Preqin Investor Network (PIN) is designed as an information service for professional investors, and to facilitate communications and information exchange between professional Investors and Fund Managers in the alternative assets space, covering private equity, venture capital, private debt, hedge funds, real estate, infrastructure, and natural resources.
Investors and Fund Managers using PIN do not undertake any form of general advertising or solicitation and do not make a public offering of securities. Only accredited investors (as defined by the SEC, and the equivalent in other jurisdictions) are able to access PIN. Two kinds of information are available to Investors through PIN:
The compliance rules that apply to Fund Managers in respect of Investors approaching them via PIN are exactly the same as those applying to the Fund Manager in respect of Investors approaching them in any other manner – by telephone, face-to-face meetings, at conferences, by referral, etc.
An LP connecting with a GP via PIN is regarded by regulators as no different to them connecting via other online networks such as LinkedIn. And a GP allowing access to Confidential Fund Documentation on PIN is regarded as the same as a GP sending such information to an LP via email or providing access to an online data room. In each case the GP must take steps in accordance with their own compliance procedures to ensure that the LP is an accredited investor, if and when the relationship turns into a prospective investment by the LP into a fund managed by the GP.
The security measures on the site meet the requirements outlined by the SEC in the Lamp Technologies No-Action letter (May 29, 1998, SEC Ref. No. 98-123, Lamp Technologies, Inc., File No. 132-3) and subsequent follow-up letters:
Preqin and PIN do not provide any placement services and do not act as a broker-dealer, nor receive any transaction or success-related payments from any member or fund manager of any fund listed on PIN.
© Preqin Ltd. September 2018