Legal and privacy notices

This website is issued only for all purposes of issue into Luxembourg, by Black Toro Capital Partners Sarl (“BTCP”)BTC – TREA S.C.A., SICAR (the “Fund”) described on this website  is an Investment Company In Risk Capital (société d’investissement en capital à risque) that has a form of a multi-compartment corporate partnership limited by shares (société en commandite par actions). The Fund is authorised by the Luxembourg financial sector regulator (Commission de Surveillance du Secteur Financier – CSSF). It is not intended to submit the Fund’s Private Placement Memorandum and/or the Fund to any other regulator than the CSSF or to notify any other regulator in relation to a future offering of the shares of the Fund. The registration of the Fund as a SICAR should not be interpreted as a positive assessment of the quality of the proposed investment by the CSSF.

This website is not intended to constitute, and should not be construed as, investment advice. Potential investors in the Fund should seek their own independent financial advice. This website has been provided for informational purposes only and may not be relied upon by you in evaluating the merits of investing in any securities or interests referred to on this website. This website is not intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation in not authorized or to any person to whom it is unlawful to make such a solicitation or offer. Any decision to purchase securities or interests with respect to the Fund must be based solely upon the information contained in the Fund’s Private Placement Memorandum, including any supplements thereto, which must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements relating to such investments. Some or all alternative investment programs must not be suitable for certain investors.

Certain of the performance results provided on this website were not achieved from the actual management of the Fund, but are instead simulated results achieved by means of the retroactive application of the adviser’s investment methodology, or the real-time application of a hypothetical capital allocation to such strategy. This approach has inherent limitations, including that results may not reflect the impact that material economic and market factors might have had on the adviser’s decision-making of the adviser actually had been managing client money.

Although the information in this website is believed to be material correct, no representation or warranty is given as to the accuracy of any of the information provided. Certain information included in this website is based on information obtained from sources considered to be reliable. However, any projections or analysis provided to assist the recipient of this website in evaluating the matters described on this website may be based on subjective assessments and assumptions and may used one among alternative methodologies that produce different results. Accordingly, any projections or analysis should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the extend permitted by law, neither the Fund nor any of its agents, service providers or professional advisers assumes any liability or responsibility nor owes any duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this website or for any decision based on it.

Past performance is not necessarily indicative of future results. The actual performance realized by any given investor will depend on, amongst other things, the class of shares/interests subscribed for the period during which such shares/interests are held and in what currency such shares/interests are held. This website may include returns for various indices. These indices are not intended to be direct benchmarks for the Fund, nor are they intended to be indicative of the type of assets in which the Fund may invest. the assets invested in by the Fund will likely be materially different from the assets underlying these indices, and will likely have a significantly different risk profile. Target returns quoted are targets only and are based over the long term on the performance projections of the investment strategy and market interest rates and other conditions at time of modeling and therefore may charge.

The Fund has appropriate guidelines and policies in place, in order to deal appropriately with any conflicts of interests that may arise.

Among the risks we wish to call to the particular attention of prospective investors are the following: (1) the Fund’s investment programme is speculative in nature and entails substantial risks; (2) the investments of the Fund may be subject to sudden and large falls in price or value and there could be a large loss upon realization of a holder’s investment, which equal the total amount invested; (3) as there is not recognized market for many of the investments of the Fund, it may be difficult or impossible for the Fund to obtain complete and/or reliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single adviser could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all of them become unavailable, the Fund may prematurely terminate; (5) an investment in the Fund is illiquid and there is no secondary market for the sale of interests in the Fund and none is expected to develop; (6) there are restrictions on transferring interests in the Funds; (7) the investment manager will receive performance-based compensation, which may result in riskier investments, and the Fund’s fees may offset trading profits; (8) the Fund is subject to certain conflicts of interest; (9) certain securities and instruments in which the Fund may invest can be highly volatile; (10) the Fund may be leveraged; (11) a substantial portion of the trades executed for the Fund takes place on non-U.S exchanges; (12) changes in rates of exchange may also have an adverse effect on the value, price or income of the investments of each fund, (13) the ultimate impact of the Coronavirus outbreak is difficult to predict, but it is likely that Coronavirus may have a materially adverse impact on global, national and local economies in the immediate future and that such negative impact is likely to persist for some time, (14) the Fund may be restructured as a result of the effects of the United Kingdom leaving the European Union should the General Partner believe that its restructuring is appropriate.

This does not constitute an offer for sale.

We reserve the right to limit access to the website to any person, geographic region or jurisdiction. Additionally, the promotion and sale of collective investment schemes may be restricted in your jurisdiction. Persons in respect of whom such prohibitions apply must not access the relevant pages on the website. Those who access the website do so on their own initiative and are responsible for compliance with applicable local laws and regulations; legal advice should be sought in cases.

This website is directed exclusively at persons who are professional clients or well-informed investors for the purposes of the 2013 Law. Neither BTCP nor BTC INVESTMENTS 2012 S.à r.l. acting as general partner of the Fundprovides investment advice to, nor receives and transmits orders from, investors in the Fund nor does it carry on any other activities with of for such investors that constitute “MiFID or equivalent third country business” for the purposes of the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending (“MiFID”) or any other purpose.

The Fund and other investments and investment services to which this website relates are only available to the persons referred to above and other persons should not act or rely on the information contained on this website.

The website including its domain name, structure and content is the exclusive property of BTCP and is protected by intellectual property rights, in particular by copyright law, in accordance with the applicable legislation in force. Any use, reproduction, representation, translation, adaptation, sale or distribution, in whole or in part, of the content of the website on any medium or by any process whatsoever is prohibited without the prior written authorisation of BTCP.

The users of this website agree that any use of this website is made under their own responsibility. BTCP shall not be held liable for direct or indirect damages which may be caused by the use of this website or in connection with the interruption, shut down or malfunction of this website, shut down for maintenance or repair of the computer system of BTCP, technical breakdowns or network overloads, shutdowns of telecommunication networks, errors, negligence from providers or a third party, or a virus from the Internet.

For users’ convenience, the website may contain links to other websites which they may find useful or interesting. BTCP does not systematically monitor the content of those websites. Consequently, it accepts no liability for the content of those websites, either in terms of the legality of such content or the accuracy of the information found there.

Users shall be extremely cautious with e-mails which they may receive from third parties pretending to be part of BTCP, and which may include, for example hyperlinks, or requiring to disclose access codes. BTCP shall not be held liable for any damages which any of its clients may incur if the client is the victim of a phishing attack.

Data protection

BTCP is a data controller which collects, uses, stores, shares and otherwise processes personal data from you when you visit this website and is committed to handling such personal data responsibly and in accordance with applicable laws, rules andregulations.

BTCP may notably process personal data related to your visits to this website, that you provide in communication with BTCP including when you contact BTCP via the “contact” links on the website or when you register as a user or subscriber and/or, related to transactions and investments that you carry out through this website, the password protected investor area or through other channels.

BTCP also processes information collected through cookies including your IP address, browser version, operating system, location data, web logs, the resources that you access, etc. Please refer to the cookie policy for more information on how BTCP uses cookies.

The processing of personal data is either based on your consent (e.g. use of certain cookies), necessary for the purposes of the legitimate interests pursued by BTCP (e.g. to ensure that the website content is relevant, to reorganise or make changes to its business or for client relationship purposes) or necessary for compliance with BTCP’s legal obligations. BTCP notably uses your personal data to communicate with you and manage its relationship with you, to personalize and improve your customer experience, to improve its services and protect its business interests.

Please note that BTCP may share your personal data to the extent necessary and permitted by applicable law with intra-group or third party service providers for the above mentioned purposes as well as to governmental authorities and judicial or regulatory bodies.

Subject to the conditions set forth in the GDPR, you have the right to request access to and rectification of, erasure and portability of your personal data, to request the restriction of the processing concerning you, to object to this processing or to withdraw your consent at any time where the processing is based upon consent as well as the right to lodge a complaint to the Luxembourg data protection authority (the Commission Nationale pour la Protection des Données or CNPD). Please note that the exercise of certain of these rights is subject to conditions.

The personal data provided in the context of the use of this website is not a statutory nor contractual requirement or obligation.

Further notices highlighting certain uses BTCP wishes to make of your personal information together with the ability to opt in or out of selected uses may also be provided to you when BTCP collects personal information from you.

This legal notice is current as of the date hereof, but as circumstances or requirements change, BTCP may need to amend it. You are therefore encouraged to visit this page regularly to be informed of such updates.

Black Toro Capital Partners Sarl is registered in 261, Route de Longwy, L-1941 Luxembourg, with registration number B186375 and can be contacted at

© 2020 Black Toro Capital fund Management Sarl.