01
Strategy wrapper
One trade. Identical NAV.
A discretionary strategy delivered as a single security — every investor on the same NAV, every rebalance identical.
In practice
- Eliminates per-account slippage
- KYC moves to the broker-dealer
- Minimums as low as $20k
02
Jurisdiction access
Local assets, offshore wrapper.
An offshore SPV opens a local account, acquires the assets, and issues a certificate the investor can settle anywhere.
In practice
- Brazilian equities
- Peruvian securities
- Chilean peso-denominated funds
03
Tax structuring
Income = capital gain at exit.
Income accrues into the NAV instead of distributing — the entire gain is realised as a capital gain when the certificate is sold.
In practice
- Mirror image of US Section 1260
- Material where the income/CGT gap is wide
- Argentina, Peru, across LatAm
04
Non-bankable assets
Non-bankable, made bankable.
An SPV holds the asset and issues a certificate. The investor sees a security in their existing custodian — not a side-vehicle to administer.
In practice
- Real estate-backed credit (Paraguay)
- PE feeder: $20–50k denomination
- Minority stake in a private company