An investment in the Cashmere Fund (the “Fund”) involves a high degree of risk and may be considered speculative.  Please see the “Risks” section of the Fund’s prospectus for additional information about risks.  You should carefully consider these risks, together with all other information contained in this prospectus, before deciding whether to invest in the shares of the Fund (“Shares”).  

• The Fund has a very limited operating history. Shares are not listed for trading on any securities exchange, and you should not expect to be able to sell Shares in a secondary market transaction. You should consider Shares of the Fund to be an illiquid investment.
• Shares are not redeemable at the shareholder’s option. The Fund will offer to redeem 5% of its outstanding Shares twice each year.
• The Fund has no intention to repurchase Shares outside of these semiannual repurchase offers.  
• If you tender your Shares for repurchase as part of a repurchase offer that is oversubscribed (i.e., because more than 5% of the Fund’s outstanding Shares are tendered for repurchase), the Fund will redeem only a portion of your Shares.
• Because Shares are not listed on a securities exchange, and the Fund will only offer to redeem 5% of its outstanding Shares twice a year, you should not expect to be able to sell your Shares when and/or in the amount desired, regardless of how the Fund performs. As a result, you may be unable to reduce your exposure to the Fund during any market downturn.
• The Fund is designed for long-term investors. An investment in the Fund may not be suitable for you if you will need the money you invest within a specified timeframe.
• The amount of distributions that the Fund may pay, if any, is uncertain. There is no assurance that the Fund will be able to maintain a certain level of distributions to shareholders. A portion or all of any Fund distributions may consist of a return of capital.
• The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as from offering proceeds, borrowings, and amounts from the Fund’s affiliates that are subject to repayment by investors.
• The Fund’s investments may require several years to appreciate in value, and there is no assurance that such appreciation will occur.
• Investing in the Shares may be speculative and involve a high degree of risk, including the potential loss of your entire investment.
• The Fund commenced operations on April 14, 2022 and thus has a limited operating history and track record. If the Fund were to fail to successfully implement its investment strategies or achieve its investment objective, performance may be negatively impacted, and any resulting liquidation of the Fund could create negative transaction costs for the Fund and tax consequences for investors. There can be no assurance that the Fund will be able to identify, structure, complete and realize upon investments that satisfy its investment objective, or that it will be able to fully invest its offering proceeds.
• The Fund’s investment adviser and sub-adviser were each recently formed.  The Fund’s adviser and sub-adviser may be unable to successfully execute the Fund's investment strategy or achieve the Fund's investment objective.  
• There is no public market for Fund Shares and none is expected to develop.  Shares are subject to substantial restrictions on transferability.  Although the Fund makes semiannual offers to repurchase its Shares (expected to be limited to no more than 5% of the Fund’s outstanding Shares for each such offer), these offers may be oversubscribed and there is no guarantee that you will be able to sell all of the Shares you desire in any semiannual repurchase offer.
• While venture capital investments offer the opportunity for significant gains, these investments also involve an extremely high degree of business and financial risk and can result in substantial losses.  Investments in start-up and growth-stage private companies typically involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time.
• Private companies in which the Fund invests are generally not subject to SEC reporting requirements, are not required to maintain accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting.
• The Fund’s investments in portfolio companies may be heavily negotiated and may incur significant transactions costs for the Fund.
• Substantially all of the Fund’s investment portfolio will be illiquid investments recorded at fair value as determined in good faith in accordance with policies and procedures approved by the Fund’s Board of Trustees and, as a result, there may be uncertainty as to the value of Fund investments and the net asset value of Fund Shares.  

Investors should carefully consider the Cashmere Fund’s investment goals, risks, fees and expenses before investing. The Fund’s prospectus contains this and other information. Please read the Fund’s prospectus carefully before investing. All investments involve risks, including possible loss of principal.

While reasonable care has been taken to ensure the accuracy of the information provided on this site, no guarantee is made regarding its accuracy, reliability, or completeness, as information may change over time. The content of this site is intended for informational purposes only and is subject to updates.

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