1. We use a United Kingdom Bare Trust to administer your investments.This structure works for investments anywhere in the world, and investors anywhere.

  2. This means a non-operating subsidiary of Join Odin Limited holds your shares in custody. You, as investor, sign some terms and conditions with Odin and a declaration of trust with this non-operating subsidiary. However, you remain the beneficial owner of the underlying assets. This means that this is not, strictly speaking, a fund vehicle.

  3. It is completely tax transparent, and in a liquidity event you, as beneficial owner of the shares, pay tax wherever you are tax resident. You do not have any UK tax liability.

  4. The specific terms of investments in a deal, including things like carried interest payable to the lead, are outlined in a side-agreement for each deal. It also specifies governance and other rights.

This legal structure is tax transparent; investors anywhere can invest in companies anywhere. Any returns will be subject to taxation in the jurisdiction where the investor is domiciled

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