PRIVACY POLICY
This privacy policy (“Privacy Policy”) explains how Titanbay Ireland Limited (“Titanbay”, “we”, “us” or “our”), collects, uses, shares and otherwise processes your Personal Data (defined below) in connection with your relationship with us in accordance with applicable data privacy laws, including Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016, known as the General Data Protection Regulation (“GDPR”). Unless you are otherwise advised via any other documentation or notification received from us or our affiliates, we shall be the Data Controller in respect of the personal data described in this Privacy Policy, meaning we determine the means and purposes of processing the Personal Data.
The information set out herein applies to the personal information (also known as “Personal Data”) that we collect about you when you visit our website and/or access our online portal.
What is Personal Data?
The term “Personal Data” as used in this Privacy Policy means any information relating to an identified or identifiable natural person. An identifiable person is one who can be identified, directly or indirectly, by reference to an identifier. This definition provides for a wide range of personal identifiers which may constitute Personal Data, including name, date of birth, residential address, identification number, location data or online identifier. Personal Data does not include data from which you can no longer be identified such as anonymised aggregate data.
What are cookies and how do we use them?
Cookies are small text files that can be used by websites to make a user's experience more efficient. This website and our platform use cookies which are unique to your web browser. They will contain some anonymous information such as a unique identifier and some digits and numbers.
Performance cookies will only be used on our website ( www.titanbay.com ) if you consent to them through our cookie banner.
A condition of use of our platform is that cookies will be placed to record usage, to analyse the user experience and enable optimisation of the service.
How to change or delete cookies?
If you want to restrict or block the cookies set by our website, you can do so through the cookie banner or through your browser settings. Alternatively, you can visit www.internetcookies.com which contains comprehensive information on how to do this on a wide variety of browsers and devices. You will find general information about cookies and details on how to delete cookies from your device.
How do we collect personal data and what kind of information do we collect?
A detailed description of why and on what legal basis we process Personal Data, and the types of Personal Data we process for each purpose, is set out below (see “Detailed Description of Processing”).
General browsing will utilise cookies as outlined above. In the event you open an account with us, fill out a “contact us” form on our website or subscribe to our newsletter, the kinds of Personal Data we may collect include information such as:
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your contact details (such as your address, email address and telephone number) and other information such as your job title. In most cases, we will collect the Personal Data directly from you but may also obtain it from other sources;
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personal details, such as (e.g. name, gender, date and place of birth, occupation, address, email address, phone numbers, identity documents, financial information and other contact details information);
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other materials we may need for our identification and compliance obligations as well as information from third party providers who assist us to combat fraud, money laundering and other crimes;
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complaints or disputes you may have had with us or other members of the group and details of the underlying transaction (where applicable);
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sales and marketing information;
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financial information and transactions records;
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records of correspondence and other communications between you and your representatives;
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information that we need to support our regulatory obligations; and
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any other information you asked and authorised us to collect for or about you.
What do we do with your data?
We may use automated decision making in processing your Personal Data, subject to the GDPR requirements in relation to the same. We may assess certain characteristics on the basis of Personal Data processed automatically (profiling), in particular to provide you with information on our products and services or those of our affiliates and business partners. We may also use technologies that allow identifying the level of risks linked to the activity within your investment portfolio. You can request a manual review of the accuracy of the automated decision.
We may aggregate and/or de-identify any information collected so that such information can no longer be linked to you or your device or is otherwise no longer Personal Data per the meaning of the GDPR. We may use such information for any purpose subject to applicable law, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, partners, and sponsors.
We will process your Personal Data if and to the extent applicable law provides us with a lawful basis to do so.
Therefore, we will only process your Personal Data on the following grounds:
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Consent - you have consented to us using your data;
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Contract - we need it to perform the contract we have entered into with you;
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Legal Obligation - we need it to comply with a legal obligation; or
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Legitimate Interest - we (or a third party with whom we work with) have a legitimate interest which is not overridden by your interests or fundamental rights and freedoms. Legitimate interest may include the provision of services by us, administrative or operational processes within Titanbay and certain direct marketing activities. We will use your Personal Data to deliver services to you and/or to work or act for you. We may also use your Personal Data to inform you about us and our services or otherwise communicate with you.
Please note that we may use or disclose Personal Data if we are required by law to do so or if we reasonably believe that use or disclosure is necessary to protect our rights and/or to comply with judicial or regulatory proceedings, a court order or other legal process.
Detailed Description of Processing
Purpose of Processing
To communicate with, pay funds to, keep records for, contract with, and provide services to investors (including prospective investors, herein referred collectively as “Investor” or “Investors”), vendors, partners, or other contacts;
To perform marketing and research services for Investors;
To perform background screening of Investors, investment partners, and prospective/current/retired/ex- employees;
To perform employment decisions and screenings of prospective employees;
To perform employee recruiting;
To authenticate users; and
To meet relevant regulatory requirements.
Categories of Personal Data Processed
Contact Information including name, telephone number, address, email address, and signature
Legitimate interest
Legal Basis for Processing
Performance of contract
Legal compliance
Consent (where applicable)Employment (where applicable)
Purpose of Processing
To perform background screening of Investors, investment partners, and prospective/current/retired/ex- employees.
Categories of Personal Data Processed
Employment Information including title/role, institution/company, location, compensation, work history, and qualification/training
Legal Basis for Processing
Legitimate interest
Legal compliance
Performance of contract
Consent (where applicable)
Purpose of Processing
To perform fund/subscription processes, accounts, records, marketing, and onboarding services for Investors;
To perform background screening of Investors, investment partners, and prospective/current/retired/ex- employees;
To meet relevant regulatory requirements; and
To communicate with, pay funds to, keep records for, contract with, and provide services to Investors, vendors, and employees.
Categories of Personal Data Processed
Account/Financial Information including Contact Information, date of birth, bank account information, wire transfer information, expense details, beneficiary designation, Investor commitments, ledgers, positions, balances, percentages of fund, credit information, investment history, net worth, source of wealth, employment history, personal financial portfolio, education history and share or option numbers, values, and vesting
Legal Basis for Processing
Legitimate interest
Performance of contract
Legal compliance
Employment (where applicable)
Purpose of Processing
To perform marketing and research services for Investors;
To perform background screening of Investors, investment partners, and prospective/current/retired/ex- employees;
To meet relevant regulatory and legal requirements;
To comply with tax requirements; and
To accept/process funds from, pay funds to, keep records for, contract with, and provide services to Investors, partners and employees.
Categories of Personal Data Processed
Government Identification Information including taxpayer identification number, date of birth, driver’s license, passport, other official government identification and numbers, legal work status, and Know Your Client (“KYC”) details
Legal Basis for Processing
Legitimate interest
Performance of contract
Legal compliance
Consent (where applicable)
Employment (where applicable)
Purpose of Processing
To meet relevant regulatory requirements; and
To perform background screening of Investors, investment partners, and prospective/current/retired/ex- employees.
Categories of Personal Data Processed
Certification Information including business partners or employee certification / accreditation details, conflicts information, approvals, registrations, licenses, and consents
Legal Basis for Processing
Legitimate interest
Legal compliance
Consent (where applicable)
Employment (where applicable)
Purpose of Processing
To secure physical and digital access control, electronic communications, and electronic asset management;
To perform marketing and research services for Investors; and
To perform investment presentations.
Categories of Personal Data Processed
Identification Information including photo, log-ins, dial-ins, and codes
Legal Basis for Processing
Legitimate interest
Employment
Information Collected Automatically
As is true of most digital platforms, we may gather certain information automatically when you use our services online.
This information may include browser, device, cookie and similar data that we collect as follows:
Purposes of Processing
To maintain the security of Titanbay services, for fraud detection, and to protect Titanbay’s rights; and
To manage Titanbay services and email messages and to collect and track information about user activities online over time and across different websites and social media channels.
Categories of Personal Data Processed
Internet or other electronic network activity including IP addresses, browser type, internet service provider, referring/exit pages, operating system, date/time stamp, and clickstream data
Legal Basis for Processing
Legitimate Interests
Purposes of Processing
To manage Titanbay services and email messages and to collect and track information about user activities online over time and across different websites and social media channels to personalise content.
Categories of Personal Data Processed
Cookies, Analytics and Related Technologies
Legal Basis for Processing
Legitimate Interests
Consent (where applicable)
Purposes of Processing
To offer certain location-based services, such as delivering marketing that is location-relevant, and to conduct analytics to improve Titanbay services.
Categories of Personal Data Processed
Location Information including latitude, longitude, date, and time (the precision of this data varies greatly and is determined by factors controlled by your device or mobile service provider)
Legal Basis for Processing
Legitimate Interests
Consent (where applicable)
Purposes of Processing
To authenticate users;
To secure digital access control for employees; and
To perform recordkeeping and tracking in enterprise and storage software for employees.
Categories of Personal Data Processed
Access Control Information including user names, email address, IP address, and location pings
Legal Basis for Processing
Legitimate Interests
What might we need from you?
We may need to request specific information from you to help us confirm your identity and ensure your right of access to your Personal Data (or to exercise any of your other rights). This is another appropriate security measure to ensure that Personal Data is not disclosed to any person who has no right to receive it.
Accuracy of information
It is important that the Personal Data we hold about you is accurate and current. Please let us know promptly if your Personal Data changes during your relationship with us.
What if you do not provide the Personal Data we request?
It is in your sole discretion to provide Personal Data to us. If you do not provide us with all or some of the Personal Data we request, we may not be able to send you information about us (e.g. marketing materials), accept an engagement from you to provide all or some of our services or, to enter into a contract with you.
Change of purpose and anonymisation
We will only use your Personal Data for the purposes for which we collected it, unless we reasonably consider that we need to use it for another reason which is compatible with the original purpose. If we need to use your Personal Data for an unrelated purpose, we will notify you and we will explain the legal basis which allows us to do so.
In some circumstances we may anonymise your Personal Data so that it can no longer be associated with you, in which case it is no longer Personal Data.
With whom will we share your information?
When using your Personal Data for the purposes and on the legal basis described above we may share your Personal Data with other service providers we work with. This includes but may not be limited to, other entities within the Titanbay group of companies. We may also have to share your Personal Data with regulators, public institutions, courts or other third parties.
Category of Recipients
Customers, Suppliers, Service Providers, Vendors, Other Commercial Entities
Personal Data Shared
Contact Information including name, telephone number, address, email address, and signature
Account/Financial Information including Contact Information, date of birth, bank account information, wire transfer information, expense details, beneficiary designation, Investor commitments, ledgers, positions, balances, percentages of fund, credit information, investment history, net worth, source of wealth, employment history, personal financial portfolio, education history and share or option numbers, values, and vesting
Government Identification Information including taxpayer identification number, date of birth, driver’s license, passport, other official government identification and numbers, legal work status, and Know Your Client (“KYC”) details
Identification Information including photo, log-ins, dial-ins, and codes
Purposes for which the Personal Data is Shared
To enable us to carry out the obligations under and enforce our contracts with our customers, suppliers, service providers, vendors and other commercial entities.
Category of Recipients
Service Providers, Agents
Personal Data Shared
Contact Information including name, telephone number, address, email address, and signature
Account/Financial Information including Contact Information, date of birth, bank account information, wire transfer information, expense details, beneficiary designation, Investor commitments, ledgers, positions, balances, percentages of fund, credit information, investment history, net worth, source of wealth, employment history, personal financial portfolio, education history and share or option numbers, values, and vesting
Government Identification Information including taxpayer identification number, date of birth, driver’s license, passport, other official government identification and numbers, legal work status, and Know Your Client (“KYC”) details
Identification Information including photo, log-ins, dial-ins, and codes
Certification Information including business partners or employee certification / accreditation details, conflicts information, approvals, registrations, licenses, and consents
Purposes for which the Personal Data is Shared
To anyone providing a service to us or acting as our agent, as data processors, or for the purposes of providing services to us and on the understanding that they will keep the personal data confidential and only process it in accordance with our instructions and the GDPR.
Category of Recipients
Auditors, Legal Advisors, Other Advisors
Personal Data Shared
Contact Information including name, telephone number, address, email address, and signature
Account/Financial Information including Contact Information, date of birth, bank account information, wire transfer information, expense details, beneficiary designation, Investor commitments, ledgers, positions, balances, percentages of fund, credit information, investment history, net worth, source of wealth, employment history, personal financial portfolio, education history and share or option numbers, values, and vesting
Certification Information including business partners or employee certification / accreditation details, conflicts information, approvals, registrations, licenses, and consents
Purposes for which the Personal Data is Shared
Where we need to share personal data with our auditors, legal and other advisors.
Category of Recipients
Regulatory bodies
Personal Data Shared
Employment Information including title/role, institution/company, location, compensation, work history, and qualification/training
Certification Information including business partners or employee certification / accreditation details, conflicts information, approvals, registrations, licenses, and consents
Government Identification Information including taxpayer identification number, date of birth, driver’s license, passport, other official government identification and numbers, legal work status, and Know Your Client (“KYC”) details
Purposes for which the Personal Data is Shared
Where we are required or requested to share information with a regulatory or oversight body.
For the purposes described above, from time-to-time, we may have to transfer your Personal Data from the European Economic Area (EEA) to a third party outside of the EEA and in a jurisdiction not being subject to an adequacy decision of the European Commission. Details of any such jurisdictions are set out in the Appendix hereto, which may be updated from time to time. In such cases, we will always ensure that there is a legal basis and a relevant safeguard method for such data transfer so that your Personal Data is treated in a manner that is consistent with and respects the EU laws and other applicable laws and regulations on data protection.
Disclosure of Personal Information to Affiliates
Titanbay may share Personal Data with its affiliates to the extent necessary or appropriate for such affiliates to perform services for your benefit, provided that such affiliates will be obligated to keep such personal information confidential to the same extent as Titanbay.
Third Parties
The website may, from time to time, include links to third-party websites or enable individuals the opportunity to disclose information directly to third parties. This Privacy Policy does not apply to such third-party websites or organisations. You assume all privacy, security, and other risks associated with providing any data, including personal information, to third parties via the website. For a description of the privacy protections associated with providing information to third parties, you should refer to the privacy statements, if any, provided by those third parties.
Third Parties: Analytics
This website and the Titanbay platform use Cookiebot, Google Analytics and Heap Analytics to understand how our website and platform are used, so we can improve performance. These tools may use first- and third-party cookies to collect usage data like page views and device information. Cookiebot helps manage your consent in line with GDPR. Data is used for analytics only, and we do not sell or profile your data. Information is processed securely by our providers and not shared further.
Your rights in relation to your information
You have rights as an individual which you can exercise under certain circumstances in relation to your Personal Data that we hold. These rights are to:
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request access to your Personal Data (commonly known as a “data subject access request”) and request certain information in relation to its processing;
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request rectification of your Personal Data;
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request the erasure of your Personal Data;
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request the restriction of processing of your Personal Data;
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object to the processing of your Personal Data where we are relying on our legitimate interest(s) (or those of a third party) as a lawful basis for such processing;
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request the transfer your Personal Data to another organisation, or directly to you, under certain conditions; and
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not be subject to solely automated decision making, including profiling, which produces a legal effect or other similarly significant effect on you. This right is subject to certain restrictions and safeguards, and does not apply where the decision is (a) necessary for entering into or performance of a contract with you or (b) authorised by EU or member state law or (c) based on your explicit consent.
You also have the right to make a complaint at any time to the Data Protection Commission using the contact form at https://forms.dataprotection.ie/contact. You also have the right to make a complaint via your local national data protection regulator.
If you wish to receive a copy of personally identifiable data we store about you, this can be made available on request. Once we have verified your identity, we will supply you with a digital record of all your personal data as soon as we can, but in any event, it will be within one calendar month.
We will not charge you for supplying copies of your personal data in the first instance. However, in the event we find data subject access requests to be manifestly unfounded or excessive, particularly where repetitive, we will need to consider the effort required to handle such requests and charge a reasonable administrative fee.
Right to withdraw consent
In case you have provided your consent to the collection, processing and transfer of your Personal Data, you have the right to fully or partly withdraw your consent (which will not affect the lawfulness of any processing done before the consent was withdrawn). Once we have received notification that you have withdrawn your consent, we will no longer process your information for the purpose(s) to which you originally consented unless there are compelling legitimate grounds for further processing which override your interests, rights and freedoms or for the establishment, exercise or defence of legal claims. In case we processed your Personal Data for direct marketing purposes, you have the right to object at any time, in which case we will no longer process your Personal Data for such marketing purposes.
How long will we retain your information?
We will only retain your Personal Data for as long as is necessary to fulfil the purposes for which it was collected and processed, including for the purposes of satisfying any legal, regulatory, accounting or reporting requirements, or to enforce our terms and conditions or for the protection of our rights in the context of legal claims, litigation, arbitration or similar proceedings.
To determine the appropriate retention period for your Personal Data, we will consider the amount, nature and sensitivity of the Personal Data, the potential risk of harm from unauthorised use or disclosure of your Personal Data, the purposes for which we process your Personal Data and whether we can achieve those purposes through other means, and the applicable legal requirements. In some circumstances we may anonymise your Personal Data so that it can no longer be associated with you, in which case it is no longer Personal Data.
Upon expiry of the applicable retention period we will securely destroy your Personal Data in accordance with applicable laws and regulations.
Changes to this Privacy Policy
Titanbay reserves the right to update this Privacy Policy at any time, and we will make an updated copy available on our website.
Further information
In our capacity as data controllers for this website, if you have any queries, questions, concerns or require any further information in relation to the Privacy Policy or you wish to exercise any of your rights, please do not hesitate to contact us at compliance@titanbay.ie.
We endeavour to respond to all legitimate requests within one calendar month. Occasionally it may take us longer than one calendar month if your request is particularly complex or you have made a number of requests. In this case, we will notify you and keep you updated and endeavour to respond to your request as soon as reasonably practicable.
Date: September 2025
APPENDIX
Jurisdictions outside of the EEA not being subject to an adequacy decision of the
European Commission to which your data may be transferred
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None
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This cookie policy explains how Titanbay Ireland Limited (together, “Titanbay”, “we”, “us” or “our”),
utilises cookies in accordance with applicable data privacy laws, including Regulation (EU) 2016/679 of
the European Parliament and of the Council of 27 April 2016, known as the General Data Protection
Regulation (“GDPR”) and the ePrivacy Directive (Directive 2002/58/EC, as implemented in national law).
Where applicable, this policy also extends to any affiliates of Titanbay that operate services accessible via
this website.
What Are Cookies?
Cookies are small text files that can be used by websites to make a user's experience more efficient. This
website and our platform use cookies which are unique to your web browser. They will contain some
anonymous information such as a unique identifier and some digits and numbers.
Why We Use Cookies
We use cookies to personalise content and ads, to provide social media features and to analyse our
traffic. We also share information about your use of our website with our social media, advertising and
analytics partners who may combine it with other information that you’ve provided to them or that they’ve
collected from your use of their services.
Our legal basis for using cookies depends on the type of cookie. Essential cookies are used on the basis
of our legitimate interest in providing a functional website. For all other types of cookies, we rely on your
consent.
Types of Cookies We Use
This website uses different types of cookies. Some cookies are placed by third party services that appear
on our pages.These small data files or graphic files serve various functions:
- Essential cookies: These are required for the basic functions of the website.
- Functional cookies: These enable a website to remember information that changes the
way the website looks or behaves (e.g., language preferences).
- Analytical cookies: These enable a website to analyse usage in order to measure and
improve performance (e.g., Cookiebot, Google Analytics and Heap Analytics).
- Marketing cookies: These enable tracking technologies to collect data about user
behaviour on the website or across websites.
Your Consent and Choices
The law states that we can store cookies on your device if they are strictly necessary for the operation of
this website. For all other types of cookies we need your permission.
You can manage or withdraw your consent to non-essential cookies (i.e. functional cookies,
analytical cookies and marketing cookies) at any time by adjusting your preferences through
the cookie banner on our website.
If you want to restrict or block the cookies set by our website, you can do so through the cookie banner
or through your browser settings. For more information, you can visit:
www.allaboutcookies.org
www.youronlinechoices.eu
These resources provide comprehensive guidance on managing cookies across a wide variety of
browsers and devicesWe strive to provide the highest possible standard of service to our clients. However, we acknowledge there may be instances where you feel we have fallen short of this. If this happens, we encourage you to raise a complaint.
This Complaints Procedure outlines who can raise a complaint, the process for raising a complaint, the procedure in place to answer your complaint, and the next steps you may take if you remain unsatisfied with our answer.
Who can complain
If we have provided a service to you then you may raise a complaint with us.
Raising a complaint
To ensure your complaint reaches the correct team internally, we encourage you to raise your complaint by emailing Titanbay’s Designated Person with responsibility for Regulatory Compliance, (the "Designated Person") and include ‘Complaint’ in your email’s subject line. The contact information for the Designated Person is:
Email: compliance@titanbay.ie
Answering your complaint
Upon receipt of your complaint, we will acknowledge your complaint as soon as reasonably practicable and in any case within 5 business days of receipt. We will investigate your complaint to provide a fair and reasonable answer. We may request further information from you when this is required to properly assess your case.
We aim to provide you with a final written answer to your complaint within 40 business days after we received your complaint. If we are unable to answer you within this time, we will contact you to let you know and explain the reasons for this. We will also provide you with a date by which the complaint may be resolved.
If you are not satisfied
If you are not satisfied with our final response, or 40 business days have passed since you made your complaint, then you may escalate your complaint to the Financial Services and Pensions Ombudsman. Their contact details are:
Lincoln House
Lincoln Place
Dublin 2
D02 VH29
+353 1 567 7000
https://www.fspo.ie/make-a-complaint/how-to-make-a-complaint-to-the-fspo/
Introduction
Titanbay Ireland Limited (the “Company”) is an Alternative Investment Fund Manager (“the AIFM”) authorised and regulated by the Central Bank of Ireland (the "Central Bank") and authorised under the Alternative Investment Fund Managers Directive 2011/61/EU (‘AIFMD’), to engage in Portfolio Management and Risk Management services of alternative investment funds ("AIF"). Under this authorisation the Company manages and distributes Luxembourg Reserved Alternative Investment Funds (“RAIF”) which are restricted to well-informed investors, in accordance with Article 2 of the Luxembourg Law of 23 July 2016 (the “RAIF Law”) and are of an unleveraged closed ended nature.
The Company has established, implemented and maintains this Sustainability Risk Policy proportional to the nature, scale and complexity of the activities of the Company, the RAIF it manages and, to be consistent with the risk profile of the Sub-Funds (“Compartments” or, “Funds” when collectively referring to the Master Fund and its Compartments).
As per Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector, as amended (“SFDR”), the Company is defined as a “financial market participant”. Further, per Article 3 of SFDR, financial market participants are required to ”publish on their websites information about their policies on the integration of sustainability risks in their investment decision‐ making process.” The Company has adopted this Statement to describe the approach taken to demonstrate compliance with Article 3 of SFDR.
For the purpose of this Statement: “Sustainability risk” means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment. For example, widespread flooding across parts of the UK or high workforce turnover as a result of poor employment practices.
“CDR 2021/1255” means Commission Delegated Regulation (EU) 2021/1255 of 21 April 2021 amending Delegated Regulation (EU) No 231/2013 as regards the sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers.
Integration of Sustainability Risks
The Company ensures that disclosures made in pre contractual documents shall be consistent with the investment objectives of the Funds.
The Company integrates sustainability risks into its investment decision-making process at all stages, including:-
Investment Due Diligence: The Company considers sustainability risks when researching potential investments. This includes reviewing a target fund investment's ESG performance and management practices.
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Investment selection: The Company selects investments in Target Fund investments based on a holistic assessment of financial and sustainability factors.
The Company has the option to leverage external specialists and/or partners to perform enhanced ESG due diligence on prospective Target Funds.The Company shall periodically assess the adequacy of ESG/SFDR integration into the Investment-decision making process. The Company has enhanced the existing risk management frameworks to account for integration of sustainability risks.
This Statement is subject to annual review. For further queries relating to the Companies, please contact: compliance@titanbay.ie-
Introduction
Titanbay Ireland Limited (the “Company”) is an Alternative Investment Fund Manager (“the AIFM”) authorised and regulated by the Central Bank of Ireland (the "Central Bank") and authorised under the Alternative Investment Fund Managers Directive 2011/61/EU (‘AIFMD’), to engage in Portfolio Management and Risk Management services of alternative investment funds ("AIF"). Under this authorisation the Company manages and distributes Luxembourg Reserved Alternative Investment Funds (“RAIF”) which are restricted to well-informed investors, in accordance with Article 2 of the Luxembourg Law of 23 July 2016 (the “RAIF Law”) and are of an unleveraged closed ended nature.
As per Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector, as amended (“SFDR”), the Companies are defined as a “financial market participant”.
Article 4(1), point (b), of SFDR, requires that, where a “financial market participant” does not consider adverse impacts of investment decisions on sustainability factors, it shall publish and maintain on its website clear reasons for why it does not do so, including, where relevant, information as to whether and when it intends to consider such adverse impacts.
Chapter II of the Commission Delegated Regulation (EU) 2022/1288 supplementing SFDR (the “SFDR Delegated Regulation”), which applies from 1st January 2023, requires further transparency about adverse impacts on sustainability factors.
On 25th May 2022, it was clarified by the European Commission in a SFDR Q&A that a “financial market participant” that (i) is below the thresholds laid down in Article 4, paragraph 3 or 4, of SFDR, (ii) does not consider adverse impacts of investment decisions on sustainability factors at entity level and (iii) publishes and maintains on its website clear reasons for why it does not consider such adverse impacts, in accordance with Article 4(1), point (b), of SFDR, may, notwithstanding the criteria set out in Article 7(1), first subparagraph, of SFDR, manufacture a financial product that pursues a reduction of negative externalities caused by the investments underlying that product.
On 18th July 2022, the European Supervisory Authorities’ Joint Committee (“ESAs’ JC”) published its first annual report on the extent of voluntary disclosure of principal adverse impact under SFDR (JC 2022 35).
In a letter dated 26th October 2022 addressed to the European Commission (JC 2022 64), the Chair of the ESAs’ JC notified a delay of up to six months (i.e., the original deadline of 28 April 2023 will not be met) for the delivery of the mandate to review, inter alia, the principal adverse impact (“PAI”) indicators in the SFDR Delegated Regulation.
No consideration of adverse impacts of investment decisions on sustainability factors
The principal adverse impacts ("PAIs”) as defined in Article 7 of the Disclosure Regulation are currently not taken into account. The legal requirements for measuring, weighting and mitigating the PAI's are new, very detailed and not sufficiently clarified in all respects. In addition, the relevant data to be used for identification and weighting is currently not available in the market for Private Equity Fund Investments to a sufficient extent. Furthermore, such assessment may be based on data which within the investment objective and strategy of the Fund are difficult to obtain, incomplete, estimated or otherwise materially inaccurate.
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, as determined by Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (the Taxonomy Regulation).
This Statement is subject to annual review. For further queries relating to the Companies, please contact: compliance@titanbay.ie
LONDON, UK
Third Floor, Elsley House, 20/30 Great Titchfield Street, W1W 8BF
DUBLIN, IRELAND
26/27 Pembroke Street Upper, Dublin, D02 F5Y6
LUXEMBOURG
9, rue de Bitbourg,
L-1273 Luxembourg,
Grand Duchy of Luxembourg