Funds managed by ICAM.
ICAM sets up and manages funds in three structures, each suited to different investors, jurisdictions and strategies. As licensed fund manager, ICAM is responsible for portfolio management, risk management and investor reporting across all of them.
Fund structures we set up and manage
Established & managed by ICAMTraditional Pte. Ltd. funds
Funds incorporated as Singapore private limited companies: a familiar, straightforward vehicle for single-strategy or dedicated investor mandates.
- Vehicle
- Singapore Pte. Ltd.
- Suited to
- Single strategies, family office and dedicated mandates
- ICAM role
- Set-up, investment management, reporting
VCC umbrella & sub-funds
Singapore Variable Capital Companies with segregated sub-funds: several strategies under one umbrella, each with ring-fenced assets and liabilities.
- Vehicle
- Singapore VCC (umbrella or standalone)
- Suited to
- Multiple strategies or investor classes under one structure
- ICAM role
- Set-up, management of each sub-fund, reporting
Master–feeder structures
Investors subscribe through one or more feeder funds that invest into a single master fund, pooling capital from different investor types into one portfolio.
- Vehicle
- Feeder fund(s) investing into a master fund
- Suited to
- Investors across jurisdictions accessing one portfolio
- ICAM role
- Set-up, master portfolio management, reporting
Structure guides
Traditional Pte. Ltd. fund
A fund set up as a Singapore private limited companyA fund incorporated as a private limited company under Singapore’s Companies Act 1967. Investors become shareholders, and the company appoints ICAM as its fund manager under an investment management agreement.
It is the most familiar corporate form, which makes it well suited to a single strategy, a family office or a small group of investors with a shared mandate.
How it works
- 01The company is incorporated and its directors appointed.
- 02ICAM is appointed as fund manager under an investment management agreement.
- 03Investors subscribe for shares in the company.
- 04ICAM invests the company’s capital according to the agreed mandate.
- 05Administrator, custodian and auditor support valuation, safekeeping and annual accounts.
Key features
- Simple, widely understood structure
- Straightforward governance through the board
- Suits a single strategy or dedicated mandate
Considerations
- Limited to 50 shareholders, excluding employees
- One strategy per company
- Less flexible for frequent subscriptions and redemptions than a VCC
- Changes to share capital follow company-law procedures
VCC umbrella & sub-funds
A Singapore Variable Capital Company, standalone or with sub-fundsA corporate structure created specifically for investment funds under the Variable Capital Companies Act 2018, administered by ACRA and supervised by the Monetary Authority of Singapore. A VCC must be managed by a permissible fund manager, such as a licensed fund management company like ICAM.
An umbrella VCC can hold several sub-funds, each with its own investors, strategy and portfolio. The assets and liabilities of each sub-fund are legally segregated from the others.
How it works
- 01The VCC is incorporated with a Singapore registered office.
- 02ICAM is appointed as its fund manager.
- 03Sub-funds are launched for each strategy or investor group.
- 04Investors subscribe into the sub-fund of their choice, at net asset value.
- 05Each sub-fund is invested, valued, audited and reported separately.
Key features
- Several strategies under one legal entity
- Ring-fenced assets and liabilities per sub-fund
- Shares issued and redeemed at net asset value
- Shareholder register is not public
Considerations
- Must be managed by a permissible fund manager
- Additional regulatory and AML/CFT requirements
- Tax treatment depends on the scheme and its conditions
Master–feeder structure
Several feeder funds investing into one master portfolioA master–feeder structure pools capital from different groups of investors into a single portfolio. Each feeder fund accepts subscriptions from its own investors and invests substantially all of its assets into the master fund, where ICAM manages the portfolio.
It lets investors in different jurisdictions, or with different tax and regulatory needs, access the same underlying portfolio, while each feeder sets its own terms. Feeders and master can themselves be VCC sub-funds or companies.
How it works
- 01Investors subscribe into the feeder fund suited to them.
- 02Each feeder invests substantially all of its assets into the master fund.
- 03ICAM manages one portfolio at master-fund level.
- 04Gains, losses and costs flow back to each feeder in proportion.
- 05Each feeder reports to its own investors.
Key features
- One portfolio, one investment process
- All investor groups share one underlying portfolio
- Economies of scale in trading and administration
Considerations
- More entities to establish and maintain
- More complex administration and reporting
- Offshore feeders are subject to the laws of their own jurisdiction
- Best suited to funds of sufficient scale
Structure guides are simplified and for general information only. They are not legal, tax or investment advice; the suitability of any structure depends on investor circumstances, and the terms of any ICAM fund are set out in its offering documents.
The funds are restricted schemes and are not authorised or recognised by the Monetary Authority of Singapore. This page is not a prospectus and does not constitute an offer or solicitation. Fund terms, fees and minimum subscriptions are set out in the offering documents, provided only after investor eligibility has been verified. Capital is at risk.