Secondary Market FAQ

Everything you need to know about the Jasper Secondary Market

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Written by Christian Lambert
Updated over a week ago

How do I place a sell order on the Secondary Market?

Learn more about how to place a sell order here.

Who is eligible to sell their holdings?

Sell orders can be placed by any investor with a holding in a Jasper fund, where the Secondary Market has been opened for that fund. Investors must have met all regulatory obligations in order to trade on the Secondary Market.

When can I sell my holding?

Funds are typically opened up for trading on Jasper's Secondary Market once the fund is fully allocated and current valuations are complete. Once open on the Secondary Market, sellers will have the opportunity to place sell orders for units during liquidity windows.

We expect these liquidity windows will generally take place quarterly, following the release of the latest quarterly report. Jasper may change the liquidity window dates of a Secondary Market at any time at our discretion.

It is important to note that there is no guarantee that you will be able to exit your investments on the Secondary Market or at what price an exit (if any) will be achieved.

How much of my holding can I sell?

Sellers can place all or part of the unit holdings for sale in any eligible fund. The manager reserves the right to establish a minimum or maximum order size at its sole discretion.

At what price can I sell?

Sellers have the ability to sell their units at a specified discount or premium (+/- 25%) to the latest Unit Price for their respective holding.

How does Jasper calculate the Unit Price?

Jasper calculates the Unit Price of our funds at the end of each month. Unit Price is calculated by taking the Adjusted Net Asset Value (Adj. NAV) of a fund and dividing it by the number of units issued for that fund. Full valuations are prepared by independent bank valuers at least once a year. Read more about how we calculate Unit Price here.

Can I cancel my sell order?

Your sell order can be canceled at any time before matching with an eligible buyer. Once your sell order is matched, you are bound by Jasper's Terms and Conditions to complete the trade.

How and when will I receive my sale proceeds?

Once your sell order is matched, the buyer is given 3 business days (unless a different arrangement is agreed to by the manager and the seller) to fund the transaction. Once funded, proceeds (after fees) will be transferred to you and ownership of units transferred to the buyer.

What happens to my distribution after I place a sell order?

Distributions are paid to investors during the distribution period, based on your daily unit holding. Your unit count is updated with any completed sales at the effective date of sale.

What if a buyer isn’t found for my sell order?

Jasper's Secondary Market functionality is provided to investors on a 'best endeavours' basis. There is no guarantee that you will be able to exit your investments on the Secondary Market or at what price an exit (if any) will be achieved. If a buyer is not found during the liquidity window, you will have the option of relisting your units at the next liquidity window.

How do I place a bid on the Secondary Market?

Learn more about how to place a bid here.

Who is eligible to buy secondary units?

Jasper currently only offers financial products to wholesale (or other qualifying) investors.

How many secondary units can I buy?

The minimum order size for a buy order on the Secondary Market is $25,000 for investors that have not previously invested with Jasper.

What are the targeted returns for investments on the Secondary Market?

Investment memorandums and quarterly updates are available on the offer page of each Secondary Market which reflects the fund's targeted returns. Due to varying investment timing, the potential returns of a secondary purchase may differ from the fund's targeted returns.

Can I cancel my bid?

Your bid can be cancelled at any time before matching with an eligible sell order. Once your buy order is matched, you are bound by Jasper's Terms and Conditions to complete the trade.

How will I know when my purchase is complete?

You will receive communications via email at the completion of each stage in the Secondary Market matching process, including confirmation of units being transferred to your holding. You will be able to view your completed investment on your Portfolio page. You will receive reporting and any future distributions for that investment as of the effective date of purchase.

Are there Secondary Market fees?

We currently offer zero transaction fees on buy orders. Sellers are charged 2% on each transaction, inclusive of GST. Fees are estimates until your order is matched and units transferred.

Is my identity known to other buyers or sellers?

No, Investors remain anonymous throughout the process. Personal information will not be shared and your privacy is respected at all times.



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Important Disclaimer:

There is no guarantee that you will be able to exit your investments on the Secondary Market or at what price an exit (if any) will be achieved. Units will not be listed on any public securities exchange.

Investments offered by Jasper should be considered illiquid.

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