private fund "private fund" means a mutual fund:- (a) whose securities are owned or held by:- (i) not more than fifty investors where the first time investment of each of such investors is not less than two hundred and fifty thousand ringgit or such other sum as may be prescribed by the Authority or the equivalent in any foreign currency; or (ii) any number of investors where the first-time investment of each of such investors is not less than five hundred thousand ringgit or such other sum as may be prescribed by the Authority or the equivalent in any foreign currency; or (b) which is designated as a private fund under regulations made under this Act; ACT 704 - LABUAN FINANCIAL SERVICES AND SECURITIES ACT 2010 2. Interpretation.
private fund "private fund" means a mutual fund- (a) whose shares are not offered to the general public and are owned or held by- (i) not more than one hundred investors where the first time investment of each of such investors is not less than one hundred thousand ringgit (or such other sum as may be prescribed) or the equivalent in any other currency; (ii) any number of investors where the first time investment of each of such investors is not less than five hundred thousand ringgit (or such other sum as may be prescribed) or the equivalent in any other currency; or (b) which is designated as a private fund under section 50; ACT 579 - LABUAN OFFSHORE SECURITIES INDUSTRY ACT 1998 2. Interpretation.