ISSUE DATE
11
Perpetual has been engaged to act as Custodian for the assets of the Fund. As such, all mortgages in the Fund will be registered in the name of Perpetual and it will hold the loan transaction documents for all mortgaged property. Perpetual’s role as Custodian is limited to holding the assets of the Fund as agent of GPS. Perpetual has no supervisory role in relation to the operation of the Fund and is not responsible for protecting your interests. Perpetual has no liability or responsibility to you for any act done or omission made in accordance with the terms of the custody agreement to which it is appointed. Perpetual has not been involved in the preparation of this PDS. It has not authorised or caused the issue of this PDS, and takes no responsibility for the contents of this PDS other than the references to its name. Perpetual has given and has not, before the date of this
PDS, withdrawn its consent to be named in this PDS in the form and context in which its name appears. Perpetual has no liability or responsibility to you for any act done or omissions made in accordance with the terms of the agreements appointing it, nor does Perpetual guarantee the return of any investment in the Fund. Perpetual will be paid a commercial fee in accordance with the terms of the Custody Agreement. This fee is 0.025% of the Fund’s gross assets with a minimum of $25,000 per annum, plus transaction costs, and is payable by GPS from its management fees and is not an additional cost to Investors.
All investments are subject to a degree of risk, any one or more of which may result in a loss of earnings or the amount invested. It is important that you understand and are comfortable with
should be considered before deciding to invest in the Fund, but does not propose this to be a comprehensive summary of all of the risks. While GPS is not able to remove all the risks associated with an investment in the Fund, GPS employs a range of strategies to identify, evaluate and manage these risks. What this means and how GPS manages the risk GPS minimises credit risk by applying strict lending criteria, assessing the borrower’s capacity to repay and conducting thorough due diligence on all borrowers. GPS also takes a Registered First Mortgage as security over all loans. The day-to-day responsibility for adhering to our lending criteria rests with the Credit Committee, and ultimately with the GPS Board. The Credit Committee consists of two (2) directors of GPS and The approval of any mortgage investment requires the unanimous agreement of all members of the Credit Committee.
The purpose of this section is to inform you of the type of risks that may apply to an investment in the Fund. This section is a summary of what
Risk Feature Description
Credit risk
Credit risk represents the risk that a borrower defaults and GPS is not able to recover the loan amount. Any shortfall not covered by the sale of the secured property may result in a loss of income or capital to Investors.
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