The Manager recognises there may be a number of potential conflicts arising from the operation and management of a Fund.
Whilst the list is not exhaustive, the Manager considers that any potential conflicts of interest are most likely to arise under one or more of the headings below.

Conflicts arising from follow-on investment into existing Portfolio Companies or into companies which have received investment from other funds managed by the Manager.
Were the Fund to provide additional capital for such an existing investment, the interests of existing investors into such companies and those of this Fund's Investors may differ, for example, with regard to valuation and speed of exit.

Conflicts arising from the Fund's fee structure.
The interest of the Investors and the Manager may diverge with regard to the desired timing of exits or create an incentive for the Manager to make speculative investments on behalf of the Fund.

Conflicts between the Fund and third party co-investors.
If there are third party investors in a company other than Investors who have subscribed through this Fund, there may be differing objectives of the Fund and the third party or parties.
This would also apply if there were providers of debt capital alongside equity provided through the Fund.