Infographic 11 · Master Class

Anatomy of a complex hybrid AMC

Three sleeves. One ISIN. Each chosen for a specific job — together designed to deliver superior risk-adjusted returns through one operationally simple structure.

AMC Master Class · 2026
Section 7 — McShane / Tsien
Growth
Sleeve 01 · Private equity
Allocation range10–50%
Capture the illiquidity premium and growth trajectory of high-quality private companies at early-to-mid growth stages.
What it holds
  • Growth- and late-stage private company shares
  • Co-investments alongside institutional leads
  • Equity-purchase agreements
Target sectors
TechnologyHealthcare innovationClimate transition
Income
Sleeve 02 · Private debt
Allocation range10–40%
Generate consistent income and capital preservation through structured lending to creditworthy private borrowers with defined repayment profiles.
What it holds
  • Senior secured direct loans
  • Unitranche facilities
  • Mezzanine instruments
  • Convertible notes
  • Revenue-based financing
Liquidity
Sleeve 03 · Liquid / bankable
Allocation range10–50%
Provide portfolio liquidity, express public-market thematic views, and generate interim returns during private deal deployment.
What it holds
  • Listed equities · Equity & FI ETFs
  • Investment-grade & high-yield bonds
  • Money market & short-dated sovereigns
Cash buffer 0–20%
Sits within this sleeve as a deployment reserve, fee buffer, and redemption facility.
Product snapshot
Structure
PCC · Guernsey
Issue size
USD 10,000,000
Issue price
USD 1,000 / cert.
Tenor
Open-end
Settlement
SIX SIS AG
Distribution
Institutional & professional
Law
Swiss / Zurich