Please read this page carefully before subscribing to E&C Intelligence or considering participation in any structured investment product.
All investment involves risk. The infrastructure, clean energy, and real estate asset classes referenced on this website are generally illiquid, long-duration, and sensitive to macroeconomic, political, and regulatory conditions. You should not invest capital you cannot afford to lose, and you should hold a diversified portfolio rather than concentrate capital in any single opportunity referenced on this website.
Participation interests in infrastructure and real estate structures are typically illiquid. There is generally no public secondary market for these interests, and any secondary transfer (where permitted) may take significant time to arrange, may require the consent of other parties, and may only be achievable at a discount to underlying value. You should be prepared to hold your investment for the full stated duration, which in some cases may extend to 20–25 years or longer.
Many of the assets referenced on this website derive their value from concessions, licences, government contracts, or regulatory support mechanisms (for example, Contracts for Difference, Feed-in Tariffs, or Smart Export Guarantee arrangements). These mechanisms are created and can be modified, suspended, or withdrawn by government or regulatory action. Changes in law, policy, taxation, or the political environment in any relevant jurisdiction could materially affect the value of, or income from, an underlying asset.
Where an investment involves assets or revenue streams denominated in a currency other than your reporting currency, you are exposed to exchange-rate movements. In certain jurisdictions referenced on this website (including mainland China), currency convertibility and repatriation of capital may also be subject to regulatory approval or restriction, which could delay or limit your ability to receive returns.
Assets located in Africa, mainland China, and other developing or frontier markets may be exposed to heightened legal, political, institutional, and economic risks relative to assets in developed markets, including less predictable legal enforcement, higher levels of corruption risk, and greater sensitivity to commodity price and global trade cycles.
Revenue-sharing, concession, and availability-payment structures depend on the continued financial and operational performance of governmental, corporate, or institutional counterparties (for example, a port authority, a university under a nomination agreement, or a utility off-taker). The deterioration or default of a counterparty could reduce or eliminate expected income.
Certain assets referenced on this website are in the development or construction phase and have not yet reached operational, revenue-generating status. Development-stage investments carry additional risks, including permitting delays or refusal, construction cost overruns, delays to completion, and the risk that a project does not reach financial close or operational status at all.
Because many of the assets referenced on this website are illiquid and not publicly traded, stated or projected valuations are estimates based on models, comparable transactions, and assumptions current as of the date shown. Actual achievable value on any sale or realisation may differ materially from any stated valuation.
Direct participation in a single asset or project (as opposed to a diversified fund structure) concentrates your exposure to the specific risks of that asset, sector, and geography. E&C's fund-based participation pathway is designed to offer diversified exposure; direct project participation does not.
Save where explicitly and contractually agreed in transaction-specific documentation, no return of capital or payment of income is guaranteed by Escher & Camondo, any E&C group entity, any government, or any third party. References on this website to "sovereign-backed," "government-backed," or similar language describe the nature of an underlying revenue mechanism and do not constitute a guarantee.
The tax treatment of any investment depends on your individual circumstances and the jurisdiction(s) in which you are resident or liable to tax, and may be subject to change. You should seek independent tax advice before making any investment decision.
This page is a general summary of risk categories and is not exhaustive. Full risk factors applicable to a specific investment product will be set out in that product's offering documentation. You should read all offering documentation carefully and seek independent financial, legal, and tax advice before making any investment decision.