Quel est le montant minimum pour souscrire aux Millésimes de la gamme Odyssey ?

The minimum subscription amount Vintage the Vintage funds Vintage the Odyssey range Odyssey on both the jurisdiction of subscription and the investor’s regulatory classification. For professional clients, the minimum amount is generally set at €100,000. For semi-professional or “well-informed” investors: France, Switzerland, Italy: €100,000; Germany: €200,000; Belgium: €250,000. The committed amounts are called in gradually over 5 years. A commitment of €100,000 corresponds to an capital call of €20,000, divided into two installments of €10,000.

Est-ce que les Millésimes de la gamme Odyssey sont référencés au Luxembourg ?

Yes. The Vintage the Odyssey range Odyssey listed with virtually all Luxembourg life insurers, allowing them to be included in Luxembourg life insurance policies, subject to the specific terms and conditions of each insurer and the investor’s regulatory profile.

Quelles sont les fenêtres de liquidité pour l'investisseur dans un fonds de la gamme Odyssey ?

The funds in the Odyssey series Odyssey have any liquidity windows during their term. Shares cannot be redeemed before the fund’s maturity date. Distributions are made gradually as the underlying funds sell off their holdings. This investment should be viewed from a long-term perspective, corresponding to the funds’ lifespan (generally 10 years, extendable by 2 to 3 years).

Quelle est l'échéance prévue pour les appels de fonds ?

Starting in 2023, 20% of the committed amount will be called for on the closing date. Thereafter, capital calls will be made twice a year, on fixed dates, in the amount of 10% of the committed amount at each due date, for a total of 20% per year. Investors subscribing after the first closing must pay a subscription premium to the fund.

Comment peut-on souscrire aux Millésimes de la gamme Odyssey ?

Sales are conducted primarily through partners (wealth management advisors, family offices, and private banks). Direct subscriptions are also possible in certain jurisdictions via the “Subscribe” section of the Altaroc website. Fee structures are the same regardless of the subscription method. Investing in private equity involves a risk of capital loss and a liquidity risk.

Pourquoi le déploiement des Millésimes de la gamme Odyssey est-il rapide ?

The speed of deployment can be attributed to three factors: the selection of underlying funds as early as the first year, the choice of fund managers who themselves maintain a steady pace of deployment, and an early commitment to the selected funds, which allows subscribers to gain access to Vintage classes that Vintage largely invested at the time of their subscription.

Quelle sera la part du Buy-Out vs le Growth dans les investissements de la gamme Odyssey ?

buyout dominate. The preferred strategy is to identify niche subsectors and carry out leveraged build-ups to create companies that are leaders in their respective markets.

Est-ce qu'Altaroc commercialise en direct ses produits ?

Sales are conducted primarily through a network of partners (Financial Advisors, family officers, and private bankers). Direct subscription is available in certain jurisdictions. This channel remains a minority one: sales efforts are primarily focused on the partner network. The fee structures are the same in all cases.

Quel est le montant du carried interest perçu par les équipes Altaroc ?

The Altaroc team Altaroc compensation in the form of carried interest on the 20% of the funds’ co-investments. carried interest paid carried interest if the fund has returned the full amount of investors’ cash commitments to them.

La taille d'Altaroc permet-elle d'avoir accès aux fonds mondiaux les plus performants ?

Thanks to its international network and its ability to make significant, recurring commitments, Altaroc to funds managed by firms that have historically ranked in the top quartile globally for their investment strategies. The top-performing fund managers have limited capacity and seek structured partners capable of aggregating commitments and providing an appropriate operational framework.

Pourquoi cibler uniquement les secteurs de la technologie, la santé, les services B2B et le digital consumer ?

Technology, healthcare, B2B services, and digital consumer are the growth sectors that will drive the transformation of the economy in the coming years. These sectors are characterized by their resilience, andAltaroc investment team has developed particularly deep expertiseAltaroc .

Quel est le rythme de déploiement moyen des fonds de la gamme Odyssey ?

Altaroc a significantly faster deployment process than traditional funds of funds: all investments in the underlying funds are completed in less than 12 months, compared with an average of 3 to 4 years. The portfolio of companies is thus built up in 3 to 4 years, compared with 7 to 8 years for a traditional fund of funds.

Est-ce que les Millésimes de la gamme Odyssey seront tous semblables ?

The Vintage on the same investment strategy, which relies on the rigorous selection of private equity funds with proven track records. However, the underlying funds selected may vary Vintage one Vintage another, with each reflecting the market opportunities available at the time of its formation.

Quel est l'intérêt d'offrir des gammes Millésimées ?

Investing in multiple Vintage Altaroc fundsAltaroc clients to hedge against macroeconomic risk. Private equity investments involve liquidity and capital loss risks. Past performance is not indicative of future results.

Quel est le lien entre Altaroc et Altamir ?

Altaroc Altamir are both managed and advised by Altaroc (formerly Amboise Partners), an asset management firm founded in 1972 by Maurice Tchenio. Altamir relies on the Vintage the Odyssey series Odyssey its geographic diversification and diversification across fund managers.

Quel est le track-record des dirigeants d'Altaroc ?

Altaroc by a team with more than 100 years of combined experience. Maurice Tchenio founded Apax 1972 and established Altamir in 1995. Frédéric Stolar co-founded the Sagard fund in 2001. Louis Flamand has more than 20 years of experience in funds of funds (MetLife, UBS Private Bank). Dimitri Bernard has worked at Indosuez and Ardian. Eric Sabia has served as Chief Financial Officer since 2021.

Comment fonctionnent les cash flows dans le Private Equity ?

Investors are asked to contribute funds as investments are made by the underlying funds. Calls for funds are concentrated during the investment period (the first 4 to 5 years). However, calls may be made during the post-investment period to finance management fees or additional investments.

Qu'est-ce que le Private Equity ?

Private equity involves investing in unlisted companies. Private equity firms support and enhance the performance of these companies for an average of 5 to 7 years, then sell them for a capital gain through an initial public offering (IPO), a sale to an industry player, or a sale to other funds. This model applies to a wide range of companies, regardless of their size, industry, or geographic location.

Qu'est-ce que le carried interest ?

carried interest the share of profits allocated to the management company’s teams based on the fund’s performance. Generally, this share amounts to 20% of realized capital gains, provided that the investor has achieved a minimum IRR of 8% (hurdle rate), after taking management fees into account. If the IRR is not met, no carried interest due.

Quels sont les risques liés à l'investissement en Private Equity ?

Investing in private equity involves risks, including liquidity risks and the risk of capital loss. Please visit the "Private Equity Performance and Risks" page on the Altaroc website Altaroc a comprehensive overview of these risks.

Altaroc

Frequently asked questions

Frequently asked questions about Private Equity and offers Altaroc

Q: Offrez-vous la capacité de faire du nominatif pur et du nominatif administré au sein de la gamme Odyssey ?

Through our custodian, we offer both options for the Vintage Altaroc Odyssey FPCI. We also offer the option to subscribe to the Vintage Horizon on a registered basis.

Here you'll find the most frequently asked questions. If you can't find the answer to your question, please contact us.

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Investing in Vintage Odyssey

The Altaroc product range

The Odyssey range

The value proposition ofAltaroc

Private Equity

Performance & risk of the asset market

Investing in Vintage Odyssey

What is the minimum investment amount for the Vintage funds Vintage the Odyssey lineup Odyssey

The minimum subscription amount Vintage funds Vintage the Odyssey lineup Odyssey Odyssey FPCI, Horizon , or ELTIF) depends on both:

of the jurisdiction of subscription, and
the investor's regulatory classification (professional client, semi-professional client, or "well-informed investor").

For professional clients, the minimum subscription amount is generally set at €100,000, regardless of the jurisdiction in the countries where the Odyssey range is marketed.

For semi-professional or "well-informed" investors, the minimum amounts vary depending on the jurisdiction, in accordance with the applicable regulatory framework:

France, Switzerland, Italy: €100,000
Germany: €200,000
Belgium: €250,000

In all cases, the amounts committed are drawn down gradually over a period of 5 years.

For example, a commitment of €100,000 corresponds to an capital call of €20,000, divided into two payments of €10,000.

Our teams are available to confirm the amount applicable to your client's situation, based on their country of residence and regulatory classification.

‍

Invest in the Vintage models Vintage the Odyssey line

Are the Vintage models Vintage the Odyssey line Odyssey in Luxembourg?

Yes. The Vintage the Odyssey line Odyssey whether they’re the Odyssey FPCI, Horizon , or ELTIF —are listed with virtually all Luxembourg life insurers.

This listing allows them to be included in Luxembourg life insurance contracts, subject to the specific conditions of each insurer and the investor's regulatory profile.

Our teams can assist you in checking the practical details with the relevant insurer.

‍

Invest in the Vintage models Vintage the Odyssey line

What happens in the event of a default on one or more capital calls?

In the event of default on a capital call, late payment interest will be charged to the investor. For further details, please consult the fund regulations.

Invest in the Vintage models Vintage the Odyssey line

What are the liquidity windows for investors in Odyssey funds?

The funds in the Odyssey series Odyssey Odyssey FPCI, Horizon , or ELTIF) do not have any liquidity windows during their term.

Shares may therefore not be redeemed at the investor's initiative before the fund's maturity date, including in the event of any extension, in accordance with the regulatory documentation.

This lack of intermediate liquidity is inherent to the nature of private equity. Capital is invested in funds that are themselves committed to long-term investment and divestment cycles. Distributions occur gradually, as the underlying funds complete divestments.

An investment in a Vintage the Odyssey lineup Odyssey therefore be viewed from a long-term perspective, corresponding to the lifespan of the underlying funds, which is generally 10 years and may be extended by an additional 2 to 3 years.

Invest in the Vintage models Vintage the Odyssey line

Do you offer both pure and administered registered shares in the Odyssey range?

Through our custodian, we offer our partners both options for the Vintage Altaroc Odyssey FPCI. We also offer the option to subscribe to the Vintage Horizon on a registered basis only.

Invest in the Vintage models Vintage the Odyssey line

Odyssey the Vintage the Odyssey line eligible for the PEA?

No, shares in Private Equity funds are not eligible for inclusion in a PEA.

Invest in the Vintage models Vintage the Odyssey line

What is the deadline for capital calls?

Starting in 2023, for all Vintage funds Vintage the Odyssey lineup Odyssey whether they are Altaroc Odyssey FPCI, Horizon , or ELTIF funds—the terms for capital calls are as follows:

20% of the committed amount is called on the closing date;
Subsequently, calls for funds are made twice a year, on fixed dates, for an amount equal to 10% of the amount committed at each due date, or 20% per year.

This mechanism ensures clear and predictable visibility for investors regarding the pace of disbursement of their commitment.

It should be noted that investors who subscribe after the first closing must pay a subscription premium to the fund. This practice, which is common in private equity, aims to preserve fairness between investors who have subscribed on different dates.

For more details on how this premium is calculated, please refer to the regulations of the fund concerned.

‍

Invest in the Vintage models Vintage the Odyssey line

How can I subscribe to the Vintage series Vintage the Odyssey line Odyssey

Sales Vintage the Odyssey line Odyssey primarily handled byAltaroc partners, including wealth management advisors, family offices, and private banks.

Subscription is primarily carried out through these professionals, as part of a support process tailored to the client's profile and regulatory situation.

In addition, depending on the jurisdiction, a subscription may also be made directly when the subscriber does not have a designated intermediary. In this case, contact is made via the "Subscribe" section of theAltaroc website.

The subscription conditions are exactly the same, whether the investment is made through a partner or directly.

Investing in private equity involves, among other things, a risk of capital loss and a liquidity risk, and should be considered from a long-term perspective.

‍

Invest in the Vintage models Vintage the Odyssey line

The Altaroc product range

Why Odyssey the rollout Vintage the Vintage the Odyssey line so fast?

The pace at which the Vintage the Odyssey lineup Odyssey whether Odyssey Horizon funds Horizon are being rolled out is the result of a deliberately structured and forward-looking investment strategy.

First, the selection of underlying funds takes place during the Vintage first year of operation, and no later than the following year. In contrast, many funds of funds spread their selection phase over a period of up to three years in order to build diversification. Our approach thus significantly accelerates the process of adding assets to the portfolio.

Next, we select managers who themselves have a sustained deployment rate, which helps to put the invested capital to work quickly.

Finally, we invest in the selected funds at a very early stage, which allows our investors to gain access to Odyssey Vintage are Odyssey heavily invested at the time of their subscription.

This combination—rapid selection, dynamic managers, and early engagement—explains the speed of deployment seen with the Vintage Odyssey.

‍

The Altaroc product range

What will be the breakdown buyout growth investments in the underlying funds of the Odyssey portfolio Odyssey

buyout dominate. The preferred strategy is to identify niche subsectors and carry out leveraged buyouts (company acquisitions) to build companies that are leaders in their respective markets.

The Altaroc product range

DoesAltaroc market its products directly?

Vintage Odyssey Vintage products Odyssey marketed primarily through a network of partners (wealth management advisors, family officers, and private bankers).

However, depending on the jurisdiction, it is possible to subscribe directly when prospects come to us via our website and do not have an advisor. This distribution channel remains a minority one and is not favored: our business development efforts are primarily focused on our network of partners.

In all cases, the pricing conditions applied are strictly identical, whether the subscription is made directly or through a partner.

‍

The Altaroc product range

What is the amount of carried interest perceived by the teams Altaroc ?

The team Altaroc receives remuneration from carried interest only on the 20% co-investments of the funds.

In addition, carried-interest (or performance fees) are only paid if the fund has returned to investors the full amount of their commitment in cash.

Investing in Private Equity involves risks. Past performance is no guarantee of future results.

For more details on the carried interest , consult the fund's regulations.

The Altaroc product range

DoesAltaroc 's size give us access to the world's best-performing funds?

Thanks to its international network, its ability to analyze management teams, and its capacity to make significant and recurring commitments, Altaroc to funds managed by players that historically rank in the top quartile globally for their strategy, according to available performance data.

Access to these funds is generally conditional on the ability to make a substantial and long-term commitment, with the best-performing managers often having limited capacity and high demand from institutional investors.

In addition, a growing number of leading asset managers are looking to diversify their investor base by opening up to a demanding private clientele. To do so, they are seeking structured partners capable of aggregating commitments and providing an appropriate operational and regulatory framework.

In this context,Altaroc size, credibility, and positioningAltaroc key factors in accessing funds that have historically ranked in the top quarter of their category.

The Altaroc product range

Why target only the Technology, Healthcare, B2B Services and Digital Consumer sectors?

Technology, Healthcare, B2B Services and Digital Consumers are the growth sectors that will drive the transformation of the economy in the years to come, and are characterised by their resilience. This is why Altaroc's investment team has developed particularly sharp expertise in these sectors.

The Altaroc product range

What are Altaroc’s preferred sectors?

5:18mn

What's the link between Altaroc and Altamir?

Altaroc and Altamir are both managed and advised by Altaroc Partners.

Altaroc SA (formerly Amboise Partners) is an asset management company founded in 1972 by Maurice Tchenio, one of the pioneers of private equity in France. He was responsible for creating the concept of the first FCPRs (venture capital mutual funds) and helped define the standards of the profession in his market.

Altamir relies on the Vintage the Odyssey lineup Odyssey diversify its geographic exposure and its portfolio managers.

The Altaroc product range

What is the track-record of theAltaroc management team?

Altaroc is backed by a highly experienced investment team, with five experts combining over 100 years of experience:

Maurice Tchenio, Chairman and Co-founder, founded Apax in 1972, today one of the world's undisputed leaders in LBOs; he was instrumental in the creation and development of the Private Equity industry in Europe. In 1995, he also founded Altamir, a listed Private Equity company specializing in Private Equity, listed on Euronext, to give private individuals access to institutional-quality Private Equity.
Frédéric Stolar, Managing Partner and Co-founder, began his career in 1991 at Apax with Maurice Tchenio. He then headed the Financial Services division at Warburg Pincus Europe, one of the largest American Private Equity funds. In 2001, with the support of the Albert Frère and Paul Desmarais families, he co-founded the Sagard Private Equity fund, which he managed for almost 20 years.
Louis Flamand, Chief Investment Officer, has over 20 years' experience in funds of funds, including as Head of Investments Europe and Asia for Metlife and Global Head of Private Equity for UBS Private Bank,
Dimitri Bernard, Investment Director, has over 10 years' experience in the world of Private Equity. He was in charge of Private Equity fund selection at Indosuez, as well as funds of Private Equity funds for Ardian.
Eric Sabia, CFO, joined Altamir in 2016 as Chief Financial Officer, then Altaroc in 2021 where he holds the same position.

The Altaroc product range

The Odyssey range

What is the average deployment rate for Odyssey funds?

For the Vintage the Odyssey lineup, Altaroc a significantly faster deployment process than that of traditional funds of funds: in fact, all investments in the underlying funds are completed in less than 12 months, compared to 3 to 4 years for a traditional fund of funds.

What's more, since underlying funds take an average of 4 years to deploy the capital raised, the portfolio of underlying companies is built up in 3 to 4 years, compared with 7 to 8 years for a conventional fund of funds.

The Odyssey range

Will all the Vintage the Odyssey line Odyssey similar?

The Vintage the Odyssey lineup Odyssey on an identical investment strategy, centered on the rigorous selection of private equity funds with proven track records and a focus on diversification.

However, they are not strictly identical in terms of their composition. The underlying funds selected may vary from one Vintage another, as may the companies held indirectly through these funds.

Each Vintage thus Vintage the market opportunities available at the time of its formation, while adhering to the strategic framework and investment criteria specific to the Odyssey line.

‍

The Odyssey range

Is it necessary to diversify Private Equity investment strategies over time?

3:30mn

The value proposition ofAltaroc

What are the advantages of offering the Vintage ranges?

Investing in Altaroc vintage-based portfolios allows clients to hedge against macroeconomic risk by investing in multiple Vintage.

Private equity investments entail risks of liquidity and capital loss.

Past performance is not a reliable guide to future returns.

The value proposition ofAltaroc

The advantages of a Vintage range

2:57mn

Private Equity

How does cash flow work in Private Equity?

Investors are solicited as investments are made by the underlying funds. Calls for funds are mainly concentrated during the investment period, i.e. the first 4 to 5 years of the fund's life.

However, calls may be made during the post-investment period, to finance management fees and/or additional investments in portfolio companies.

Private Equity

What is Private Equity?

Originating in the United States, Private Equity has developed rapidly over the last 40 years, initially among institutional investors such as pension funds, insurance companies, etc., who wished to invest in unlisted companies by delegating the management of their investments to specialized management companies. It consists of an operation whereby an investor buys shares in unlisted companies seeking equity capital.

Management companies support and/or improve the performance of the companies in which they acquire stakes. The companies acquired are supported for an average of five to seven years, then sold with a crystallised capital gain when they are taken public or resold, either to industrial groups or to other funds. The companies we support generally have one of the following profiles:

unlisted growth companies,
so-called "orphan" companies or underdeveloped divisions of large corporations,
listed companies that are undervalued or whose growth potential could be better exploited by a private shareholder.

The Private Equity model can be applied to a wide range of companies, whatever their type, size, sector or geographical area. There are many cases in which Private Equity generates real added value, particularly when the companies it supports need to change size, strategy or organisational set-up.

Private Equity

What is Private Equity?

1:12mn

What is the carried interest ?

Carried interest is defined as profit-sharing for the Private Equity fund management teams, based on the fund's performance. In general, this participation corresponds to 20% of realized capital gains, provided that the investor has achieved a minimum annual IRR (Internal Rate of Return, or "hurdle rate") of 8% - in most cases - after management fees.

If the IRR The minimum is not reached, none carried interest is not due.

Private Equity

Asset class performance & risk

What are the risks of investing in private equity?

Investing in Private Equity entails risks, particularly in terms of liquidity and capital loss. Find out more about the main risks associated with Private Equity investing on our Private Equity Performance and Risks page.

Asset class performance & risk

How do you explain the performance of Private Equity?

Private Equity's performance is based on a series of levers explained by Frédéric Stolar in this short video.

Private Equity investments entail risks of liquidity and capital loss. Past performance is no guarantee of future results.

Asset class performance & risk

Value creation in Private Equity

11:35mn

result(s)

Alignment of interests and long-term vision

Solutions designed to be a long-term part of institutional allocations.

We ensure strong alignment between investors, management teams, and underlying managers. Our solutions are designed to support long-term allocation strategies, taking into account governance, liquidity, and risk management constraints specific to institutional investors.

Proven investment discipline

A rigorous process of selection, due diligence monitoring, incorporating risk analysis.

Each manager is assessed based on demanding quantitative and qualitative criteria, with particular focus on performance consistency and the robustness of the operating model. Monitoring is part of a continuous process ensuring transparency and alignment with institutional standards.

Recognized expertise in private equity

In-depth knowledge of cycles, international managers, and value creation drivers.

Our team combines institutional experience with deep private equity expertise. We analyse market dynamics, valuation trends, and manager strategies to help our partners integrate private equity consistently into their clients’ overall asset allocation.

Access to differentiated strategies

Strategies developed by leading managers, often difficult to access directly.

We select teams recognized for the quality of their track record, their investment discipline, and their ability to create value across cycles. Our positioning provides access to attractive private equity segments and opportunities typically reserved for a limited number of investors.

What are the risks of investing in private equity?

What is the minimum investment amount for the Vintage funds Vintage the Odyssey lineup Odyssey

The minimum subscription amount Vintage funds Vintage the Odyssey lineup Odyssey Odyssey FPCI, Horizon , or ELTIF) depends on both:

of the jurisdiction of subscription, and
the investor's regulatory classification (professional client, semi-professional client, or "well-informed investor").

For professional clients, the minimum subscription amount is generally set at €100,000, regardless of the jurisdiction in the countries where the Odyssey range is marketed.

For semi-professional or "well-informed" investors, the minimum amounts vary depending on the jurisdiction, in accordance with the applicable regulatory framework:

France, Switzerland, Italy: €100,000
Germany: €200,000
Belgium: €250,000

In all cases, the amounts committed are drawn down gradually over a period of 5 years.

For example, a commitment of €100,000 corresponds to an capital call of €20,000, divided into two payments of €10,000.

Our teams are available to confirm the amount applicable to your client's situation, based on their country of residence and regulatory classification.

‍

Why Odyssey the rollout Vintage the Vintage the Odyssey line so fast?

The pace at which the Vintage the Odyssey lineup Odyssey whether Odyssey Horizon funds Horizon are being rolled out is the result of a deliberately structured and forward-looking investment strategy.

Next, we select managers who themselves have a sustained deployment rate, which helps to put the invested capital to work quickly.

Finally, we invest in the selected funds at a very early stage, which allows our investors to gain access to Odyssey Vintage are Odyssey heavily invested at the time of their subscription.

This combination—rapid selection, dynamic managers, and early engagement—explains the speed of deployment seen with the Vintage Odyssey.

‍

Are the Vintage models Vintage the Odyssey line Odyssey in Luxembourg?

Yes. The Vintage the Odyssey line Odyssey whether they’re the Odyssey FPCI, Horizon , or ELTIF —are listed with virtually all Luxembourg life insurers.

This listing allows them to be included in Luxembourg life insurance contracts, subject to the specific conditions of each insurer and the investor's regulatory profile.

Our teams can assist you in checking the practical details with the relevant insurer.

‍

What happens in the event of a default on one or more capital calls?

In the event of default on a capital call, late payment interest will be charged to the investor. For further details, please consult the fund regulations.

What are the liquidity windows for investors in Odyssey funds?

The funds in the Odyssey series Odyssey Odyssey FPCI, Horizon , or ELTIF) do not have any liquidity windows during their term.

Shares may therefore not be redeemed at the investor's initiative before the fund's maturity date, including in the event of any extension, in accordance with the regulatory documentation.

Do you offer both pure and administered registered shares in the Odyssey range?

Through our custodian, we offer our partners both options for the Vintage Altaroc Odyssey FPCI. We also offer the option to subscribe to the Vintage Horizon on a registered basis only.

Odyssey the Vintage the Odyssey line eligible for the PEA?

No, shares in Private Equity funds are not eligible for inclusion in a PEA.

What will be the breakdown buyout growth investments in the underlying funds of the Odyssey portfolio Odyssey

buyout dominate. The preferred strategy is to identify niche subsectors and carry out leveraged buyouts (company acquisitions) to build companies that are leaders in their respective markets.

DoesAltaroc market its products directly?

Vintage Odyssey Vintage products Odyssey marketed primarily through a network of partners (wealth management advisors, family officers, and private bankers).

In all cases, the pricing conditions applied are strictly identical, whether the subscription is made directly or through a partner.

‍

What is the deadline for capital calls?

Starting in 2023, for all Vintage funds Vintage the Odyssey lineup Odyssey whether they are Altaroc Odyssey FPCI, Horizon , or ELTIF funds—the terms for capital calls are as follows:

20% of the committed amount is called on the closing date;
Subsequently, calls for funds are made twice a year, on fixed dates, for an amount equal to 10% of the amount committed at each due date, or 20% per year.