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Dublin Mauritius Dubai Botswana<br />
<strong>Capital</strong> requirements management<br />
company<br />
€125,000 or 3 months<br />
expenditure whichever is<br />
higher. Plus 0.02% <strong>of</strong> AUM over<br />
€250 mn up to max cap €10<br />
million<br />
No minimum<br />
CIU manager presently<br />
BWP500,000 or 3 months<br />
expenditure whichever is higher<br />
Promoter €650,000 No definition No definition Not stated<br />
Custody<br />
Status and supervision <strong>of</strong> custodian Liable for duty <strong>of</strong> care Must have<br />
Marketing<br />
Must have (except certain<br />
exempt funds)<br />
Must have - all funds (existing<br />
Act, new Bill also)<br />
Domestic<br />
EU Miffed<br />
Only fully registered CIS<br />
(not GBLs)<br />
Public (higher disclosure)<br />
Exempt (pr<strong>of</strong>essionals)<br />
Foreign (approved<br />
jurisdiction and marketed<br />
by licensed firm)<br />
Less than 100 investors,<br />
min. US$50,000<br />
Privately <strong>of</strong>fered<br />
Publicly <strong>of</strong>fered<br />
International<br />
If EU Miffed or later AIFMD;<br />
otherwise local rules<br />
According to local rules<br />
but note division <strong>of</strong> expert<br />
and pr<strong>of</strong>essional investors<br />
Local rules<br />
Privately <strong>of</strong>fered<br />
Publicly <strong>of</strong>fered<br />
Accounts<br />
Need for audit<br />
Audited<br />
Audit; local auditor; filing<br />
with FSC; no public<br />
access<br />
Audited<br />
Audit required<br />
Stock Exchange Listing Possible Yes Yes Yes Yes<br />
<strong>Conduits</strong> <strong>of</strong> <strong>Capital</strong> – Onshore Financial Centres and Their Relevance to African Private Equity<br />
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