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Secondary Market for Doric Investments
Participating in a closed-end fund should generally be considered a long-term investment with very limited fungibility.
The secondary market for investments in closed-end funds involves the (initial) owner of a participation selling his or her participation before the investment vehicle has been officially wound up.
In the interest of transparency and of fair pricing for both the seller and the purchaser of participations, Doric believes that the fund issuer should not be involved in any such transactions. If, for example, the fund issuer were to set up a secondary market fund and this fund were to purchase (secondary market) participations from the previous fund, the fund issuer, with a wealth of insider knowledge, would have conflicting interests. The fund issuer naturally wishes to acquire participations at the most favourable rate whilst not underpaying the investor willing to sell the participation. In the interest of corporate governance and to avoid any suggestion of a conflict of interests, Doric will not enter the secondary market for participations.
Over the past few years a number of new trading platforms with notable turnover have developed, independent of any individual fund issuer. Should the need arise, you can offer your participation for sale on one of the following platforms: www.zweitmarkt.de, www.sekundaermarkt.de or www.zweitmarkt-plus.de. Please note that this is not an exhaustive list of secondary market platforms and does not constitute a recommendation by Doric or particular order of preference.
The required sales documentation in draft form will be provided by Doric and will allow you to handle the sale smoothly.
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