Terms of Use

NewVest Management, LP and its affiliates (collectively, “NewVest”) provides this site for informational purposes only and as a service and convenience to its clients, partners and prospective clients. By accessing this site, you signify your agreement with and understanding of the following Terms of Use set forth below pertaining to both this site and any material in it.

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NewVest reserves the right, in its discretion and at any time, to modify, add, amend, delete, update, restrict, discontinue or otherwise change any portion or the entirety of this site and these Terms of Use without any prior notice or liability to you.  Accordingly, it is suggested that you review these terms periodically for changes. Use of this site connotes that you have accepted any changed terms.

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Ownership of Site and Trademarks

NewVest owns and maintains this site. No act of downloading or otherwise copying from this site will transfer title to any software or material at this site to you. Anything that you transmit to this site becomes the property of NewVest, may be used by NewVest for any lawful purpose, and is further subject to disclosure as deemed appropriate by NewVest, including to any legal or regulatory authority to which NewVest is subject. NewVest reserves all rights with respect to copyright ownership of all material at this site, and will enforce such rights to the full extent of the law.

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Prohibited Usage

You are prohibited from using this site in any way that is unlawful, in contravention of these Terms of Use, would give rise to any liability or for any commercial use not related to your relationship with NewVest. In addition, you are prohibited from modifying, transmitting, transferring, selling, publishing, licensing, renting, distributing, displaying, copying, reproducing, storing, creating derivative works, re-engineering or altering all or any portion of this site. You are also prohibited from utilizing this site in any way that would damage, impair, disable, interfere with or overburden this site or interfere with another person’s use of this site.

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Material to be Consulted in its Entirety

All materials in this site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. Any disclaimers, restrictions, disclosures or hedge clauses apply to any partial document or material in the same manner as they do to the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.

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No Warranty

The materials in this site are provided “as is” without warranty of any kind, either express or implied, to the fullest extent permissible pursuant to applicable law. NewVest further assumes no responsibility for, and makes no warranties that functions contained at this site will be uninterrupted or error-free, that defects will be corrected, or that the site or the server that makes it available will be free of viruses or other harmful components. NewVest does not accept responsibility for any kind of direct, special, indirect, consequential, incidental damages or losses resulting from the use of information contained in this site including, but not limited to, any damages, viruses, or services, repairs or corrections that must be performed on your computer or other property on account of your accessing or using this site. Please note that some jurisdictions do not allow the exclusion of implied warranties, so some or all of the above exclusions may not apply to you.

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Data Protection

For details of how NewVest may collect and use your personal data collected through this site, please see NewVest’s Privacy Policy.

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Linked Sites

NewVest has not reviewed any of the sites linked to this site and is not responsible for the content of off-site pages or any other site linked or linking to the site. Your linking to any off-site pages, including those provided in any linked news articles or other sites is at your own risk. References to NewVest that are contained on any website, article or social media post should not be considered as a recommendation of or by NewVest.

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No Reliance

While NewVest uses reasonable efforts to update the information on this site, it makes no representations or warranties, either expressed or implied, as to the accuracy, reliability or completeness of any information at this site (including any text, images, and links).

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Governing Law

You agree that your use of this site and any disputes relating to such use shall be governed in all respects by the laws of New York. Any such dispute shall be resolved solely in the state or federal courts located in New York.

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Important Disclosures and Disclaimers

This information included in this site is for information and discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase limited partner interests in any current or future investment vehicles managed by NewVest (each, a “NewVest Index Fund” and collectively, the “NewVest Index Funds”) or an equity interest in NewVest or one of its affiliates, including NewVest Investors, LP and NewVest Cayman Holdings, LP (collectively, the “NewVest Platform”). A private offering of interests in any NewVest Index Fund and NewVest Platform shall be made only pursuant to the respective disclosure memorandum (as supplemented or amended from time to time, “PPM”), limited partnership agreement (as supplemented or amended from time to time, the “Partnership Agreement”) and subscription document (the “Subscription Document” and together with the PPM and the Partnership Agreement, the “Governing Documents”), which describe certain risks related to such an investment, as well as other important information. Furthermore, nothing included in this site should be construed as a recommendation, representation of suitability or endorsement of any particular security or investment. An independent investigation and analysis of NewVest and the NewVest Index Funds and careful review of the Governing Documents should be undertaken before making any decision to purchase any interests. This site does not constitute a part of any respective NewVest Index Fund’s Governing Documents.

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This site identifies a number of benefits inherent in NewVest's services and operations on behalf of the NewVest Index Funds, although any such investment vehicle is also subject to a number of material risks associated with these benefits, as further identified in the Governing Documents of the relevant NewVest Index Fund. For additional information regarding risks and conflicts of interest regarding an investment in a NewVest Index Fund, please see the risk factors and conflicts of interest disclosures in the relevant PPM, which should be reviewed thoroughly before making any investment. NewVest Index Funds are relatively new investment products and do not have any material performance history for prospective investors to consider. There can be no assurance that NewVest will be able to implement its investment strategy or any of its operational initiatives, achieve its investment or operational objectives with respect to any of its existing (or potential future) index products (including the NewVest Index Funds) or its overall business model (including, without limitation, identifying, and being permitted by underlying fund general partners to make commitments to, all available qualifying underlying funds (“Underlying Funds”) targeted by each of its NewVest Index Funds), or to provide limited partners in any NewVest Index Fund or investors in the NewVest Platform with any of the potential services, benefits or other advantages described on this site.

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NewVest and NewVest Index Funds

NewVest has limited operating history. While NewVest’s founding team members have previous experience in private market investments and related industries, a NewVest Index Fund’s investment approach differs from previous investments with which one or more members may have experience.

NewVest Index Funds are novel investment products and do not have any performance history for a prospective investor to consider. There can be no assurance that NewVest will be able to implement its investment strategy or achieve its investment objectives with respect to any NewVest Index Fund or series thereof. With respect to any potential investments in underlying funds, neither NewVest nor the NewVest Index Funds have consummated or entered into any exclusive agreement relating to such potential investments, and there can be no assurance that any of such potential future investments will ever be made by any NewVest Index Fund or any related entity.

Estimated expenses, cost ratio, impact of profit share and gross-to-net spread of any NewVest Index Fund are based on current beliefs of NewVest as of the date hereof and are based on a variety of assumptions and estimates that are subject to various risks, and the actual expenses and other costs of any NewVest Index Fund could differ materially from the estimated figures presented on this site and, in the aggregate, be substantial.

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Third-Party Data and More

Certain of the information contained on this site, particularly in respect of market data, economic and other forecasts, may be from third-party sources. While NewVest believes such sources to be reliable, neither the NewVest Index Funds nor NewVest nor any of their respective affiliates nor employees have updated any such information through the date hereof or undertaken any independent review of such information. NewVest does not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained on this site (including but not limited to economic, market or other information obtained from third parties), and it expressly disclaims any responsibility or liability therefor.

Any third-party quotes, logos and vendor information included on this site are provided for illustrative purposes only. Inclusion of such quotes or logos does not imply affiliation with or endorsement by such persons or businesses. There is no guarantee that NewVest or any current or future NewVest Index Fund will work with any of the persons or businesses whose quotes, logos or other information are included on this site in the future.

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Benchmarks

Any market data and third-party benchmarks on this site have been presented for illustrative purposes only and have been selected by NewVest because NewVest believes they represent the most applicable and relevant comparable for the investment strategy of certain NewVest Index Funds and are provided as an example of the types of investments one or more series of a NewVest Index Fund might have made if it were in existence at the time the underlying funds included in the relevant benchmark were fundraising. Selection of industry-related  benchmarks is inherently subjective, and undue reliance should not be placed on comparisons between each benchmark and the target investments of any NewVest Index Fund. Note that it is not currently possible to invest in any such benchmarks. This information is not, and is not intended to be, representative of NewVest’s historical investment track record. Benchmarks do not reflect the fees and expenses of NewVest Index Funds, which can in the aggregate be substantial and could have material impact on returns.

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Managers of private funds generally may have different definitions or methodologies for calculating or reporting performance, including, without limitation, with respect to recycled capital or use of fund-level leverage. Furthermore, the private funds (and the vintage years of such private funds) included in each third-party benchmark reflected on this site may differ substantially from those of certain other benchmarks, and the definition of vintage year applied by the managers of underlying funds included in any NewVest Index Fund (or any such benchmark) may differ from the definition applied by NewVest (or any such benchmark). NewVest is unable to determine how any of the foregoing differences may affect the third-party data presented on this site and, accordingly, a NewVest Index Fund’s performance and fund selection may not be directly comparable to other benchmarks and other managers’ metrics.

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Prospective investors should not consider performance information regarding the “pooled returns” of various benchmarks to constitute an investment “track record” or “performance” information for any NewVest Index Fund series and should not use such information as a primary basis for any decision to invest in any NewVest Index Fund or series thereof.

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Availability of Liquidity

There can be no assurance that each NewVest Index Fund will have a third party provide offers of periodic liquidity (the “Liquidity Provider”) to its limited partners. Furthermore, in respect of each NewVest Index Fund for which there is a Liquidity Provider, there is no guaranty as to the “bid price” that will be offered by such Liquidity Provider to limited partners, and such bid price may represent a discount to the most recent NAV reported by NewVest to its limited partners, which discount could be material and could result in any limited partner that chooses to sell losing capital in connection with any such secondary sale to the Liquidity Provider. In addition, in respect of each NewVest Index Fund that has a Liquidity Provider, additional details on the relevant liquidity solution, including but not limited to, the risks, limitations and/or conditions applicable to (i) the Liquidity Provider’s obligation to purchase limited partner interests from NewVest limited partners and/or (ii) NewVest’s obligation to approve any such purchase, will each be set forth in the PPM relating to that NewVest Index Fund.

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Use of Warehoused Commitments

A significant portion of the aggregate capital commitments to each NewVest Index Fund may be made by some or all of the respective NewVest Index Fund’s general partner, its affiliates and related persons (including their employees and certain affiliated investors),  and/or one or more third-party investors (including anchor or strategic investors) (collectively, “Warehouse Investors”) as “warehoused” commitments (i.e., commitments designated for temporary warehousing (“Warehouse Commitments”)) for the purpose of allowing the relevant NewVest Index Fund to finalize its composition (and weightings of Underlying Funds) and commence its commitment period while continuing to raise capital from third-party investors. Such Warehouse Commitments are expected to be, wholly or partly, reduced and replaced over time by commitments from other unaffiliated third-party investors.

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To the extent a significant portion of a NewVest Index Fund’s aggregate commitments consist of Warehouse Commitments, there are certain risks, conflicts of interest and limitations that will be outlined in the relevant PPM that should be considered, along with additional important details related to the use of Warehouse Investors and Warehouse Commitments, and the potential implications it may have on a NewVest Index Fund or NewVest’s ability to implement its investment strategy or objectives.

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Past Performance, Hypothetical Information and Projections

Past or projected performance is not necessarily indicative of future results. There can be no assurance that any NewVest Index Fund or any investment will achieve comparable results to those presented on this site, that any NewVest Index Fund will be able to implement its investment strategy or achieve its investment objectives or that the returns generated by any investment will equal or exceed any past or projected returns presented on this site. There can be no assurance that investors will not lose any or all of their invested capital. Any projections, forecasts or other model or estimated future returns, including estimates of returns or performance, set forth on this site (“Projections”) are hypothetical, have been prepared and are set out for illustrative and discussion purposes only, and do not constitute a forecast. Projections should not be relied upon and do not represent, and are not necessarily indicative of, the results that may be achieved by any investment. Projected or targeted performance has many inherent limitations. As a sophisticated investor, you acknowledge that you understand and accept such inherent limitations and agree to use Projections for discussion purposes only.

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Projections are based largely on historical information. NewVest has not independently verified the accuracy or completeness of the information, nor have the simulated results been independently verified or audited. Should any of the information used in the simulation prove to be inaccurate, the simulated or hypothetical results themselves may be inaccurate. Furthermore, Projections are based upon certain assumptions that may change. There are numerous factors related to the markets in general or the implementation of any specific investment program that cannot be fully accounted for in the preparation of projected or targeted performance results, all of which can adversely affect actual investment results. Projections are therefore subject to a number of important risks, qualifications, limitations, and exceptions. The models, estimates and assumptions on which Projections are based are believed to be reasonable under the circumstances, but actual realized returns on a NewVest Index Fund’s investments will depend on, among other factors, the ability to consummate targeted investments and to obtain the leverage, future operating results and market conditions, any related transaction costs and the timing and manner of winding up a NewVest Index Fund, all of which may differ from the assumptions and circumstances on which Projections are based.

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Projections have been prepared based on NewVest’s view at the time such Projections were prepared in relation to future events and various estimations and assumptions made by NewVest, and estimations and assumptions about events that have not yet occurred, any of which may prove to be incorrect. Such estimations and assumptions may require modification as additional information becomes available and as economic and market developments warrant. Any such modification could be either favorable or adverse. While Projections are based on assumptions that believed to have been reasonable in light of the information available at the time and under the circumstances in which Projections were prepared, they are subject to uncertainties, changes (including changes in economic, operational, political, legal, tax and other circumstances) and other risks, including, but not limited to, broad trends in business and finance, tax and other legislation affecting NewVest, the NewVest Index Funds, its investors, investments, monetary and fiscal policies, interest rates, inflation, market conditions, the level and volatility of trading markets, the availability and cost of short-term or long-term funding and capital, all of which are beyond the control of NewVest and any of which may cause the relevant actual, financial and other results to be materially different from the results expressed or implied by such Projections. Industry experts may disagree with the estimations and assumptions used in preparing the Projections.

 

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NO ASSURANCE, REPRESENTATION OR WARRANTY IS MADE BY ANY PERSON THAT ANY OF PROJECTIONS WILL BE ACHIEVED, AND NO INVESTOR SHOULD RELY ON PROJECTIONS. NONE OF NEWVEST, THE NEWVEST INDEX FUNDS, ANY OF THEIR AFFILIATES OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, PARTNERS, ADVISORS, SHAREHOLDERS, OR AGENTS MAKE ANY ASSURANCE, REPRESENTATION OR WARRANTY AS TO THE ACCURACY OF PROJECTIONS, ESTIMATES AND ASSUMPTIONS.