Multiple schemes are operated by a fund, as shown in the chart below, and whether or not an audit is legally required will be different for each one.
|Principal Schemes||General Characteristics||Requirement for Statutory Audit||Examples of Investments|
|Investment Limited Partnerships (LPS)||Composed of unlimited liability partners and limited liability partners||◯||Venture Capital Contents Fund|
|Partnerships Based on the Civil Code||Partners all have unlimited liability (There are some cases of adjusted liability between partners)||–||Venture Capital|
|Silent Partnerships (TK)||By partnering with a limited company, which provides its investors with a high degree of anonymity, it becomes easy to get a bank loan||–||Fund Real Estate (beneficial interest)|
|Specified Purpose Companies (SPC)||There are limits on additional acquisition and disposal of assets for which multiple means of raising funds (investment, securities, and loans) exist.||○ (※)||Real EstateSecurities|
|Real Estate Investment Trust (REIT)||Minimum capitalization at which real estate holdings can be substituted is 100 million yen.||○||J-REIT|
|Offshore Funds (Cayman SPC’s etc.)||Conformity with the laws and regulations of that country||–||Stocks, Bonds, Real Estate, etc.|
※The only securities that may be issued are specified corporate bonds, and in the case where the total amount specified corporate bonds and loans for a specified purpose is less than 20 billion yen, a statutory fund audit is not required.