| 摘要 |
Computer systems and methods compute the value of an investment manager's incentive compensation. The investment fund that the manager provides management services to issues shares of service recipient stock comprising common class shares and restricted class shares. The common class shares participate fully in profits and losses, after expenses, of the investment fund, but the restricted class shares do not participate in profits and losses of the investment fund. The fund also issues fund alignment rights to the manager as the incentive compensation. At the close of a valuation period, a host computer system computes (i) the share NAV for the common class shares, (ii) the share NAV for the restricted class shares, (iii) the spread for the fund alignment rights, and (iv) the value of the fund alignment rights. A web server of the host computer system hosts a webpage, accessible to the investment fund via an electronic communication network that posts the computed values. |
| 主权项 |
1. A method comprising:
receiving, via an electronic data communications network, by a host computer system from an investment fund computer system, following a close of a valuation time period, fund growth data indicative of fund growth over the valuation time period by an investment fund associated with the investment fund computer system, wherein:
the investment fund is an eligible issuer of service recipient stock;prior to the close of the valuation time period, the investment fund issued shares of service recipient stock comprising common class shares and restricted class shares separately to investors in the investment fund, wherein each investor makes a contribution of a contribution amount to the investment fund;the common class shares participate fully in profits and losses, after expenses, of the investment fund;the restricted class shares do not participate in profits and losses, after expenses, of the investment fund; andat issuance of the common and restricted class shares to each investor, the value of the common and restricted class shares collectively equals the contribution amount for that investor; computing, by an application server of the host computer system, a share Net Asset Value (NAV) of for the common class shares and the restricted class shares issued by the investment fund to the investors, wherein:
the host computer system comprises a data store that stores data indicative of the number of common class shares and restricted class shares issued by the investment fund to the investors;the share NAV of the common class shares is computed based on the fund growth data; andthe share NAV of the restricted class shares is computed as the lesser of (a) the share NAV of the common class shares and (b) a maximum restricted class NAV; computing, by the application server of the host computer system, a spread for fund alignment rights issued to a manager of the investment fund as incentive compensation for managing the investment fund, wherein:
the manager is issued fund alignment rights that equal in number the number of restricted class shares issued by the investment fund to the investors;the fund alignment rights have an underlying stock that is a share of the common class shares, such that compensation payable to the manager upon exercise of a fund alignment right is not greater than an excess of a fair market value of a share of the common class shares on the date of exercise of the fund alignment right over a fair market value of a share of the common class shares on the date the fund alignment right was issued to the manager;each fund alignment rights has an adjustable strike price that is not less than the fair market value of a share of the common class share on the date the fund alignment right was issued to the manager;computing the spread per fund alignment right comprises computing a difference between the share NAV of the common class shares and a current value of the adjustable strike price for the fund alignment rights; andthe data store stores data indicative of the current value of the adjustable strike prices for the fund alignment rights; authenticating, by an authentication server of the host computer system, user access to the host computer system; and hosting, by a web server of the host computer system, a website accessible via the electronic data communications network by an authenticated user of the investment fund computer system, authenticated by the authentication server, wherein the website posts the share NAV of the common class shares and the spread per fund alignment right for each fund alignment right issued to the manager of the investment fund as incentive compensation. |
