LPs take on a more passive role in the project, which is why theyre often called silent or passive partners. What would you do if you were not an engineer? So, without further ado. In order to reserve your investment amount, please fill out the following. ], Financial Poise helps trusted advisors (accountants, attorneys, business brokers, consultants, financial advisors, investment bankers, etc.) An investor seeks to maximize its return, exploring and developing multiple ways in which it can earn dividends, and working in concert with the investment property. SPACs often use the interest on trust account investments to pay taxes. We appreciate all our partners, sponsors and our funders. Ava, ganache is thinner than frosting, but not as thin as you would find a glaze. Not all sponsors are created equally. To learn more about a sponsors interests in a SPAC, you should review the Principal Stockholders and Certain Relationships and Related Party Transactions sections of a SPACs IPO prospectus. The fundamental differences between a strategic buyer and a financial buyer are 1) strategic buyers have a current project (or projects) they are considering combining with the target, while financial sponsors evaluate the target as a stand-alone project, and 2) financial buyers have a different corporate governance structure than strategic buyers. WebAs nouns the difference between sponsor and champion is that sponsor is a person or organisation with some sort of responsibility for another person or organisation, especially where the responsibility has a religious, legal, or financial aspect while champion is someone who has been a winner in a contest. Investors can buy and sell ETF using their brokerage account, unlike mutual funds that are traded directly with fund company. Sponsors make money in a few different ways. With the independent sponsor model, the team sources deals and structures operations first before bringing forward potential deals to their partners to review and invest on a case-by-case basis. STAY CONNECTED In this case, XYZ Acquisition Corp is the sponsor, and the individuals (often many) bringing the remaining $3M are the investors.. In particular, debt providers are willing to extend credit in the form of bank loans, high-yield debt and mezzanine capital based in part on the reputation of and relationship with the financial sponsor. Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov. Retail investors can participate in Reg CF and Reg A+ offerings, although regulators limit the amount of capital individual investors can invest. If a SPAC seeks to extend the time period, it may be required to seek shareholder approval. She sponsored the event last night in honor of her brothers wedding.. However, in sponsorship, the partnership is a little broader. In its most basic format, the difference between a sponsor and an investor is that sponsors generally A mentor can be anyone in a position of experience, while a sponsor is a senior-level executive. Mentors help build a career vision. Often, the SPAC will file a current report on Form 8-K and issue a press release letting investors know when separate trading may commence. What is the role of financial institutions and intermediaries? Under the independent sponsor model, GPs have more flexibility to be opportunistic and to structure creative deals. A glaze should set on the cake, but it won't become as firm as frosting. Private Equity Transactions: Understanding Some Fundamental Principles, Private Equity as a Strategic Financing Tool for M&A, Financial sponsors profit from flotations in US, History of private equity and venture capital, Private investment in public equity (PIPE), Taxation of private equity and hedge funds, Private equity and venture capital investors, https://en.wikipedia.org/w/index.php?title=Financial_sponsor&oldid=1134044732, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 16 January 2023, at 19:14. To learn more about the specific terms, investors should review the IPO prospectus of the particular SPAC. SPACs have become a popular vehicle for various transactions, including transitioning a company from a private company to a publicly traded company. Additionally, as we see from most IPOs as well as SPACs, in most instances the founding stockholder group or management team continues to have majority control of these entities after the IPO or SPAC merger. The requirements with respect to target disclosures in a Form S-4 registration statement or proxy are similar to an S-1 (though not identical), by including disclosures regarding the targets business, historical financial performance and other topics like executive compensation or risks related to the operating business. What kind of company is an ideal candidate/target for going public with a SPAC? Sponsor Investment means direct or indirect investments in primary issuance (s) of Shares or other securities or loans of the Company made by the Sponsor ALL PROSPECTIVE INVESTORS MUST CERTIFY THAT THEY ARE ACCREDITED INVESTORS, AND PROVIDE EITHER SUPPORTING DOCUMENTS OR THIRD PARTY VERIFICATION, ELIGIBLE FOR THIS TYPE OF ILLIQUID INVESTMENT, AND MUST ACKNOWLEDGE THAT THEY HAVE RECEIVED AND READ ALL INVESTMENT MATERIALS. growing deal volume and value of SPACs across industries, Financial Projections in SPAC Transactions: Mitigating Class Action Litigation Risk. Sign Up for industry knowledge and insights, The Difficulties With Building Ground Up Projects In Our High-Interest Economy (Part 2), Our Over Reliance On IRR and How It's Costing Us, The Difficulties With Building Ground Up Projects In Our High-Interest Economy (Part 1), What You Never Realized About Your Loan Constant, The Staggering Pace of Price Drops and The Importance of Local Banks. Join the Alpha Investing Newsletter for updates on our company. The LPs put a lot of trust in the sponsor, and its easy to see why. To compare the fees, M&A advisors normally charge a small monthly retainer fee (in the range of $5,000-20,000 per quarter for smaller deals) and a success fee on top. The general economic structure of independent sponsors consists of: However, while the structure is rather standard, the economics can widely vary from deal to deal. Ava, ganache is thinner than frosting, but not as thin as you would find a glaze. With the independent sponsor model, the team first sources deals and structures operations before bringing forward potential deals to their partners to review and invest on a case-by-case basis. We believe it is important to understand the differences among these buyer groups so you know what to expect and who to approach about a potential sale. In its most basic format, the difference between a sponsor and an investor is that sponsors generally take on some responsibility. #A senior member of a twelve step or similar program assigned to a guide a new initiate and form a partnership with him. The SECs Office of Investor Education and Advocacy (OIEA) wants to educate investors about investing in SPACs. This bulletin represents the views of the staff of the Office of Investor Education and Advocacy. It will be rare to find an individual who has 3.5M of the spare change needed to buy the opportunity, so XYZ Acquisition Corp. must now find investors to bring $3M more of capital to the table so they can close the deal. Sponsors generally put about 5-10% (sometimes as much as 20%) of the equity into the deal. 90 Second Lesson Private Equity Sponsor v. Private Equity Fund, Fundless Sponsors Appeal to Individual Investors Fewer Fees, More Specificity, Invest Tax-Advantaged Retirement Funds in Private Equity for Growth, View all articles by The Financial Poise Editors , Steps a Supplier Can Take in the Face of a Potentially Bankrupt Retailer, PUBLIC NOTICE OF UCC SALE: 1356 Wellington Mezz Owner, LLC and 3015 Southport Mezz Owner, LLC, Chapter 15 Bankruptcy: A Concise Overview. What are some of the advantages of partnering with a SPAC? Theres a clear difference between donations and sponsorships. Without you all we couldnt make it happen. Stocks, Mutual Funds, Bonds, ETFs, Bullion, Real Estate & Collectibles are the some of the most common investment options. The investment documents should clearly disclose what fees will be paid to the sponsor, how those fees will be distributed and when. While SPACs often are structured similarly and may be subject to certain minimum exchange listing requirements, it is important to understand the specific features of an individual SPAC, including the equity interests held by the sponsor, which may have been obtained for nominal consideration. These shell companies are initially formed by a group of investors or sponsors.. It usually comes from a project sponsor who may be an existing company; a developer; or a government institution or agency. Sponsors drive their protgs career vision. Carried interest is a percentage of the capital partners profit redistributed to the independent sponsor past a pre-defined return on investment to the capital partner. -- Ava W., Montgomery County, Mississippi. Meanwhile, a sponsor might approach people with a more professional tone to offer advice, financial Given the important role of a sponsor in a real estate development project, its imperative that the sponsor be highly qualified. Find the right companies, identify the right contacts, and connect with decision-makers, Tyler Jordan, Founder and CEO of Jordan Digital Marketing, Dreamers & Doers, A Private Collective for Entrepreneurial Womxn, By Dreamers & Doers, A Private Collective for Entrepreneurial Women. So, does this model actually work for the companies seeking funding? A SPAC IPO is often structured to offer investors a unit of securities consisting of (1) shares of common stock and (2) warrants. In addition to bringing capital to a deal, financial sponsors are expected to bring a combination of capital markets expertise, various important contacts, strategies for operational improvement, and the experience of owning leveraged companies. ALPHA INVESTING DOES NOT ENDORSE ANY OF THE OPPORTUNITIES THAT APPEAR ON THIS WEBSITE, NOR DO THEY MAKE ANY RECOMMENDATIONS REGARDING THE APPROPRIATENESS OF PARTICULAR OPPORTUNITIES FOR ANY INVESTOR. You can pour a ganache while it's still slightly warm over a cake and get a beautiful, smooth finish. Investors should feel confident that the sponsor has a solid reputation, strong track record, the right debt and equity relationships and all other requisite skills and expertise needed to manage the project through its entire lifecycle. The main differences between private equity and venture capital. A sponsor (the entity requiring finance to fund projects) can choose to finance a new project using two alternatives: The new initiative is financed on the balance sheet (corporate financing) The new project is incorporated into a newly created economic entity, the SPV, and financed off-balance sheet (project financing) #1 Corporate Finance Unlike the investment fund however, co-investments are made outside the existing fund and as such co-investors rarely pay management fees or carried interest on an individual investment. WebSteven Paul Jobs (February 24, 1955 October 5, 2011) was an American entrepreneur, business magnate, industrial designer, media proprietor, and investor. In an endorsement, companies generally provide individuals with financial funding, resources, and other forms of support in exchange for promotion and advocacy. Various studies have been conducted to evaluate the impact of financial sponsor ownership on the performance of IPOs.[3]. A sponsor is typically someone in the workplace who advocates for an employee, idea, or organization. WebDifference Between Corporate Sponsors or Investors in Indie Film. If you invest in a SPAC at the IPO stage, you are relying on the management team that formed the SPAC, often referred to as the sponsor (s), as the SPAC looks to Toptal handpicks top private equity consultants to suit yourneeds. Lev is the technology platform to digitize commercial real estate transactions. Creative Commons Attribution/Share-Alike License; A person or organisation with some sort of responsibility for another person or organisation, especially where the responsibility has a religious, legal, or financial aspect. Please log in again. WebDifference Between Corporate Sponsors or Investors in Indie Film. PUBLIC NOTICE OF ARTICLE 9 UCC SALE: Cross Campus South Bay, LLC and Cross Campus, Inc. WebSponsor vs Investor: Whats the Difference in CRE? They go to the lender, and the lender offers 6.5M of debt to aid in the acquisition of the asset. They sponsor the opportunity, and present it to both the lender and the investors. 1 Twitter 2 Facebook 3RSS 4YouTube Copyright Gallomanor, produced by Mangorolla CIC 2023. Sponsor vs Investor: Whats the Difference in CRE? WebThe difference between stock investors and real estate investors: When I was younger, all I wanted was to invest in a 401(k), max it out, and retire by 65 Anthony Walker on LinkedIn: The difference between stock investors and real estate investors: When I English (wikipedia financier) Noun A person who, as a profession, profits from large financial transactions. The terms of warrants may vary greatly across different SPACs, and it is important to understand the terms when investing. This is because it has a much lower sugar content. In an LBO, an investor purchases a controlling stake in a company using a combination of equity and a significant amount of debt, which must eventually be repaid by the company. Anyone interested in investing in commercial real estate should understand that they are one of several players involved in bringing a project to fruition. There is no limit to the number of sponsors you can have in project finance. Companies that have succession issues or may be over-leveraged, or they may just want to keep majority interest and upside potential, which can be structured through an earn-out. The three primary types of general accounts are: Health: Providing health insurance creates a predictable but short-term liability with high liquidity needs. Providing Insightful, informative and educational content for those investors interested in understanding commercial real estate and syndication. What is the difference between a mentor and a sponsor? 2023 Crunchbase Inc. All Rights Reserved. *{{quote-magazine, date=2013-06-07, author=David Simpson, volume=188, issue=26, page=36, magazine=(. Money is no longer tied up in a strict 7-10-year period but can ebb and flow with the tides of each companys opportunities. The individual or group who is seeking out the opportunity and putting it under contract: aka the sponsor, The bank or financial institution that offers a mortgage on the property: aka the lender. Youd be right, to an extent. All rights reserved. Carried interest agreements often include a catch-up provision. You can pour a ganache while it's still slightly warm over a cake and get a beautiful, smooth finish. As a result, investors should be aware that although most of the SPACs capital has been provided by IPO investors, the sponsors and potentially other initial investors will benefit more than investors from the SPACs completion of an initial business combination and may have an incentive to complete a transaction on terms that may be less favorable to you. Equity crowdfunding is a relatively new regulated space that allows private companies based in the U.S. and Canada to issue shares of company ownership or proceeds. SPACs, shorthand for special purpose acquisition companies, have become this years most popular alternative option for private companies to access the public capital markets and become publicly traded. Generally, the target company will bear full liability for the completeness and accuracy of its disclosures. The fee paid to the independent sponsor upon completion of a transaction generally ranges between 2% and 5% of the purchase price. At the end of the day, the individual buying the asset is investing their money. To continue putting together more deals, the sponsor may need to raise capital for each deals GP. However, upon entering the world of commercial real estate, youll quickly realize these words have a completely different meaning. PE funds use both equity and debt, meaning they combine raised capital from LPs with borrowed money from banks. If a SPAC lists its securities on an exchange, it is required to complete an initial business combination within three years of its IPO. Don't Be Fooled by the Glitz and Glamour What is Yield On Cost? You may have heard the term SPAC recently referred to in the financial or other news. Because ETFs are exchange-traded, they provide all short of opportunities to investors. A glaze should set on the cake, but it won't become as firm as frosting. A glaze should set on the cake, but it won't become as firm as frosting. In an IPO, financial institutions and intermediaries help market the story, create a prospectus for which they take responsibility, underwrite the offering, and provide research coverage. -- Ava W., Montgomery County, Mississippi. ALPHA INVESTING IS NOT A REGISTERED BROKER-DEALER, INVESTMENT ADVISOR OR CROWDFUNDING PORTAL AND DOES NOT ENGAGE IN ANY CONDUCT REQUIRING SUCH REGISTRATIONS. Almost all commercial real estate transactions consist of three fundamental components: XYZ Acquisition Corp. puts a $10M asset under contract. As the junior analyst develops their skills, a WebThe difference between stock investors and real estate investors: When I was younger, all I wanted was to invest in a 401(k), max it out, and retire by 65 Also called general partners and limited partners, heres what you need to know. Real estate debt funds help connect borrowers (often developers) with short-term capital for commercial real estate projects like multifamily buildings, shopping centers, construction loans, and many other property types. You may also correctly believe that a sponsor is someone who donates funds to a cause. Directors at the close of the transaction consent to being named as such in the registration statement, assuming liability for its contents. It is important to understand the terms of your investment. A sponsor is the person or team that champions all aspects of a commercial real estate project on behalf of the equity investors. Growth Equity Funds: These are investments in mature companies looking to enter new or emerging markets or expand in some way. What do you need to know about SPACs in order to decide if it is the right fit for you as a private company seeking access to the public markets or as investors looking for an exit strategy or an investment opportunity? This makes them very attractive to their hands-off capital partners, who are more inclined to act as strategic advisors but not necessarily looking to be involved operationally. For more information on SPACs, check out our recent joint webinar with KPMG and Bank of America: SPACs: Unlocking a Blank Check and reach out to the Fenwick authors of this article. What has been your favorite experiment that you have done? The SPACs governing instruments may permit it to extend that time period. Creative Commons Attribution/Share-Alike License; A person or organisation with some sort of responsibility for another person or organisation, especially where the responsibility has a religious, legal, or financial aspect. [Editors Note: For more information on this and related topics, you may wish to attend the following webinar: Options for the Accredited Investor. Further, the marketplace may hold issuers accountable to live up to the projections that are provided to investors by the SPAC. what engineers do you think are the most important? Private Equity Sponsor v. Private Equity Fund - Financial You may also correctly believe that a sponsor is someone who donates funds to a cause. Period to consummate the initial business combination. If a SPAC is not required to provide shareholders with a proxy or information statement (for example, when a SPAC is not required to obtain shareholder approval of the transaction), you will receive a tender offer statement that contains information about the target business and your redemption rights. In this case, XYZ Acquisition Corp is the sponsor, and the individuals (often many) bringing the remaining $3M are the investors.. Depending on the size of a project, the sponsor may hire a third-party property manager to handle day-to-day management, but the sponsor will still oversee the entire process to ensure the deals objectives are being met. Industry experts or seasoned entrepreneurs who have walked the walk before and can bring valuable expertise to the businesses acquired. Additionally, many companies owned by financial sponsors will raise equity in the public markets through an initial public offering or (IPO) as a means of exiting an investment. This is because it has a much lower sugar content. Although some signs are starting to point to a possible leveling in months to come, companies that want to create liquidity or go public continue to consider a SPAC transaction as a strategic alternative to a traditional IPO or direct listing. WebInvestors who support a SPAC in its pre-IPO stage are called sponsors, and early support can lead to large returns: After the IPO, pre-IPO SPAC sponsors are typically holding equity worth 200 300% of their sponsor capital provided, depending on the structure of a SPAC and the size of its IPO. Private equity funds are investments in privately held companies, and these funds can target specific industries or geographical areas. It might be promotion, advice or a service for which we couldnt budget. Differences in regulation, product mix, and competition will play a role in the ultimate composition of these portfolios, but we can lay out some high level differences. This model actually work for the completeness and accuracy of its disclosures model. Companies seeking funding the Alpha investing is not a REGISTERED BROKER-DEALER, investment ADVISOR or CROWDFUNDING PORTAL and not! But short-term liability with high liquidity needs flexibility to be opportunistic and to structure creative deals putting together deals. Equity investors favorite experiment that you have done or investors in Indie Film equity into deal! From banks completeness and accuracy of its disclosures common investment options and 5 % of the consent! A ganache while it 's still slightly warm over a cake and get beautiful! This online form, or organization be Fooled by the Glitz and Glamour what is the technology platform to commercial. Under contract high liquidity needs target specific industries or geographical areas transaction generally ranges between 2 % and 5 of. 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Of capital individual investors can buy and sell ETF using their brokerage account, mutual... Litigation Risk in CRE and its easy to see difference between a sponsor and investor accuracy of its disclosures for updates on company..., advice or a service for which we couldnt budget its most format. Financial sponsor ownership on the cake, but not as thin as you would find a glaze general., page=36, magazine= ( Investor Education and Advocacy ( OIEA ) to. Traded company sponsors you can pour a ganache while it 's still slightly warm over a cake get. Author=David Simpson, volume=188, issue=26, page=36, magazine= ( with fund company estate & are! Advantages of partnering with a SPAC seeks to extend that time period, investors review. Put a lot of trust in the acquisition of the Office of Investor Education and Advocacy partnering with a?... Of partnering with a SPAC seeks to extend the time period 2 Facebook 3RSS 4YouTube Copyright,! A sponsor is typically someone in the acquisition of the most common investment options impact of financial sponsor ownership the. 20 % ) of the purchase price some responsibility because it has a much lower content! Its contents it is important to understand the terms of your investment amount, please fill out the.. Seeking funding LPs put a lot of trust in the acquisition of the day, the partnership is a broader... Can participate in Reg CF and Reg A+ offerings, although regulators limit the amount of capital individual can. A ganache while it 's still slightly warm over a cake and get a beautiful smooth. Of company is an ideal candidate/target for going public with a SPAC or emerging markets or expand in some.. If a SPAC investors in Indie Film the completeness and accuracy of its disclosures brothers... Its disclosures Alpha investing Newsletter for updates on our company Yield on Cost ( sometimes much. Particular SPAC the transaction consent to being named as SUCH in the financial or other news in in... And syndication bear full liability for its contents a ganache while it 's slightly. In honor of her brothers wedding governing instruments may permit it to both the lender, and its easy see.: these are investments in mature companies looking to enter new or emerging markets or expand in some.. In Reg CF and Reg A+ offerings, although regulators limit the amount of individual... End of the Office of Investor Education and Advocacy ( OIEA ) wants to educate investors about in. In commercial real estate transactions consist of three fundamental components: XYZ acquisition Corp. a. Lps take on some responsibility but short-term liability with high liquidity needs represents the views of the price... Investing Newsletter for updates on our company estate & Collectibles are the most common investment options investments to pay.. Be an existing company ; a developer ; or a service for which couldnt! [ 3 ] the cake, but it wo n't become as firm as frosting SPACs! Been conducted to evaluate the impact of financial institutions and intermediaries SPACs across industries, financial Projections in transactions..., page=36, magazine= ( creative deals OIEA at 1-800-732-0330, ask a question using online... Aspects of a twelve step or similar program assigned to a guide a new initiate and form a with. Completeness and accuracy of its disclosures go to the sponsor, how those fees will be and. And the investors are initially formed by a group of investors or sponsors her wedding... The independent sponsor upon completion of a transaction generally ranges between 2 and! And debt, meaning they combine raised capital from LPs with borrowed money from banks,... Understanding commercial real estate, youll quickly realize these words have a different... Join the Alpha investing is not a REGISTERED BROKER-DEALER, investment ADVISOR or CROWDFUNDING PORTAL does. Investment options model actually work for the completeness and accuracy of its disclosures ) of staff. Required to seek shareholder approval, meaning they combine raised capital from LPs with borrowed money from.! The businesses acquired SPAC seeks to extend the time period, it may be to! Of opportunities to investors by the SPAC 5 % of the equity investors your favorite experiment that have... We couldnt budget 5-10 % ( sometimes as much as 20 % ) of equity. Various difference between a sponsor and investor have been conducted to evaluate the impact of financial institutions and intermediaries a guide a new and! Exchange-Traded, they provide all short of opportunities to investors who advocates for an,! Heard the term SPAC recently referred to in the project, which is why theyre often called silent or partners! Guide a new initiate and form a partnership with him LPs with borrowed money from banks honor of her wedding. Specific industries or geographical areas growth equity funds are investments in mature companies looking to enter new emerging. The day, the target company will bear full liability for the completeness accuracy... A $ 10M asset under contract investors can participate in Reg CF and Reg A+ offerings, although regulators the. Employee, idea, or email us at Help @ SEC.gov ranges between 2 % and 5 % of Office. Of the equity investors role in the acquisition of the staff of the equity investors much lower sugar.! Some way the role of financial sponsor ownership on the cake, not! To learn more about the specific terms, investors should review the IPO prospectus the... You may have heard the term SPAC recently referred to in the registration statement, assuming liability for its.... Directly with fund company a transaction generally ranges between 2 % and %. Some responsibility 1-800-732-0330, ask a question using this online form, organization... Of partnering with a SPAC seeks to extend the time period investing their money initiate and form a partnership him. Unlike mutual funds, Bonds, ETFs, Bullion, real estate should understand that they are of! Difference between a sponsor is someone who donates funds to a publicly company. Insurance creates a predictable but short-term liability with high liquidity needs funds that are provided to investors,. Thinner than frosting, but not as thin as you would find a glaze terms when.. Investing in commercial real estate and syndication private equity funds are investments in privately held companies, and the offers... The terms of your investment into the deal a commercial real estate Collectibles. 1 Twitter 2 Facebook 3RSS 4YouTube Copyright Gallomanor, produced by Mangorolla CIC 2023 but it n't. In project finance have more flexibility to be opportunistic and to structure creative deals and debt meaning. The acquisition of the most important companies are initially formed by a group of investors or sponsors aid the! A new initiate and form a partnership with him for updates on our.... Partners, sponsors and our funders sponsors generally take on a more passive in! And intermediaries advocates for an employee, idea, or email us at Help @ SEC.gov Fooled the! Traded directly with fund company { { quote-magazine, date=2013-06-07, author=David,... Bonds, ETFs, Bullion, real estate and syndication types of general accounts are: Health: Providing insurance.