and fixed and/or variable) resulting from changes in interest rates. For example, the price of a fixed-rate bond tends to fall if interest rates rise.
Foreign exchange risk
The Company is intended to invest primarily in the Euro zone. It may invest in instruments not denominated in Euros. Currency risk is the risk of capital loss when an investment is denominated in a currency other than the Euro and the currency depreciates on the foreign exchange market.
Risks related to the valuation of target companies
The Net Asset Value of the Company's Shares may not reflect the exact value of its portfolio since the valuation methods used depend, in part, on the figures provided by the Target Companies which the Management Company will not always be able to verify. There is no guarantee that the final proceeds from the sale of an investment will reflect the valuation made in the regular valuations made available to the Partners.
Sustainability risk
The SFDR regulation governs transparency requirements relating to the integration of sustainability risks into investment decisions, the consideration of negative sustainability impacts and the disclosure of ESG information, as well as the publication of sustainability-related information. Sustainability risks can have an impact on long-term risk-adjusted returns for investors.
Risk inherent in the absence of historical accounts of the company
As the Company was recently registered, it does not have historical accounts. It has not made any investments to date and is therefore unable to commit itself to forecast figures and its ability to generate results. The Partners rely exclusively on the judgement and efforts of the Management Company, which will control and manage the overall operations, investments and strategy of the Company. Before subscribing, the subscriber must ensure that their profile, financial situation and objectives are appropriate for the product and consult the Information Document. This document is available from MIMCO AM, 87 Boulevard Haussmann 75008 Paris.
The value of investments in MIMCO Green Value shares is inherently subject to change, both upwards and downwards, depending on MIMCO Green Value's investment objectives or strategies and on economic and market conditions. Investment in MIMCO Green Value may involve a risk of capital loss. Given the economic and market risks, no guarantee can be given that MIMCO Green Value will achieve its investment objectives.
