Securities regulators have granted an exemption to an investment fund that invests in private equity investments from certain reporting obligations.

Specifically, the fund is granted relief from the requirements to disclose the current value of portfolio assets in its statement of investment portfolio; and from disclosing the percentage of net assets of the fund represented by each of its top 25 positions in its summary of investment portfolio. The exemption requires that certain alternative disclosure is given. Also, it is granted an exemption to calculate its NAV twice monthly, rather than daily, subject to certain conditions.

The alternative disclosure it must provide includes: the cost of each underlying investment; the total aggregate cost of underlying investments; the total adjustment from cost to current value; and, the total current value of the underlying investments.

As for the top 25 positions, it must disclose: the name, current value and aggregate current value of liquid investments; the names and the aggregate current value of the underlying investments; as well as the number, total cost and total value of the underlying investments in each industry class and geographic region.