Infographic 12 · Master Class

AMC structure: how it works

Proceeds flow into the PCC cell, which deploys capital across the three investment sleeves — every party, every flow.

AMC Master Class · 2026

Section 7 — McShane / Tsien

Bankable Assets

Equities · Bonds · ETFs — held & traded at custodian

AMC Product Manager

Directs investment strategy

Mgmt 0.75% · Admin 0.20% · Perf. 20% above 6% hurdle

Product Sponsor / Manager / Distributor

Originates, manages & distributes the product

Originates · distributes

Held & traded

Directs strategy

Custodian / Broker

Holds bankable assets · executes trades · manages cash

Issuer · PCC cell

AMC Issuer Limited (Guernsey)

Issues Swiss ISIN · ring-fenced PCC cell

Issue size: USD 10,000,000

Investors

Institutional & professional only · USD 1,000 per certificate

Account · cash · redemption

Issued: USD 10M · redemptions

Private equity target

Investment Target Limited

Shares held via subscription agreement · dividends & final value

Share subscription

Paying Agent AG

Routes subscriptions & redemptions between investors and issuer

Subscriptions · redemptions

Private debt target

Borrower Limited

Private debt borrower · receives loan, repays at maturity

Loan agreement

Solid — capital & instrument flows

Dashed — account & cash management flows

Case study: Multi-Strategy Growth & Income AMC (anonymized) · AMC Master Class, GenTwo, April 2026