https://www.goreuben.com/assets/VehicleJurisdiction-BPYXW5X-.js

1import{a2 as g,a3 as v,r as w,j as e,S as y,v as x,H as b,L as n,aa as j,F as N}from"./index-CDK4FVI8.js";import k from"./NotFound-CxIRGo5E.js";const m=[{slug:"spv-management",label:"SPV Management",shortLabel:"SPV",positioning:"Single- and multi-asset special purpose vehicles for deal-by-deal investing, with structured deal terms, waterfall computation and investor portal in one operating layer."},{slug:"co-investment",label:"Co-Investment Vehicles",shortLabel:"Co-Investment",positioning:"LP co-invest coordination with allocation logic, side-letter tracking and reporting alongside the sponsor fund, without spreadsheet reconciliation."},{slug:"continuation-funds",label:"Continuation Funds",shortLabel:"Continuation Funds",positioning:"GP-led secondaries and continuation vehicles with rollover mechanics, LP election tracking and audit-ready governance across the transaction lifecycle."},{slug:"warehouse-vehicles",label:"Warehouse Vehicles",shortLabel:"Warehouse",positioning:"Pre-fund warehousing structures that hold assets ahead of a first close, with clean transfer mechanics and full audit trail into the mainline vehicle."},{slug:"separately-managed-accounts",label:"Separately Managed Accounts",shortLabel:"SMA",positioning:"Single-LP separately managed accounts with bespoke mandate parameters, dedicated reporting and side-letter-native operating workflows."},{slug:"feeder-funds",label:"Feeder Funds",shortLabel:"Feeder",positioning:"Feeder vehicles that channel non-domestic or tax-sensitive capital into a master fund, with allocation, tax and reporting flows kept consistent end to end."},{slug:"evergreen-funds",label:"Evergreen Funds",shortLabel:"Evergreen",positioning:"Open-ended evergreen vehicles with periodic subscriptions and redemptions, NAV computation and continuous investor reporting instead of a fixed lifecycle."}];m.map(i=>i.slug);function A(i){return m.find(d=>d.slug===i)??null}function q(i){const d=g[i];return d?{slug:i,...d}:null}const o={stage:"Governance and audit",work:"Approvals, conflicts, valuation policy and investor consents recorded as they happen rather than reconstructed at audit.",artifact:"Immutable decision log and evidence pack"},S={"spv-management":{directAnswer:"A special purpose vehicle holds one asset, or a small defined set of assets, on behalf of a specific group of investors. The sponsor raises against a named opportunity rather than a blind pool, and the vehicle is wound up when that asset is realised.",context:["SPVs multiply faster than any other structure in private markets, because each new deal can justify its own wrapper. A sponsor who ran four SPVs two years ago is commonly running twenty today, each with its own investor register, its own capital call schedule, its own waterfall and its own set of side letters. The structuring is rarely the hard part. The operating load is.","The failure mode is administrative, not legal. Registers drift out of step with the bank record, waterfall calculations live in one person's spreadsheet, and investor questions arrive faster than anyone can answer them from source. Reuben AI holds the deal terms, the register, the cash movements and the distribution logic in one place, so what an investor is told matches what the vehicle actually did."],operatingLoad:[{label:"Register integrity",detail:"One authoritative investor record per vehicle, with transfers, top-ups and re-allocations versioned rather than overwritten."},{label:"Capital calls and drawdowns",detail:"Call notices generated from committed amounts, with receipt reconciliation against the vehicle's own bank record."},{label:"Waterfall computation",detail:"Distribution logic modelled from the executed terms, so proceeds split the way the documents say they split."},{label:"Side letters",detail:"Bespoke terms tracked against the investors they bind, and applied automatically wherever those terms change an outcome."}],lifecycle:[{stage:"Deal identified",work:"Opportunity assessed and the case for a dedicated vehicle documented.",artifact:"Investment thesis and diligence record"},{stage:"Vehicle formed",work:"Terms, economics and investor eligibility captured as structured data, not prose in a folder.",artifact:"Structured term sheet"},{stage:"Raise and close",work:"Commitments collected, eligibility checked, register opened.",artifact:"Investor register"},{stage:"Hold",work:"Position monitored, valuations updated, investors kept current without ad hoc requests.",artifact:"Position and valuation history"},{stage:"Realisation",work:"Proceeds run through the waterfall and distributed against the register.",artifact:"Distribution statement"},o],distinction:[{versus:"Co-investment vehicles",slug:"co-investment",difference:"A co-invest vehicle sits alongside a main fund and follows its allocation policy. An SPV can exist with no main fund behind it at all."},{versus:"Warehouse vehicles",slug:"warehouse-vehicles",difference:"A warehouse holds an asset temporarily so it can be transferred into a fund later. An SPV is normally the permanent home for the asset."}],faqs:[{q:"How many SPVs can one team realistically run?",a:"The constraint is not formation, it is reconciliation. Teams stall when each vehicle needs its own spreadsheet. When the register, cash record and waterfall are computed from one source, adding a vehicle adds a record rather than a workflow."},{q:"Can Reuben AI report across every SPV at once?",a:"Yes. Positions, commitments and distributions roll up across every vehicle a manager runs, while each investor still sees only the vehicles they are in."},{q:"Does Reuben AI form the vehicle?",a:"No. Formation, local registration and tax structuring sit with counsel and the administrator. Reuben AI operates the vehicle once it exists."}]},"co-investment":{directAnswer:"A co-investment vehicle lets specific limited partners put additional capital directly into a deal the main fund is already doing. The sponsor coordinates allocation between the fund and the co-investors, and reports on both without letting the two records diverge.",context:["Co-invest is the most relationship-sensitive structure a sponsor runs. Allocation decisions are visible, they are remembered, and they set expectations for the next fund. An LP who was offered co-invest last time and not this time will ask why, and the answer needs to be defensible against a written policy rather than 

1improvised.","The operating difficulty is that the same underlying asset now sits in two places at once. Ownership, valuation and proceeds must stay consistent across the fund position and the co-invest position, through follow-on rounds, recapitalisations and partial exits. Reuben AI keeps a single asset record with multiple claims against it, so the two views cannot drift."],operatingLoad:[{label:"Allocation policy",detail:"The rule that decides who is offered what, applied consistently and evidenced per deal."},{label:"Dual reporting",detail:"Fund-level and co-invest-level reporting driven from the same asset record and the same valuation."},{label:"Side-letter rights",detail:"Priority, capacity and information rights tracked against the investors who negotiated them."},{label:"Follow-on mechanics",detail:"Later rounds diluting or accreting both claims in step, with the resulting ownership recomputed rather than re-typed."}],lifecycle:[{stage:"Deal sized",work:"Total cheque set, fund capacity determined, co-invest gap identified.",artifact:"Allocation memo"},{stage:"Offer",work:"Eligible investors approached in line with policy and with rights already granted.",artifact:"Allocation audit trail"},{stage:"Close",work:"Co-invest commitments recorded against the same asset the fund holds.",artifact:"Linked position record"},{stage:"Hold",work:"Single valuation feeding both the fund report and the co-invest report.",artifact:"Shared valuation history"},{stage:"Exit",work:"Proceeds split between fund and co-invest claims on the executed terms.",artifact:"Split distribution statement"},o],distinction:[{versus:"SPV management",slug:"spv-management",difference:"An SPV may be the wrapper used to hold the co-investment, but co-invest specifically describes capital running alongside a main fund under an allocation policy."},{versus:"Separately managed accounts",slug:"separately-managed-accounts",difference:"An SMA gives one investor a bespoke mandate across many assets. Co-invest gives several investors extra exposure to one asset."}],faqs:[{q:"How is allocation fairness evidenced?",a:"By recording the policy, the capacity available and the offers made for each deal, so the decision can be explained later from the record rather than from memory."},{q:"Do co-investors see the main fund's data?",a:"No. Access is scoped to the vehicle an investor is in. The shared asset record sits behind both views, but each investor sees only their own claim."},{q:"What happens on a follow-on round?",a:"Both the fund claim and the co-invest claim are recomputed from the new round terms, so ownership stays consistent across every downstream report."}]},"continuation-funds":{directAnswer:"A continuation fund moves one or more assets out of an existing fund into a new vehicle, so the sponsor can hold them longer. Existing investors elect to roll into the new vehicle or take liquidity, and new capital funds those who exit.",context:["Continuation transactions are the most governance-heavy structure in private markets, because the sponsor sits on both sides. The manager is selling an asset it also intends to keep managing, and the price it accepts determines the outcome for the investors it advises. Every step of that process needs to be documented as it happens.","Operationally, the hard part is the election. Each investor makes an individual choice under a deadline, and the resulting register on day one of the new vehicle is a function of hundreds of separate decisions. Reuben AI runs the election as structured data, so the rollover register, the cash-out schedule and the new vehicle's opening position are computed rather than assembled."],operatingLoad:[{label:"Election tracking",detail:"Roll, partial roll or cash out captured per investor, with deadlines, reminders and a complete audit trail."},{label:"Conflict record",detail:"Valuation basis, third-party inputs, committee approvals and investor consents recorded in sequence."},{label:"Opening register",detail:"The new vehicle's register generated directly from elections rather than rebuilt by hand."}

1,{label:"Continuity of history",detail:"Asset history carried across the transfer, so the position keeps its full valuation and event record."}],lifecycle:[{stage:"Rationale",work:"Case for continued ownership documented against the original hold thesis.",artifact:"Transaction rationale"},{stage:"Valuation",work:"Basis set, third-party inputs recorded, conflicts disclosed.",artifact:"Valuation evidence pack"},{stage:"Election",work:"Investors elect to roll or exit within the notice period.",artifact:"Election register"},{stage:"Transfer",work:"Asset and its history move into the new vehicle.",artifact:"Continuous position record"},{stage:"New hold",work:"Fresh terms operate on the same underlying asset record.",artifact:"New vehicle reporting"},o],distinction:[{versus:"Evergreen funds",slug:"evergreen-funds",difference:"An evergreen vehicle avoids the problem by never having a fixed end date. A continuation fund solves it after the fact, for a fund that does."},{versus:"Warehouse vehicles",slug:"warehouse-vehicles",difference:"A warehouse moves an asset into a fund before that fund exists. A continuation fund moves an asset out of a fund that is ending."}],faqs:[{q:"What evidence do LPs expect in a continuation transaction?",a:"A documented rationale, a valuation basis with its third-party inputs, disclosed conflicts, recorded approvals and a clean record of every investor election, all timestamped in sequence."},{q:"Does the asset lose its history in the transfer?",a:"It should not. Reuben AI keeps the underlying asset record continuous across the transfer, so valuations and events before the transaction stay attached to the position."},{q:"Can partial rollovers be handled?",a:"Yes. An investor rolling part of their interest and taking liquidity on the rest is recorded as a single election producing two outcomes."}]},"warehouse-vehicles":{directAnswer:"A warehouse vehicle holds an investment before the fund that will ultimately own it has closed. The sponsor secures the opportunity first, then transfers it into the fund once capital is in place, on terms agreed in advance.",context:["First-time managers use warehousing because good deals do not wait for a first close. The vehicle lets the sponsor act at the speed the opportunity requires and demonstrate a live portfolio to prospective investors, rather than asking them to fund a blind pool from a standing start.","The scrutiny falls on the transfer. Incoming investors will want to know the price the asset moves at, who funded the interim hold, what that funder receives, and whether the asset's condition changed while it sat outside the fund. Reuben AI records the warehouse period as part of the asset's permanent history, so the transfer is documented rather than described."],operatingLoad:[{label:"Interim funding record",detail:"Who provided the bridge capital, on what terms, and what they are owed at transfer."},{label:"Transfer basis",detail:"The price and the method used to set it, recorded with its inputs at the time."},{label:"Holding period events",detail:"Everything that happened to the asset while warehoused, attached to the same record the fund inherits."},{label:"Investor disclosure",detail:"A clear, evidenced account of the warehouse arrangement available to incoming investors during diligence."}],lifecycle:[{stage:"Opportunity secured",work:"Asset acquired ahead of the fund close.",artifact:"Acquisition record"},{stage:"Interim hold",work:"Position monitored and events recorded against the permanent asset record.",artifact:"Holding period log"},{stage:"Fund close",work:"Capital in place and transfer terms confirmed.",artifact:"Transfer agreement data"},{stage:"Transfer",work:"Asset and full history move into the fund.",artifact:"Continuous position record"},{stage:"Ongoing",work:"Asset reported as a normal fund position from transfer onward.",artifact:"Fund reporting"},o],distinction:[{versus:"SPV management",slug:"spv-management",difference:"An SPV usually holds an asset permanently. A warehouse exists specifically to hand the asset on."},{versus:"Continuation funds",slug:"continuation-funds",difference:"Warehousing happens at the start of a fund's life. A continuation transaction happens at the end of one."}],faqs:[{q:"What do LPs check on a warehoused asset?",a:"The transfer price and how it was set, who carried the interim risk and what they receive for it, and whether anything material changed during the holding period."},{q:"Does the fund inherit the warehouse period record?",a:"Yes, when the asset record 

1is continuous. Valuations, events and documents from the warehouse period stay attached to the position the fund receives."},{q:"Is warehousing only for first-time funds?",a:"No. Established managers warehouse between vintages, though the disclosure expectation is the same in both cases."}]},"separately-managed-accounts":{directAnswer:"A separately managed account is a single-investor mandate. One institution gives the manager capital under bespoke terms, and the assets are held for that investor alone rather than pooled with anyone else's.",context:["SMAs are how large allocators buy access without accepting standard fund terms. The investor sets its own exclusions, concentration limits, reporting cadence and often its own valuation and data requirements. Each mandate is effectively a bespoke product the manager must operate exactly as written.","The cost is duplication. Every SMA adds a distinct set of rules to apply and a distinct report to produce, and doing that manually is what caps how many mandates a firm can carry. Reuben AI holds mandate parameters as structured constraints, so eligibility, limits and reporting follow the mandate automatically instead of being remembered."],operatingLoad:[{label:"Mandate parameters",detail:"Exclusions, limits and eligibility rules held as data and checked against every candidate position."},{label:"Bespoke reporting",detail:"Reports produced in the investor's required format and cadence from the same underlying record."},{label:"Segregation",detail:"Assets, cash and performance kept distinct from pooled vehicles at every level of the record."},{label:"Breach detection",detail:"Limit and exclusion breaches surfaced as they occur rather than discovered at quarter end."}],lifecycle:[{stage:"Mandate agreed",work:"Terms, exclusions and limits captured as structured parameters.",artifact:"Mandate specification"},{stage:"Deployment",work:"Candidate positions tested against the mandate before commitment.",artifact:"Eligibility check record"},{stage:"Monitoring",work:"Limits evaluated continuously as positions and valuations move.",artifact:"Compliance history"},{stage:"Reporting",work:"Investor-specific reporting generated on the agreed cadence.",artifact:"Mandate report"},{stage:"Review",work:"Mandate performance assessed against its own terms, not a pooled benchmark.",artifact:"Mandate review pack"},o],distinction:[{versus:"Feeder funds",slug:"feeder-funds",difference:"A feeder routes an investor into a pooled master fund on the master's terms. An SMA holds assets for that investor alone on the investor's terms."},{versus:"Co-investment vehicles",slug:"co-investment",difference:"Co-invest is deal-specific and sits alongside a fund. An SMA is a standing mandate that spans many deals."}],faqs:[{q:"What makes SMAs expensive to run?",a:"Duplication. Each mandate has its own rules and its own report, so manual operation scales linearly with the number of mandates rather than staying flat."},{q:"Can mandate breaches be caught before reporting?",a:"Yes, when limits are held as structured constraints and evaluated as positions and valuations change, rather than checked in a periodic review."},{q:"Can one team run SMAs and pooled funds together?",a:"Yes. Both sit on the same operating layer, with segregation enforced at the record level and reporting driven separately."}]},"feeder-funds":{directAnswer:"A feeder fund pools capital from a particular group of investors and invests it into a single master fund. It exists so investors with different domicile, tax or regulatory requirements can access the same strategy through a wrapper suited to them.",context:["Master-feeder is the standard answer to cross-border fundraising. One investment programme is run in the master, while feeders exist wherever a class of investor needs a different wrapper to participate. The strategy is shared, the investor experience is local.","The reconciliation burden is the whole difficulty. Every allocation, every valuation and every distribution has to flow correctly from master to each feeder and then to each investor, and any inconsistency between the layers surfaces as an investor query or an audit finding. Reuben AI computes feeder-level positions from the master record, so the layers are derived from one source instead of maintained in parallel."],operatingLoad:[{label:"Master-to-feeder allocation",detail

1:"Each feeder's share of master positions and results derived from its participation, not restated manually."},{label:"Consistent valuation",detail:"One valuation event in the master flowing through to every feeder in the same period."},{label:"Distribution flow-through",detail:"Proceeds moving master to feeder to investor with the chain visible end to end."},{label:"Feeder-level reporting",detail:"Reports in the feeder's own currency and format, reconciling exactly to the master."}],lifecycle:[{stage:"Structure set",work:"Master defined and each feeder's participation basis recorded.",artifact:"Structure map"},{stage:"Subscription",work:"Investors subscribe into the feeder appropriate to them.",artifact:"Feeder register"},{stage:"Deployment",work:"Master invests; feeder claims derived from participation.",artifact:"Derived position record"},{stage:"Valuation",work:"Master valuation propagates to every feeder in one pass.",artifact:"Consistent NAV record"},{stage:"Distribution",work:"Proceeds flow master to feeder to investor on the executed terms.",artifact:"Flow-through statement"},o],distinction:[{versus:"Separately managed accounts",slug:"separately-managed-accounts",difference:"A feeder pools several investors into a shared strategy. An SMA serves one investor with a bespoke mandate."},{versus:"Evergreen funds",slug:"evergreen-funds",difference:"Feeder describes how capital reaches the strategy. Evergreen describes whether the strategy has a fixed end date. A feeder can be either."}],faqs:[{q:"Why use a feeder rather than admitting investors directly?",a:"Because domicile, tax status and regulatory eligibility differ by investor. A feeder gives each group a wrapper it can participate through while the strategy stays in one master."},{q:"How is drift between master and feeder avoided?",a:"By deriving feeder positions from the master record rather than maintaining a second set of books that must be reconciled."},{q:"Can feeders report in different currencies?",a:"Yes. Feeder reporting is produced in the feeder's own currency and format while reconciling to the master."}]},"evergreen-funds":{directAnswer:"An evergreen fund has no fixed end date. Investors subscribe and redeem at defined intervals rather than committing for a set term, and the manager holds assets for as long as the thesis holds rather than to a wind-up deadline.",context:["Evergreen structures remove the forced-exit problem, which is why they suit long-duration assets and continuing wealth pools. They replace it with a valuation problem. Because investors enter and leave at a computed net asset value, that figure is not a reporting output, it is a transaction price, and it must be defensible at every subscription and redemption point.","The operating discipline is periodicity. Valuation, subscription and redemption windows must line up exactly, queues must be applied consistently, and the value at which each investor transacted must be reconstructable years later. Reuben AI computes NAV from the underlying position record and keeps the full history, so every entry and exit price can be traced to the inputs that produced it."],operatingLoad:[{label:"Periodic NAV",detail:"Net asset value computed from positions and valuations on a fixed cycle, with inputs retained."},{label:"Subscription windows",detail:"New capital admitted at the window price, with allocation applied consistently across the queue."},{label:"Redemption handling",detail:"Redemption requests, gates and queues applied on documented rules rather than case by case."},{label:"Fairness between cohorts",detail:"Entry and exit priced so that continuing investors are not diluted by those transacting."}],lifecycle:[{stage:"Valuation cycle",work:"Positions valued on the defined cadence with inputs recorded.",artifact:"NAV computation record"},{stage:"Subscription",work:"New capital admitted at the window price and register updated.",artifact:"Subscription register"},{stage:"Deployment",work:"Capital deployed continuously rather than against a fixed investment period.",artifact:"Position record"},{stage:"Redemption",work:"Requests processed against gates and queues on the documented rules.",artifact:"Redemption record"},{stage:"Ongoing reporting",work:"Investors reported to continuously rather than to a wind-up schedule.",artifact:"Continuous investor reporting"},o],distinction:[{versus:"Continuation funds",slug:"continuation-funds",difference:"A continuation fund extends the life of assets in a closed-end structure. An evergreen fund never had a fixed life to extend."},{versus:"Feeder funds",slug:"feeder-funds",difference:"Evergreen describes the fund's duration. Feeder describes how capital routes into it. The two are independent choices."}],faqs:[{q:"Why is NAV harder in an evergreen fund?",a:"Because it is a transaction price. Investors subscribe and redeem at that figure, so it has to be defensible at every window, not only at year end."},{q:"How are redemptions kept fair?",a:"By applying documented gates and queue rules identically to every request, and by keeping the priced inputs so any past transaction can be reconstructed."},{q:"Do evergreen funds suit every strategy?",a:"No. They fit strategies where assets can be valued credibly on a regular cycle and where liquidity can be managed without forcing sales."}]}};function C(i){return S[i]??null}const P=()=>{const{vehicle:i="",jurisdiction:d=""}=v(),s=A(i),t=q(d),r=C(i),l=s&&t?`https://www.goreuben.com/vehicles/${s.slug}/${t.slug}`:"";if(w.useEffect(()=>{if(!s||!t)return;const a={"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":`${l}#page`,url:l,name:`${s.label} in ${t.countryName}`,description:`${s.positioning} ${t.frameworkNote}`,isPartOf:"https://www.goreuben.com/vehicles"},{"@type":"BreadcrumbList",itemListElement:[{"@type":"ListItem",position:1,name:"Home",item:"https://www.goreuben.com/"},{"@type":"ListItem",position:2,name:"Vehicles",item:"https://www.goreuben.com/vehicles"},{"@type":"ListItem",position:3,name:s.label,item:`https://www.goreuben.com/vehicles/${s.slug}`},{"@type":"ListItem",position:4,name:t.countryName,item:l}]},...r?[{"@type":"FAQPage","@id":`${l}#faq`,mainEntity:r.faqs.map(h=>

1({"@type":"Question",name:h.q,acceptedAnswer:{"@type":"Answer",text:h.a}}))}]:[]]},u=`vj-${s.slug}-${t.slug}`;let c=document.querySelector(`script[data-id="${u}"]`);return c||(c=document.createElement("script"),c.setAttribute("type","application/ld+json"),c.setAttribute("data-id",u),document.head.appendChild(c)),c.textContent=JSON.stringify(a),()=>{const h=document.querySelector(`script[data-id="${u}"]`);h&&h.remove()}},[s,t,l,r]),!s||!t)return e.jsx(k,{});const p=`${s.shortLabel} in ${t.countryName} | Reuben AI`.slice(0,60),f=`${s.label} for ${t.countryName} fund managers: regulator, framework, and how Reuben AI supports the workflow.`.slice(0,158);return e.jsxs(e.Fragment,{children:[e.jsx(y,{title:p,description:f,canonical:l}),e.jsx(x,{}),e.jsxs("div",{className:"min-h-screen bg-background",children:[e.jsx(b,{}),e.jsx("main",{className:"pt-24 pb-16",children:e.jsxs("div",{className:"container mx-auto px-4 sm:px-6 max-w-4xl",children:[e.jsxs("nav",{className:"mb-8 text-sm text-muted-foreground",children:[e.jsx(n,{to:"/",className:"hover:text-foreground transition-colors",children:"Home"}),e.jsx("span",{className:"mx-2",children:"/"}),e.jsx(n,{to:"/vehicles",className:"hover:text-foreground transition-colors",children:"Vehicles"}),e.jsx("span",{className:"mx-2",children:"/"}),e.jsx(n,{to:`/vehicles/${s.slug}`,className:"hover:text-foreground transition-colors",children:s.label}),e.jsx("span",{className:"mx-2",children:"/"}),e.jsx("span",{className:"text-foreground",children:t.countryName})]}),e.jsxs("h1",{className:"text-3xl sm:text-4xl md:text-5xl font-light tracking-tight mb-6",children:[s.label," in ",t.countryName]}),r&&e.jsx("p",{className:"text-lg text-foreground leading-relaxed mb-4",children:r.directAnswer}),e.jsx("p",{className:"text-lg text-muted-foreground leading-relaxed mb-4",children:s.positioning}),e.jsx("p",{className:"text-base text-muted-foreground leading-relaxed mb-10",children:t.frameworkNote}),r&&e.jsxs("section",{className:"mb-10 space-y-4",children:[e.jsxs("h2",{className:"text-xl font-medium",children:["How ",s.label.toLowerCase()," are actually run"]}),r.context.map(a=>e.jsx("p",{className:"text-base text-muted-foreground leading-relaxed",children:a},a.slice(0,32)))]}),e.jsxs("section",{className:"mb-10",children:[e.jsx("h2",{className:"text-xl font-medium mb-4",children:"Regulatory framework"}),e.jsxs("div",{className:"border border-border rounded-lg p-5 space-y-3 text-sm",children:[e.jsxs("div",{children:[e.jsx("span",{className:"text-muted-foreground",children:"Jurisdiction: "}),e.jsxs("span",{className:"text-foreground",children:[t.countryName," (",t.countryCode,") · ",t.currency]})]}),e.jsxs("div",{children:[e.jsx("span",{className:"text-muted-foreground",children:"Primary regulator: "}),e.jsx("a",{href:t.regulatorUrl,target:"_blank",rel:"noreferrer",className:"text-primary hover:underline underline-offset-2",children:t.regulator})]}),t.regulatorSecondary&&e.jsxs("div",{children:[e.jsx("span",{className:"text-muted-foreground",children:"Secondary regulator: "}),e.jsx("a",{href:t.regulatorSecondary.url,target:"_blank",rel:"noreferrer",className:"text-primary hover:underline underline-offset-2",children:t.regulatorSecondary.name})]}),e.jsxs("div",{children:[e.jsx("span",{className:"text-muted-foreground",children:"Common local fund structures: "}),e.jsx("span",{className:"text-foreground",children:t.fundStructures.join(", ")})]})]}),e.jsx("p",{className:"text-xs text-muted-foreground mt-3",children:"Local structuring, tax and regulatory advice is the responsibility of the fund's counsel and administrator. Reuben AI does not provide legal or tax advice."})]}),e.jsxs("section",{className:"mb-10",children:[e.jsxs("h2",{className:"text-xl font-medium mb-4",children:["How Reuben AI supports ",s.label," in ",t.countryName]}),e.jsxs("ul",{className:"space-y-2 text-sm text-muted-foreground",children:[e.jsx("li",{children:e.jsxs(n,{to:`/vehicles/${s.slug}`,className:"text-primary hover:underline underline-offset-2",children:[s.label," on the Reuben AI platform →"]})}),e.jsx("li",{children:e.jsxs(n,{to:`/markets/vc-funds/${t.slug}`,className:"text-primary hover:underline underline-offset-2",children:["Setting up VC funds in ",t.countryName," →"]})}),e.jsx("li",{children:e.jsxs(n,{to:`/markets/pe-funds/${t.slug}`,className:"text-primary hover:underline underline-offset-2",children:["Setting up PE funds in ",t.countryName," →"]})}),e.jsx("li",{children:e.jsx(n,{to:"/solutions/fund-governance",className:"text-primary hover:underline underline-offset-2",children:"Fund governance and audit trail →"})}),e.jsx("li",{children:e.jsx(n,{to:"/solutions/lp-reporting",className:"text-primary hover:underline underline-offset-2",children:"LP reporting across multiple vehicles →"})}),e.jsx("li",{children:e.jsx(n,{to:"/solutions/multi-entity-operations",className:"text-primary hover:underline underline-offset-2",children:"Multi-entity operations →"})})]})]}),r&&e.jsxs(e.Fragment,{children:[e.jsxs("section",{className:"mb-10",children:[e.jsx("h2",{className:"text-xl font-medium mb-4",children:"What the manager has to keep straight"}),e.jsx("div",{className:"space-y-4",children:r.operatingLoad.map(a=>e.jsxs("div",{className:"border-l-2 border-border pl-4",children:[e.jsx("p",{className:"text-sm font-medium text-foreground",children:a.label}),e.jsx("p",{className:"text-sm text-muted-foreground leading-relaxed",children:a.detail})]},a.label))})]}),e.jsxs("section",{className:"mb-10",children:[e.jsxs("h2",{className:"text-xl font-medium mb-4",children:["Lifecycle of a ",s.shortL

1abel.toLowerCase()," in ",t.countryName]}),e.jsx("div",{className:"overflow-x-auto border border-border rounded-lg",children:e.jsxs("table",{className:"w-full text-sm",children:[e.jsx("thead",{className:"bg-muted",children:e.jsxs("tr",{children:[e.jsx("th",{className:"text-left font-medium p-3",children:"Stage"}),e.jsx("th",{className:"text-left font-medium p-3",children:"Work"}),e.jsx("th",{className:"text-left font-medium p-3",children:"Record produced"})]})}),e.jsx("tbody",{children:r.lifecycle.map(a=>e.jsxs("tr",{className:"border-t border-border align-top",children:[e.jsx("td",{className:"p-3 text-foreground whitespace-nowrap",children:a.stage}),e.jsx("td",{className:"p-3 text-muted-foreground",children:a.work}),e.jsx("td",{className:"p-3 text-muted-foreground",children:a.artifact})]},a.stage))})]})}),e.jsxs("p",{className:"text-xs text-muted-foreground mt-3",children:["Stages describe the operating workflow. Statutory filings and local registration requirements are set by ",t.regulator," and the fund's counsel."]})]}),e.jsxs("section",{className:"mb-10",children:[e.jsx("h2",{className:"text-xl font-medium mb-4",children:"Often confused with"}),e.jsx("div",{className:"space-y-4",children:r.distinction.map(a=>e.jsxs("div",{children:[e.jsxs(n,{to:`/vehicles/${a.slug}/${t.slug}`,className:"text-sm font-medium text-primary hover:underline underline-offset-2",children:[a.versus," in ",t.countryName," →"]}),e.jsx("p",{className:"text-sm text-muted-foreground leading-relaxed mt-1",children:a.difference})]},a.slug))})]}),e.jsxs("section",{className:"mb-10",children:[e.jsx("h2",{className:"text-xl font-medium mb-4",children:"Common questions"}),e.jsx("div",{className:"space-y-5",children:r.faqs.map(a=>e.jsxs("div",{children:[e.jsx("h3",{className:"text-base font-medium text-foreground mb-1",children:a.q}),e.jsx("p",{className:"text-sm text-muted-foreground leading-relaxed",children:a.a})]},a.q))})]})]}),e.jsxs("section",{className:"mb-10",children:[e.jsx("h2",{className:"text-xl font-medium mb-4",children:"Primary sources"}),e.jsx("ul",{className:"space-y-2 text-sm",children:t.sources.map(a=>e.jsx("li",{children:e.jsxs("a",{href:a.url,target:"_blank",rel:"noreferrer",className:"text-primary hover:underline underline-offset-2",children:[a.label," →"]})},a.url))})]}),e.jsxs("div",{className:"pt-6 border-t border-border flex flex-wrap gap-4 text-sm",children:[e.jsx(n,{to:"/vehicles",className:"text-muted-foreground hover:text-foreground",children:"← All vehicles"}),e.jsx(n,{to:"/markets",className:"text-muted-foreground hover:text-foreground",children:"Markets & jurisdictions →"}),e.jsx(n,{to:"/coverage",className:"text-muted-foreground hover:text-foreground",children:"Full coverage →"})]})]})}),e.jsx(j,{}),e.jsx(N,{})]})]})};export{P as default};