Ann: Launch of Bentham IMF US Investment Vehicle, page-24

I think the SPV will draw according to funding requirements up to $200m in the first 3 years, then it'll be closed until all cases mature. Being closed doesn't mean it can't make distributions before the last case resolves itself - the way these SPVs usually operate is that the SPV will have its own budget and financial management committee (namely, a few key IMF execs and a few key Fortress people), and IMF/Fortress will probably need to mutually agree to a capital and operational budget each year, and the SPV will distribute or draw funds according to that arrangement.

The SPV is not 50:100 - it is clear that it is a 75/25 JV respectively between Fortress and IMF, with initial commitments being $100m Fortress + $33.3m IMF, with each party having the right to contribute pro rata up to 50% more than initial commitments (i.e. Fortress can go up to $150m, and IMF up to $50m).

IMF owe it to stockholders to more fulsomely explain it at the 1HFY17 results. It's a big change of tack - they've effectively risked their entire US business, which is where they are clearly signalling they are going to invest the bulk of shareholders' capital, on a single capital partner (Fortress) and on a single structure, given the SPV has 3-year exclusivity. The analysts who cover the stock really should be demanding IMF management make available further detail about the SPV to clear up the confusion (but i've long held the view that equity analysts are completely useless, so i won't necessarily be holding my breath).