Last Updated: November 25, 2019
No Offer or Advice
You acknowledge that the content of this website “the site” is for general, informational purposes only and is not intended to constitute an offer to sell or buy any securities or other assets or promise to undertake or solicit business and may not be relied upon in connection with any offer or sale of securities or other assets. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Quad-C Management, Inc. (“Quad-C,” “the Adviser,” or “we”) makes no representations that any information provided via the site is accurate, current or complete. You are solely responsible for evaluating the risks and merits regarding the use of the site and any services provided herein.
We are not utilizing the site to provide investment or other advice, and nothing on the site is to be deemed a recommendation that you buy, sell or hold any security or other investment or that you pursue any investment style or strategy. If you would like investment, accounting, tax or legal advice, you should consult with your own advisors with respect to your individual circumstances and needs.
The information contained on, or comments expressed on, the site may include certain prior indications of past investment performance. In considering such prior performance information, you should bear in mind that past performance is not indicative of future results, and no representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. Past or targeted portfolio company characteristics may not be indicative of future portfolio company characteristics. With respect to statements made herein that state or imply Quad-C’s potential value additions or creations to a portfolio company, there can be no assurance that any such value addition or creation will ultimately be achieved as planned.
Forward Looking Statements
The contents of the site may contain forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates, and projections about the financial industry, the economy, or Quad-C’s investments. “Forward-looking statements” can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Furthermore, Quad-C undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
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The information, materials and other content of the Site may not be copied, displayed, distributed, licensed, modified, published, reposted, reproduced, reused, sold, transmitted, used to create a derivative work or otherwise used for public or commercial purposes without the express written consent of Adviser.
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BY USING THE SITE, YOU ACKNOWLEDGE: (1) THAT YOUR USE OF THE SITE IS AT YOUR SOLE RISK; (2) THAT YOU ASSUME FULL RESPONSIBILITY FOR ALL COSTS ASSOCIATED WITH YOUR USE OF THE SITE; AND (3) THAT ADVISER SHALL NOT BE LIABLE FOR ANY DAMAGES, LOSSES OR LIABILITIES OF ANY KIND RELATED TO YOUR USE OF OR INABILITY TO USE THE SITE, INCLUDING WITHOUT LIMITATION, DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, COMPENSATORY OR CONSEQUENTIAL DAMAGES, LOST PROFITS AND/OR LOSS OF OR DAMAGE TO PROPERTY WHETHER THE ALLEGED LIABILITY IS BASED ON CONTRACT, TORT, NEGLIGENCE STRICT LIABILITY, OR ANY OTHER BASIS, EVEN IF ADVISER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL ADVISER BE LIABLE FOR ANY DAMAGES, LOSSES OR LIABILITIES, IN CONNECTION WITH YOUR RELIANCE ON OR USE OR INABILITY TO USE THE INFORMATION, MATERIALS, PRODUCTS OR SERVICES ON THE SITE, OR IN CONNECTION WITH ANY FAILURE OF PERFORMANCE, ERROR, OMMISSION, INTERRUPTION, DEFECT OR DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, LINE OR SYSTEM FAILURE OR OTHER COMPUTER MALFUNCION EVEN IF ADVISER IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES, OR EXPENSES. NEITHER ADVISER NOR ANY PARTY INVOLVED IN CREATING, PRODUCING OR DELIVERING THE SITE SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING WITHOUT LIMITATION, DIRECT, INCIDENTAL, CONSEQUENTIAL, INDIRECT OR PUNITIVE DAMAGES ARISING OUT OF ACCESS TO, USE OF OR INABILITY TO USE THE SITE, OR ANY ERRORS OR OMISSION IN THE CONTENT THEREOF. THIS LIMITATION INCLUDES DAMAGES TO, OR FOR ANY VIRUSES THAT INFECT YOUR COMPUTER EQUIPMENT. ADVISER RESERVES THE RIGHT TO ALTER OR REMOVE THE CONTENT OF THE SITE OR SUSPEND OR TERMINATE YOUR USE IN ANY WAY, AT ANY TIME, FOR ANY REASON, WITHOUT PRIOR NOTIFICATION, AND WILL NOT BE LIABLE IN ANY WAY FOR POSSIBLE CONSEQUENCES OF SUCH CHANGES.
Select Portfolio Investments
The site includes a list of select Quad-C portfolio investments, which are provided as examples of Quad-C’s investment capabilities for the benefit of management teams or other parties interested in partnering with Quad-C. No assumptions should be made that these investments were or will be profitable. Past performance should not be relied upon as an indication of future results. Past or targeted portfolio company characteristics may not be indicative of future portfolio company characteristics. With respect to statements made herein that state or imply Quad-C’s potential value additions or creations to a portfolio company, there can be no assurance that any such value addition or creation will ultimately be achieved as planned.
Source of Information
Certain information contained in the site may have been obtained from published and nonpublished sources, including from companies in which the Adviser funds may have invested. Such information may not have been, and in many cases, has not been, independently verified, and the Adviser does not assume responsibility for the accuracy of such information. Certain information contained herein has been obtained from published sources and/or prepared by third-parties and in certain cases has not been updated through the date hereof. All information contained herein is subject to revision and the information set forth herein does not purport to be complete.
Modifications to Content
We may, at our discretion, modify or discontinue any of the content of this site, or any portion thereof, with or without notice.
Links from Other Websites
The site may contain links to, or may be linked from, other sites that are not maintained by us and to which we have not provided permission. We do not endorse, have any responsibility for, or make any representations about, any other sites, including their products and services, content, communications and website use policies. Adviser has neither reviewed the contents of these third-party websites nor does Adviser claim any responsibility for the content or suitability of these third-party websites and Adviser makes no express or implied warranty about the accuracy, copyright compliance, legality, merchantability or any other aspect of the content of such links. The use of third party websites is entirely at your own risk. We expressly disclaim any responsibility for your access to or use of such other sites. By accessing these links, you acknowledge that such other sites or locations are not under the control of Adviser and you agree that Adviser shall not be responsible for any information or additional links found at such site or location, or for your use of such information.
Governing Law; Dispute Resolution
You agree that your use of this site and any disputes relating to any of them shall be governed in all respects by the laws of the Commonwealth of Virginia, without giving effect to its conflict of laws principles. The failure of Adviser to act with respect to a breach of these Terms by you or others does not constitute a waiver and will not limit Adviser’s rights with respect to such breach or any subsequent breaches.
Law Applicable Based on User Location
We control and operate the site from our offices in the United States of America and any access or use of the site by you will be deemed to be at our offices in the United States. We do not represent that the site is appropriate or available for use in other locations. Persons who choose to access the site from locations outside of the United States of America do so on their own initiative, and are responsible for compliance with local laws, if and to the extent local laws are applicable.
If any provision of these terms shall be deemed unlawful, void or for any reason unenforceable, then that provision shall be deemed severable from these terms and shall not affect the validity and enforceability of any remaining provisions. The preceding terms and conditions represent the entire agreement between Adviser, on the one hand, and you, on the other, relating to the subject matter hereof.
Last Updated: April 28, 2020
Federal, State and Local as well as Global requirements mandate that certain financial institutions, including registered investment advisers, provide notice to customers about their privacy policies, establish conditions under which they may disclose non-public personal information about consumers to unaffiliated third parties and restrict their ability to use consumer information received from affiliates for marketing. Quad-C (the “Firm”) is committed to (i) safekeeping personal information collected from potential, current and former investors and (ii) safeguarding against the unauthorized acquisition or use of unencrypted data or encrypted electronic data regarding each investor.
To this end, we implement, maintain, review and revise, as necessary, a comprehensive information security program. The primary objectives are to identify and assess any and all reasonably foreseeable internal and external risks to the security, confidentiality and integrity of any electronic, paper or other records containing personal information, and to evaluate and improve, where necessary, the effectiveness of current safeguards for limiting such risks.
To this end, Quad-C:
The Firm's Chief Compliance Officer reviews all contractual relationships with third party service providers engaged by Quad-C to ensure adequate protections are in place with respect to the safeguarding of personal information.
Quad-C collects and keeps only such information that is necessary for it to provide the services requested by its investors and to administer its investors’ business with Quad-C. For instance, Quad-C may collect nonpublic personal information (such as name, address, social security number, source of funds) from investors when they complete a subscription or other form. Quad-C may also collect nonpublic personal information from investors or potential investors as a result of transactions with Quad-C, its affiliates, its investors or others.
Quad-C only shares the nonpublic personal information of its investors with unaffiliated entities or individuals (i) as permitted by law and as required to provide services to Quad-C’s investors, such as with representatives within our firm, securities clearing firms, insurance companies and other service providers of Quad-C, or (ii) to comply with legal or regulatory requirements.
Companies hired to provide support services to Quad-C are not allowed to use personal information for their own purposes and are contractually obligated to maintain strict confidentiality. When Quad-C provides personal information to service providers, it requires these providers to agree to safeguard such information, to use the information only for the intended purpose and to abide by applicable law.
Quad-C does not (x) provide personally identifiable information to mailing list vendors or solicitors for any purpose or (y) sell information relating to its investors to any outside third parties.
Only employees with a valid business reason have access to investors’ personal information. These employees are educated on the importance of maintaining the confidentiality and security of such information and are required to abide by Quad-C’s information handling practices. Quad-C employs reasonable procedures to prevent terminated employees from accessing records containing personal information.
Quad-C maintains security standards to protect investors'; information, whether written, verbal, or electronic. To that end, Quad-C restricts access to nonpublic personal information to personnel who need to know such information in order to provide services to investors. Quad-C also maintains reasonable restrictions on physical access to records containing personal information and stores such records in secure facilities.
Should an investor send Quad-C a question or comment via e-mail, Quad-C will share the investor's correspondence only with those employees or agents most capable of addressing the investor's question or concern. All written communications pertaining to such question or comment will be retained by Quad-C until such time as Quad-C believes (in its good faith judgment) that it has provided the investor with a complete and satisfactory response. After that time, Quad-C will archive it according to the requirements of applicable securities laws.
Please note that, unless expressly advised otherwise, Quad-C's e-mail facilities do not provide a means for completely secure and private communications. Although every attempt will be made to keep investor information confidential, from a technical standpoint, there is still a risk. For that reason, investors should be advised not to use e-mail to communicate information to Quad-C that is considered to be confidential. Investors should also be advised that, if they wish, communications with Quad-C may be conducted via telephone, facsimile or secure email and that additional security is available to investors if they equip their Internet browser with 128-bit “secure socket layer” encryption, which provides more secure transmissions.
General Data Protection Regulation Policy
The General Data Protection Regulation ("GDPR" - EU 2016/679) came into effect on May 25, 2018, and replaced the Data Protection Directive (95/46/EC).
The GDPR applies to all firms that process personal data for European Domiciled persons.
Although Quad-C has previously been subject to, and has complied with, data protection requirements, the GDPR sets higher requirements on the obligations of firms and the processing of personal data for European Domiciled persons. The regulatory body that is responsible for implementing and enforcing GDPR is the Information Commissioner’s Officer (“ICO”).
Applicability to Quad-C
Personal data is any information relating to an identified or identifiable European natural person. An identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, a file reference etc. Processing includes, but is not limited to, collecting, storing and using personal data. For the purposes of the GDPR, Quad-C will be primarily a ‘data controller’ but will also process personal data.
This policy sets out Quad-C's policy for adherence to the GDPR and expected behaviors and applies to all Quad-C employees and outsourced service providers when personal data is processed. Unless specified to the contrary, any reference to Quad-C processing data can also be read to refer to third parties that process data on behalf of Quad-C.
Personal data can be collected by Quad-C in respect of:
All personal data will be collected and processed in accordance with the ‘lawfulness of processing’ (‘legal basis’) obligations under the GDPR. Generally, personal data relating to clients/investors will be for the purposes of ‘legitimate interests.’ However, each case will be considered and determined in line with the ‘lawfulness of processing’ requirements. Where deemed appropriate e.g. for marketing purposes, then freely given specific consent will be requested.
For these purposes ‘freely given’ means that the individual has made a positive decision to consent to the processing of their personal data. As such, a pre-ticked box or a general statement etc. that consent is assumed will not be deemed to be freely given.
Where the provision of a service is conditional on consent being given to the processing of personal data that is not necessary for the provision of that service e.g. a requirement to consent to the receipt of marketing material then this will not be deemed to be freely given.
Personal data will be retained no longer than is necessary for the purposes for which it processed, subject to any legal or regulatory obligations imposed upon Quad-C.
Informing Data Subjects
When personal data is collected directly from the data subject then that individual will be provided with the information required under the GDPR at the time the personal data is collected. This includes a copy of the Firm’s Privacy Notice.
Where personal data is collected from someone other than the data subject then the latter will be informed of this in accordance with GDPR requirements.
Limitation of Data Collected and Purpose
The collection of personal data by Quad-C will be limited to that necessary for:
Special categories of data (“sensitive data”)
The GDPR imposes further requirements on the processing of sensitive data. Such personal data includes ethnic origin, political opinions, criminal convictions and offences etc. Quad-C neither collects nor processes such personal data.
Quad-C makes use of services provided by various third parties (“outsourcing”).
Due diligence on these providers has been undertaken by Quad-C to ensure they are able to meet the standards expected by Quad-C. Some of these entities will be involved in the transfer of, and the processing of, personal data on behalf of the firm and as such will be “data processors.”
For such firms, the due diligence performed by Quad-C will include a review of the procedures and processes developed to ensure compliance with the GDPR and the security of personal data processed. In addition, processing of personal data will be governed by a contract whose terms are in accord with that specified in GDPR.
Right of Data Subjects
The GDPR provides data subjects with the following rights:
Not all of the above rights will be applicable to Quad-C business model e.g. ‘profiling’ and nor are they absolute e.g. the right to be forgotten will not apply to the extent that the processing is in compliance with a legal obligation. Quad-C will consider any such requests from data subjects on a case-by-case basis.
Communication with Data Subjects
Information provided to data subjects, whether as a result of the exercise of a data subject’s rights or when informing the individual that their personal data is being collected and its purpose, will be free of charge. However, where such requests are excessive or manifestly unfounded then Quad-C reserves the right to charge a reasonable fee.
Data Protection Officer
The appointment of a “Data Protection Officer” (DPO) is required for those firms that process large amounts of sensitive data or that undertake regular and systematic monitoring of data subjects. As such this obligation does not apply to Quad-C.
The firm has appointed the CCO to:
Although this Policy is based upon the firm’s responsibilities under GDPR, all members of staff have a role to play in ensuring that Quad-C complies with these responsibilities.
While the GDPR provides for the imposition of administrative fines for breaches of its obligations of up to €20m (or 4% of worldwide total turnover if higher) it is also, under UK law, an offence for a person to obtain, disclose or retain personal data without the consent of the controller.
Any personal data breach(es) must be immediately reported to the CCO. Where possible, such notifications should include:
Where it is deemed that the personal data breach is likely to result in a high risk to the rights and freedoms of natural persons then the data subjects must also be notified “without undue delay”. Exceptions to this requirement include:
The CCO will document and assess the breach to determine the need to alert data subjects and/or the ICO. An assessment will also be made of the need to inform the ICO as the supervisory authority for Quad-C’s day-to-day activities.
Cayman Islands Data Protection Law 2017 Policy
Similar to, and based upon, the GDPR, the Cayman Islands Data Protection Law, 2017 (the “DPL”) is designed to regulate the processing of all personal data in the Cayman Islands and is enforced by the Office of the Ombudsmen (the “Ombudsmen”). The DPL applies to all entities that are established in the Cayman Islands or that process data there. The DPL therefore applies to Quad-C’s Cayman funds.
“Personal Data” is defined broadly to include any data relating to a living individual. Personal Data must be processed fairly and lawfully and used for a legitimate purpose that has been notified to the individual “Data Subject” in advance. The DPL gives individuals the right to access Personal Data held about them and to request that any inaccurate data be corrected or deleted.
Similar to the GDPR, “Data Controllers” are defined as a person, firm or company who, alone or jointly with others, determines the purposes, conditions and manner in which any Personal Data is, or will be, processed. In an investment fund context, this would be the fund entity and, in some cases, the investment manager. Similarly, a “Data Processor” is a person, firm or company that processes Personal Data on behalf of the Data Controller but does not include an employee of the Data Controller.
Eight Data Principles
Conditions for lawful processing of personal data
Personal data cannot be processed unless at least one of these conditions is met.
Pursuant to the eighth data protection principle, Cross-border Transfer, Personal Data shall not be transferred to a country unless that country ensures an adequate level of protection for the rights and freedoms of data subjects in relation to the processing of personal data. Countries regarded as ensuring an adequate level of protection includes the United States.
The DPL sets out certain transfers to which the prohibition of Cross-border Transfer of Personal Data under the eighth data protection principle does not apply:
Rights of Data Subjects
The DPL sets out a number of rights of individual Data Subjects.
Data privacy notice
Personal Data shall not be treated as processed fairly unless the Data Subject has, as soon as reasonably practicable, been provided with, at a minimum, the identity of the Data Controller and the purpose for which the data are to be processed. The term “as soon as reasonably practicable” means at the time Personal Data is gathered. Therefore Quad-C’s will typically include a “DPL Privacy Notice” within its subscription agreement or equivalent.
Data security, integrity and confidentiality
Appropriate technical and organizational measures must be taken against unauthorized or unlawful processing of Personal Data and against accidental loss or destruction of, or damage to, Personal Data. Compliance with the DPL overlaps to a significant degree with Quad-C’s Regulation S-P compliance and cybersecurity measures.
Personal data breaches
A “Personal Data Breach” means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorized disclosure of or, access to, personal data transmitted, stored or otherwise processed. A Data Controller must notify the Ombudsman and the affected Data Subject(s) of a Personal Data Breach without undue delay (but no longer than five (5) days after the Data Controller should, with the exercise of reasonable diligence, have been aware of that breach). The notification should include specified information including but not limited to a description of the nature and consequences of the breach, the measures proposed or taken by the Data Controller to address it and the measures recommended to mitigate the possible adverse effects of the breach.
Quad-C’s has a plan for dealing with how a breach would be identified and handled in practice and has robust breach detection, investigation and internal reporting procedures in place.
Appointment of a Data Protection Officer
The DPL does not require the appointment of an official data protection officer. However, since Quad-C’s has appointed a DPO for purposes of GDPR compliance, Quad-C’s DPO will also be responsible for the Firm’s compliance with the DPL.