On 14 January 2020, the Variable Capital Companies Act took effect in Singapore. The Variable Capital Company (VCC) is a new corporate structure for investment funds. As provided by the Singapore Accounting and Corporate Regulatory Authority (ACRA), some of the key features of a VCC include the following: A VCC has a variable capital structure that provides flexibility in the issuance and redemption of its shares. It can also pay dividends out of capital, which gives fund managers flexibility to meet dividend payment obligations. A VCC can be set up as a single standalone fund or an umbrella fund with...