Mercury Capital Advisors is a FINRA and SEC registered broker-dealer and a leading global placement enterprise that raises funds in the alternative investment space. Additionally, Mercury Capital Advisors operates the Mercury iFunds™ Platform.
Mercury Capital Access LLC is the manager of Mercury iFunds™ LLC (Mercury iFunds™). Mercury Capital Access LLC is also a commodity pool operator (CPO) and commodity trading advisor (CTA) registered with the National Futures Association (NFA).
Mercury iFunds™ is a Delaware series limited liability company that invests in, or provides exposure to, securities and interests in private equity funds, hedge funds, separately managed accounts, long only funds, mutual funds and other private investment vehicles. Mercury iFunds™ also invests in other financial instruments, secondaries and pre-IPOs, in addition to certain series which may be structured as TEFs.
Mercury iFunds™ is a proprietary technology platform that offers investors a comprehensive end-to-end investment solution. Qualified investors may subscribe to Mercury iFunds™ through its menu of electronic investments or directly with an underlying fund manager.
No. Mercury iFunds™ is restricted from making general solicitations and has imposed a firewall subjecting each prospective investor or their authorized representative to a pre-qualification process before being granted access to the platform.
Every investor must be both a QUALIFIED PURCHASER and an ACCREDITED INVESTOR in order to be approved.
Mercury iFunds™ provides exposure to 17 distinct verticals, including Private Equity, Real Estate, Hedge Funds, Infrastructure, Credit, Special Situations, Direct Investments, Pre-IPOs, Liquid Alts ’40 ACT Funds, Tax-Efficient Alternatives, Fund of One, Long Only, Secondaries, Venture Capital, Managed Futures, Distressed, and Emerging Markets.
Yes. Registered Investment Advisers that have authority to invest client assets may invest on behalf of those clients.
Yes. An investor (either as an individual or an entity) that has not been authorized by a Registered Investment Adviser must execute the Sign Up Page Information Form and attest to having at least $50 million in total investable assets. Upon receipt of this request Mercury Capital Access will initiate its diligence process regarding suitability, anti-money laundering (AML) and Know-Your-Customer (KYC), in order to establish a pre-existing, substantive relationship. You will be notified upon conclusion of these processes.
Any Mercury iFunds™ series permits subscribers to invest a minimum of $100,000 per each underlying fund manager which is generally less than the minimum required by the underlying manager. An investment may also be made directly with an underlying fund manager through Mercury if a subscriber meets the underlying fund manager’s suitability standards and invests the minimum amount required by the private fund.
Generally, there are no markups or investment advisory trailers for investments that meet or exceed, the minimum required by the underlying manager. Investments below the minimum required by the underlying manager which are made through a Mercury iFunds™ series will typically be charged 50 basis points management fee plus incremental administrative expenses targeted at 50 basis points, but Mercury cannot ensure that targeted expenses will be achieved. Mercury may also receive fees from investment advisers to separately managed accounts and likewise for transactions involving direct investments which are not in a fund format.
Consistent with institutional capital raising practices, Mercury Capital Advisors may be paid a placement fee. In such circumstances placement fees are always paid by the manager from their own fees and are not borne by the investor. Where Mercury Capital Advisors or any affiliated entity does not receive such placement compensation, additional fees may be imposed and will be fully disclosed.
An investment through Mercury iFunds™ allows investors to gain exposure to the underlying private funds for a minimum subscription amount that is less than that required by the underlying private fund for a direct investment. In addition, an investor subscribing to Mercury iFunds™ may select more than one investment manager to allocate its capital to using one subscription document.
Yes. For each separate individual or entity investor you can invest in multiple underlying funds using a single subscription document. A separate subscription document must be electronically executed for each investor, however.
Yes, both Mercury Capital Advisors and Mercury Capital Access perform due diligence on each private investment fund and manager offered on the Mercury iFunds™ Platform. The due diligence includes the completion of a separate and detailed due diligence questionnaire.
Mercury Capital Advisors determines which private investment funds will be onboarded to the Mercury iFunds™ Platform and Mercury Capital Access determines which of those private investment funds will be offered through Mercury iFunds™ in minimum subscriptions of $100,000.
There are several ways to track the performance of your investments. If you are able to meet the required minimum and therefore invest directly with a manager, you will receive reports directly from that private fund. If you invest in an underlying manager through Mercury iFunds™ you will either receive electronic reports directly from Conifer Financial Services, the Mercury iFunds™ administrator, or if you hold your investment in Mercury iFunds™ with a major custodian such as Schwab, Fidelity, TD Ameritrade, Pershing, and others, the performance of your investments will be reflected on your custody statement.
Yes. All subscription documents are protected by DocuSign, a digital transaction management company which meets and exceeds, the most stringent U.S. and global security standards. It is the only digital transaction management provider to be ISO 27001-certified and SSAE 16-certified, and internationally tested. All logins and passwords are 256-bit encrypted, ensuring bank-level security.
An investment in a Mercury iFunds™ series generally conforms with the notice period and liquidity terms of each underlying fund(s) albeit with a minimum QUARTERLY return of capital, unless otherwise noted. For example, an investment in an underlying private equity fund is governed by the liquidity requirements of that private equity fund. Alternatively, an investment in an underlying hedge will have a minimum quarterly redemption window provided by Mercury iFunds™ irrespective of the underlying hedge fund’s liquidity terms unless otherwise indicated in the Supplementary Memorandum for that fund.
Investment funds may be listed in more than one category on the Mercury iFunds™ Platform when they cross strategies and/or asset classes. For example, an opportunistic real estate fund with a 10-year lockup will be listed under both the private equity and real estate categories.
A TEF is a tax-efficient fund which has exposure to private funds through privately placed deferred variable annuity contracts purchased from insurance companies. TEFs provide for long-term deferral of federal and state income tax and may also have advantages for certain tax-exempt investors. Click here to learn more.
Yes. Mercury iFunds™ are approved for IRA investments through PENSCO Trust Company, the largest self-directed IRA custodian in the United States. You should consult your tax professional before investing an IRA into the Mercury iFunds™ Platform. Please see the next FAQ regarding UBTI and IRA investments.
Completed and signed Docusign forms are routed to Mercury iFundsTM for review. Upon approval the investor will be notified and may be asked to supply additional AML “Anti-Money Laundering” information. This completed document package is securely uploaded to our administrator, Conifer/SS&C. The investor will then be given Mercury iFunds wire instructions for every underlying manager Series chosen.
Once the wire has been received, Mercury will make the specified fund(s) investment at the next available investment period – typically the last 2 to 3 business days of the month, although this is dependent on the terms of each underlying fund. Investment confirmation will be sent to the investor by Conifer/SS&C by the 5th business day of the month.
UBTI applies to tax-exempt entities such as charities, pension plans, churches and universities, as well as IRAs. Congress is concerned about tax-exempt organizations operating or being invested in a business treated as a partnership for tax purposes without paying taxes on the income it generates. Therefore, UBTI rules were implemented, in part, in order to prevent tax-exempt entities from competing unfairly with taxable entities. Leverage on investments creates UBTI. The IRS considers IRAs to be tax-exempt entities established for the purpose of saving for retirement. If an IRA invests in an entity or vehicle treated as a partnership for tax purposes that undertakes certain activities or borrows, the income generated by those activities can potentially be subject to UBTI. You should consult with your tax professional before investing an IRA into the Mercury iFunds™ platform.
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