 | Board of Visitors minutes October 18, 2001 |  |
ATTACHMENT B
UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY POOLED ENDOWMENT FUND ADMISSION AND REDEMPTION POLICY
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1. General
- The University will always endeavor to use its best efforts in accommodating any investment in or divestment from the Pooled Endowment Fund.
- Admissions, redemptions and the Unitization process will be administered on a monthly or quarterly basis at the discretion of the Finance Committee of the Board of Visitors.
- Key Terms
Admission Cap-
During periods when it is difficult to put money to
work, to the extent requested admissions exceed
redemptions for any Unitization Date, such excess may be
limited to a percentage of total PEF assets as of the
immediately preceding Unitization Date.
- Two (2) percent when Quarterly Unitization is in practice.
- Three quarters (0.75) percent when Monthly Unitization is in practice.
- Requests exceeding $2,500,000 will be allocated pro rata.
Admission Date - The day following a Unitization Date.
- The date which Share market valuation and periodic income and capital gain or loss activity is determined for each Unitization Date.
- This date is expected not to exceed sixty (60) days beyond the Unitization Date when Quarterly Unitization is in practice.
- This date is expected not to exceed thirty (30) days beyond the Unitization Date when Monthly Unitization is in practice.
- For any Unitization Date, the amount calculated as 75% of the market value of a Participant's interest in the PEF as of the immediately preceding Unitization Date.
- Eligible parties that may be admitted to invest into the PEF including University accounts, charitable trusts, related foundations and any other account approved by the Finance Committee.
- Pooled Endowment Fund
- Two (2) percent when Quarterly Unitization is in practice.
- Three quarters (0.75) percent when Monthly Unitization is in practice.
- Requests exceeding $2,500,000 will be allocated pro rata.
- Unit of measure for allocating economic interest in the PEF assets.
- If on a Quarterly Unitization basis, the last day of each March, June, September and December.
- If on a Monthly Unitization basis, the last day of each calendar month.
- Subject to the Admission Cap, when deemed necessary, Charitable Trust Participants seeking to invest on any Admission Date must have cash funds available on or before the related Unitization date.
- Shares purchased by any Participant will be calculated and this information will be made available on or after the related Measurement Date.
- Admission requests for amounts of $5 million or greater require 45 days notice prior to a Unitization Date.
- 4.1.1. Eighty five (85) percent when Quarterly Unitization is in practice.
- 4.1.2. Ninety five (95) percent when Monthly Unitization is in practice.
- Subject to the Redemption Cap, Participant's seeking to redeem an amount less than the Partial Redemption Limit will receive payment for 100% of that amount on the Unitization Date.
- Shares redeemed by any Participant will be calculated and this information will be made available on or after the related Measurement Date.
- Redemption requests for amounts of $5 million or greater require 45 days notice prior to a Unitization Date.
2
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To the extent requested redemptions exceed admissions
for any Unitization Date, such excess will be limited to
a percentage of total PEF assets as of the immediately
preceding Unitization Date.
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3.1. Subject to the Admission Cap, when deemed
necessary, Participants, except Charitable Trusts,
seeking to invest on any Admission Date must have cash
funds available and deposited into the University's
current funds account on or before the related
Unitization date.
3
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Subject to the Redemption Cap, Participant's seeking
to redeem an amount equal to or greater than the Partial
Redemption Limit will receive payment for a percentage
of that amount on the Unitization Date and the balance
due shortly following the Measurement Date.
| Board of Visitors minutes October 18, 2001 | |