A First-time Fund Manager is an Investment Manager that is raising and managing its first AIF and therefore lacks an established track record in managing AIFs or similar pooled investment vehicles, though the team may have prior individual experience in investments.

Last Fund refers to the latest vintage fund raised by the Investment Manager within the same strategy (e.g., Debt or Equity) as the proposed fund. Funds raised in a different category shall not be considered as the “Last Fund” for evaluation purposes.
 

Big Five auditors are Deloitte, PwC, EY, KPMG and Grant Thorton.