Terms of Service


Welcome to Moonfare. We provide a platform at https://www.moonfare.com where sophisticated investors can join a private markets community with access to top tier alternative investment funds at lower minimums and lower fees than previously possible (the “Site”). Significant regulatory considerations apply to the capital raising process, and this Agreement sets forth terms on which investors interact with our platform and services.

The only people who are authorized to create investor accounts on the Site are sophisticated investors with personal or professional experience assessing the long term financial prospects of alternative investment funds. Investors must understand the risk of investing in such funds, including the high likelihood of loss and typically long period of illiquidity. In addition, as an investor you must be sophisticated enough to protect your own interests. In the course of participating in investment opportunities through the Site, you may receive confidential information.

By using the Site, including by simply viewing Content on it, you are agreeing that you, and each person you allow to access the Site through your account, will abide by the terms of these Terms of Service (the “Agreement”), which is set forth in its entirety below. This Agreement is between Moonfare GmbH (“we,” “Moonfare” or the “Company”) and you, and it governs your access to and use of the services, websites, and applications offered by Moonfare (the “Services”). Your access to and use of the Services are conditioned on your acceptance of and compliance with this Agreement.

Capitalized terms used herein are defined in Section XIV (Definitions) of this Agreement.

General Securities Laws Principles

The laws applicable to alternative investments are complicated and occasionally ambiguous. In general, they are designed to protect unsophisticated people from making poor investment decisions. You qualify to invest with Moonfare if you meet certain criteria including a minimum net worth and sufficient prior investment experience.

Due to the nature of the feeder funds we offer, Moonfare investments are available exclusively for investors that qualify based on applicable national securities laws and regulations governing these types of securities transactions that must be observed. Each investor is required to represent that they comply with the applicable laws and regulations upon platform signup. You must make your own assessment regarding regulatory requirements as may be applied to your activities on the Site.

User Obligations

A. To Act Responsibly. You are promising to act responsibly – which means:

1. You are making the following Promises:

a. Requirements to Use the Services.

  • That you have the right, authority, and capacity to enter into this Agreement on your own behalf and on behalf of any entity for whom you are acting and to abide by all of the terms and conditions contained herein, and that if any aspect of your use of Moonfare Services violates provisions of the law to which you are subject, you will cease using the Services and close your account;
  • That you shall not use a false name or email address owned or controlled by another person with the intent to impersonate that person or for any other reason;
  • That you shall be solely responsible for maintaining the confidentiality of your password;
  • That you will update your registration information with the Company as needed so that it remains true, correct and complete;
  • That you will conduct yourself in a professional manner in all your interactions with Moonfare and with any other Moonfare community member; and
  • That you agree to be bound by the terms of the Non-Disclosure Agreement.

b. Requirements related to Investments.

  • That you will only invest in a feeder fund or other product offered through the Site after carefully reviewing and assessing the terms of the investment, including the related private placement memorandum, subscription agreement and organizational documents as well as all other related information provided through the Site;
  • That you will use your own judgment before making any decision to invest;
  • That you will be solely responsible for complying with applicable law regarding any transaction, including without limitation any representation that you are an investor qualified to invest via the Site and whether any investment complies with the terms of local law (whether the law of the country you reside in or of any foreign government with jurisdiction over you);
  • That you will obtain such professional advice as is appropriate to protect your interests, including legal, tax, accounting and other advice (i.e., consult with an attorney); and
  • That you have reviewed and understand the discussion of risks made available with the investment documentation on the Site, and that you are otherwise aware of the risks of making alternative investments.
2. You are promising not to:
  1. Violate the Community Rules of Moonfare, as defined in Section XIV (Definitions);
  2. Expect Moonfare to provide investment advice or recommend any investment;
  3. Treat any Content, email or other information you receive as a result of your access to the Services as a recommendation or representation of any kind by Moonfare, an affiliate of Moonfare or any employee, officer, director, representative or other agent of the foregoing (each a “Company Person”) on which you should rely unless such information has been expressly identified as created by a Company Person;
  4. Claim any ownership right in any material, software or other intellectual property displayed on, published by or otherwise available through the Site, other than Content, software or intellectual property that you own or otherwise have rights to without regard for its appearance on the Site;
  5. Copy or distribute Content except as specifically allowed in this Agreement;
  6. Use any Content, or other information acquired from Company Persons, investors, or otherwise through your use of the Services, for commercial 
or investment activity outside of the Services, without prior written approval from the Company;
  7. Claim any right to access, view or alter any source code or object code of Moonfare;
  8. Use the Site to market services, particularly investment advisory services that might cause Moonfare to have to register as an investment adviser with a local regulator; or
  9. Market competing services to people you’ve identified through Moonfare.

B. Indemnify Moonfare and Related Parties. You are promising to hold the Company harmless against any damage that may happen to us as a result of your use of the Site and Services.

  1. Indemnity. You agree to indemnify and hold the Company and any Company Person harmless (including against costs and attorneys’ fees) from any claim or demand made by any third party due to or arising out of your access to or use of the Services, the violation of this Agreement by you, the infringement by you, or any third party using your account, of any intellectual property or other right of any person or entity, or for any Content posted through the Services by you (including claims related to invasion of privacy or other violation of a person’s rights). Your obligations under the foregoing indemnity may not be offset against any other claim you may have against the Company or any Company Person. You remain solely responsible for all Content that you upload, post, email, transmit, or otherwise disseminate using, or in connection with, the Services. You agree that the provisions in this paragraph will survive any termination of your account(s) or the Services.
  2. Release. You hereby release any claims you may have against Moonfare and any Company Person that are in any way related to the Services or your use of Content, including any representations, recommendations or referrals you may receive as a result of your registration with Moonfare. You are solely responsible for your use of the Services, for any Content you provide, and for any consequences thereof, including the use of your Content by other users and third party partners.
  3. Moonfare Employees and Affiliates. You understand that Company Persons 
may participate in the Services as investors, and that Moonfare is not responsible for any of their activities, including statements or other information in any emails or other communications such individuals make in that capacity.

C. Confidentiality. By registering with Moonfare, or otherwise using the Services or viewing Content made available through the Site in any way, you may be exposed to Sensitive Information. It is expected that you will use discretion in handling Sensitive Information. You agree that you will not republish, or cause any third party to republish, any information you acquire through the Services via an Internet website or otherwise, for which one of the principal purposes is to compete with Moonfare. You further agree that you will not use Sensitive Information for any reason other than your evaluation of a particular investment opportunity unless approved in advance in writing by Moonfare.

D. Other User Obligations.

  1. You promise to comply with the terms of the license set forth in Section IV (Company Services and License) of this Agreement.
  2. You agree that this Agreement does not entitle you to any support, upgrades, updates, add-ons, patches, enhancements, or fixes for the Services (collectively, “Updates”). The Company, however, may occasionally provide automatic Updates to the Services at its sole discretion (and without any advanced notification to you). Any such Updates for the Services shall become part of the Services and subject to this Agreement.

E. APIs available through the Service. We may make available one or more APIs 
for interacting with the Services. Your use of any Moonfare API on the Site is subject to this Agreement and certain Moonfare API rules, which will be posted before we make these APIs available (and which will then become part of this Agreement).

Privacy and Protection of Personal Information

1. Privacy Notice. Moonfare values your privacy. Please review our Privacy Notice to learn more about how we collect and use information about you via the Services. The Privacy Notice explains how Moonfare treats your personal information and protects your privacy when you access Moonfare and use the Services.

2. Amendments to the Privacy Notice.  We may amend the Privacy Notice at any time in our sole discretion, effective upon posting the amended Privacy Notice at the domain of https://www.moonfare.com/privacy-notice/ where the prior version of the Privacy Notice was posted, or by communicating these changes through any written or other contact method we have established with you. Your use of the Services following the date on which such amended Privacy Notice is published will constitute consent to such amendments to the extent they do not have retroactive applicability.

Company Services and License

1. License to Use the Service. All rights, title, and interest in and to the Services is and will remain the exclusive property of Moonfare and its licensors. The Services are protected by copyright, trademark, and other laws of both the European Union as well as those of other countries. Except as expressly provided herein, nothing in this Agreement gives you a right to use the Moonfare name or any of the Moonfare trademarks, logos, domain names or other distinctive brand features.

2. Execution of the “Suitability Questionnaire”. In accordance with applicable regulatory requirements, Moonfare requires all new investors to undergo a suitability assessment either by way of completing a suitability questionnaire on the Site or participating a suitability assessment process via a distribution partner, as applicable, both of which are designed to separate investors qualified to invest in Moonfare funds from those that are not. Moonfare and any distribution partner in this process rely on representations made by investors or distribution partners, as applicable.

Reservation of the Company’s Rights

1. Right to Control Content. Any Content on the Moonfare Site is controlled exclusively by Moonfare and may be deleted at any time without notice to you.

2. Right to Discontinue the Services. Moonfare reserves the right to discontinue the Services or to change the Services in any way and at any time, with or without notice to you, without liability.

3. Right to Terminate User Access. Moonfare reserves the right to terminate your access to the Services without notice and, if you violate this Agreement, to pursue other remedies at law or in equity. We may delete your account for any reason or for no reason at all, and if we delete your account you will lose all access to any information or other features that may have value to you that may have been associated with your account.

4. Right to Refuse or Cancel Registration. The Company has the right to refuse registration of or cancel your user account in its discretion for any reason or for no reason. In addition, the Company reserves the right at all times (but will not have an obligation) to remove or refuse to distribute any Content on the Services and to terminate users and/or reclaim usernames. We also reserve the right to access, read, preserve, and disclose any information as we reasonably believe is necessary to (i) satisfy any applicable law, regulation, legal process or governmental request, (ii) enforce this Agreement (including investigation of potential violations hereof), (iii) detect, prevent or otherwise address fraud, security or technical issues, (iv) respond to user support requests or (v) protect the rights, property or safety of Moonfare, its users and the public.

5. User Acknowledgement. Without limiting the generality of the foregoing, you specifically acknowledge that the Company is exempt from liability to any person for any claim based upon its termination of an account or disabling of access to or removal of any Content, including material it believes, in its sole discretion to violate this Agreement, regardless of whether the material ultimately is determined to be infringing or otherwise prohibited, and regardless of whether such termination or disabling has the effect of reducing the value of any opportunities that might otherwise have been available to you. By using the Services, you agree that notice 
to you through an email to the email address you provided in your profile constitutes reasonable efforts to notify you of any removal or disabling if such notice is required.

Limits on the Company’s Obligations

1. Introductions. We are not obligated to introduce you to anyone connected to Moonfare feeder funds or target funds including fund managers, fund analysts, or other investors.

2. No Recommendations. We do not recommend any feeder funds or other investment opportunities for investment, state that any investment opportunities are suitable for investment nor guarantee the accuracy of information provided by target funds or their managers on the Site or otherwise. In particular, we do not act as an investment adviser to any investor(s) and no part of the Site is intended to constitute investment advice.

2. Verifying Advertisement Accuracy. The Services may contain or deliver advertising and sponsorships. Advertisers and sponsors are responsible for ensuring that material submitted for inclusion is accurate and complies with applicable laws. We are not responsible for the illegality or any error, inaccuracy or problem in an advertiser’s or sponsor’s Content.

Copyright Policy

Moonfare respects the intellectual property rights of others and expects users of the Services to do the same. We will respond to notices of alleged copyright infringement that comply with applicable law and are properly provided to us.

Term and Termination

Unless terminated by the Company, this Agreement will remain in full force and effect while you use any of the Services. Subject to the last sentence of this Section VIII, you may terminate this Agreement at any time by requesting Moonfare to delete your account by contacting [email protected]. The Company may terminate this Agreement at any time, particularly if you are suspected of violating any provision of this Agreement. Upon termination of this Agreement for any reason, you shall destroy and remove from all computers, and other storage media all copies of any intellectual property owned by the Company or any other user of the Services that you acquired via use of the Services. Your representations in this Agreement and the provisions of Section II (User Obligations) and any other provision of this Agreement which by their nature are designed to survive termination shall survive any termination or expiration of this Agreement.

Disclaimers, Limitations, Waivers of Liability



3. The Company is not responsible for any technical malfunction or other problems 
of any telephone network or service, computer systems, servers or providers, computer or mobile phone equipment, software, failure of email or media players on account of technical problems or traffic congestion on the Internet or at any website or combination thereof, including injury or damage to your or to any other person’s computer, mobile phone or other hardware or software, related to or resulting from using or downloading materials in connection with the web and/or in connection with the Services, including any mobile software. Under no circumstances will the Company be responsible for any loss or damage, including any loss or damage to any Content or personal injury or death, resulting from anyone’s use of the Services, any Content or third party applications, software or Content posted on or through the Services or transmitted to users or any interactions between users of the Services, whether online or offline.

4. We make no warranty and disclaim all responsibility and liability for the completeness, accuracy, availability, timeliness, security or reliability of the Services 
or any Content thereon or any Content you receive as a result of your relationship with Moonfare. Moonfare will not be responsible or liable for any harm to your computer system, loss of data or other harm that results from your access to or use of the Services or any Content. You also agree that Moonfare has no responsibility or liability for the deletion of, or the failure to store or to transmit, any Content and other communications maintained by the Services. We make no warranty that the Services will meet your requirements or be available on an uninterrupted, secure or error-free basis. No advice or information, whether oral or written, obtained from Moonfare or through the Services, will create any warranty not expressly made herein.

5. To the extent any provision(s) relating to arbitration, disclaimer, waiver of liability 
or any other rights and obligations set forth herein is not permissible or enforceable under foreign laws as applied to users from such foreign jurisdictions, each such provision shall be deemed removed and invalid, but all remaining provisions shall be in full force and effect.

Disputes with Others

We reserve the right, but have no obligation, to monitor and/or manage disputes between you and other users of the Services. If you have a dispute with other users, you release the Company and hereby agree to indemnify the Company from claims, demands, and damages (actual and consequential) of every kind and nature, known and unknown, arising out of, or in any way connected with, such a dispute.


1. Informal Negotiations. To expedite resolution and control the cost of any dispute, controversy or claim related to this Agreement (“Dispute”), you and the Company agree to first attempt to negotiate any Dispute (except those Disputes expressly provided below) informally for at least thirty (30) days before initiating any arbitration. Such informal negotiations commence upon written notice from one person to the other. You will send your notice to “Karl-Liebknecht-Str. 34, 10178 Berlin, ATTENTION: LEGAL DEPARTMENT”. The Company will send its notice to the address you have provided to the Company, or if no such address has been provided, by email to the email address provided by you in connection with your use of the Services.

2. Binding Arbitration at Option of Either Party.  If you and the Company are unable to resolve a Dispute through informal negotiations, either you or the Company may elect to have the Dispute (except those Disputes expressly excluded below) finally and exclusively resolved by confidential binding arbitration. Any election to arbitrate by one party shall be final and binding on the other. YOU UNDERSTAND THAT ABSENT THIS PROVISION, YOU WOULD HAVE THE RIGHT TO SUE IN COURT. The arbitration shall be commenced and conducted by the German Arbitration Institute (“DIS”) in Berlin, Germany based on the United Nations Commission on International Trade Law (“UNCITRAL”) Arbitration Rules 2013 with the seat of the arbitration being Germany, the tribunal consisting of one arbitrator and the language of the arbitration being English. The determination of whether a Dispute is subject to arbitration shall be governed by German law and determined by a court of proper jurisdiction rather than an arbitrator. Your arbitration fees and your share of arbitrator compensation shall be governed by the UNCITRAL Rules 2013. If such costs are determined by the arbitrator to be excessive, the Company will pay all arbitration fees and expenses. The arbitration may be conducted, at the option of the claimant, either in person or by video conference. The arbitrator will make a decision in writing, but need not provide a statement of reasons unless requested by a party. The arbitrator must follow applicable law, and any award may be challenged within a reasonable period of time (not to exceed 30 days) if the arbitrator fails to do so. Except as otherwise provided in this Agreement, you and the Company may litigate in court to compel arbitration, stay proceedings pending arbitration or to confirm, modify, vacate or enter judgment on the award entered by the arbitrator. Judgment upon any award rendered by the arbitrator(s) may be entered and enforcement obtained thereon in any court having jurisdiction. All arbitration proceedings shall be closed to the public and confidential and all records relating thereto shall be permanently sealed, except as necessary to obtain court confirmation of the arbitration award. Each party shall have the right to participate by video conference in order to minimize travel and expense burdens. Subject to Section IX of this Agreement, the arbitrator shall have authority to grant any form of appropriate relief, whether legal or equitable in nature, including specific performance.

3. Restrictions/No Class Actions.  You and the Company agree that any arbitration shall be limited to the Dispute between the Company and you individually. To the full extent permitted by law, (1) no arbitration shall be joined with any other; (2) no Dispute between you and the Company is to be arbitrated on a class-action or similar basis or will utilize class action procedures; and (3) you may not bring any Dispute in a purported representative capacity on behalf of the general public, other users of the Services or any other persons.

4. Exceptions to Informal Negotiations and Arbitration.  You and the Company agree that the following Disputes are not subject to the above provisions concerning informal negotiations and binding arbitration: (1) any Disputes seeking to enforce or protect, or concerning the validity of, any of your or the Company’s intellectual property rights; (2) any Dispute related to, or arising from, allegations of theft, piracy, invasion of privacy or unauthorized use; and (3) any claim for injunctive relief.


  1. Availability of Services.

    1. The Company operates and controls the Services from its offices in Germany. The Company makes no representation that the Services are appropriate or available in other locations. The information provided on or through the Services is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject the Company to any registration requirement within such jurisdiction or country. Accordingly, those persons who choose to access the Services from other locations do so on their own initiative and are solely responsible for compliance with local laws, if and to the extent local laws are applicable.

    2. Certain information provided by Entrepreneurs or Investors may be subject to European or U.S. export controls. Thus, no such materials may be downloaded, exported or re-exported (i) into (or to a national or resident of) Cuba, Iraq, North Korea, Iran, Syria or any other country to which the European Union or United States has embargoed goods; or (ii) to anyone on the U.S. Treasury Department’s Specially Designated Nationals List or the U.S. Commerce Department’s Denied Persons List. By downloading any material available through the Services, you represent and warrant that you are not located in, under the control of, or a national or resident of, any such country or on any such list. The parties specifically disclaim application of the United Nations Convention on Contracts for the International Sale of Goods.
  2. Injunctive Relief. You acknowledge that the rights granted and obligations made hereunder to the Company are of a unique and irreplaceable nature, the loss of which shall irreparably harm the Company and which cannot be replaced by monetary damages alone, so that the Company shall be entitled to injunctive or other equitable relief (without the obligations of posting any bond or surety) in the event of any breach or anticipatory breach by you. You irrevocably waive all rights to seek injunctive or other equitable relief and agree to limit your claims to claims for monetary damages (if any).
  3. Amendments to this Agreement. We may amend this Agreement at any time in our sole discretion, effective upon posting the amended Terms of Service at the domain of www.moonfare.com where the prior version of this Agreement was posted or by communicating these changes through any written or other contact method we have established with you. Your use of the Services following the date on which such amended Terms are published will constitute consent to such amendments. Neither the course of conduct between the parties nor trade practice will act to modify this Agreement.
  4. Venue and Governing Law. This Agreement and all aspects of the Services shall be governed by and construed in accordance with the laws of the Federal Republic of Germany regardless of your location. For the purpose of any judicial proceeding to enforce an arbitration award or incidental to such arbitration or to compel arbitration, or if for any reason a claim proceeds in court rather than in arbitration, you hereby submit to the non-exclusive jurisdiction of the District Court (“Landgericht”) of Berlin, Germany, and agree that service of process in such arbitration or court proceedings shall be satisfactorily made upon a party if sent by certified, express or registered mail addressed to it at the address set forth in the books and records of the Company, or if no such address has been provided, by email to the email address provided by the relevant party to the Company in connection with its use of the Services. With respect to any Disputes not subject to informal dispute resolution or arbitration (as set forth above), you agree not to commence or prosecute any action in connection therewith other than in the District Court  of Berlin, Germany. To the extent non-German laws mandate a different approach with respect to governing law, venue, statute of limitation, and dispute resolution method with respect to certain non-German persons, each such required standard shall be applied, but all other provisions under this section shall remain in full force.
  5. Section Headings, Verification Documentation, Waiver of Execution Defenses. The section headings used herein are for convenience only and shall not be given any legal import. Upon the Company’s request, you will furnish the Company with any documentation, substantiation or releases necessary to verify your compliance with this Agreement. You agree that this Agreement will not be construed against the Company by virtue of having drafted it. You hereby waive any and all defenses you may have based on the electronic form of this Agreement and the lack of signing by the parties hereto to execute this Agreement.

    1. The failure of the Company to require or enforce strict performance by you of any provision of this Agreement or to exercise any right under this Agreement shall not be construed as a waiver or relinquishment of the Company’s right to assert or rely upon any such provision or right in that or any other instance. In fact, the Company may choose to enforce certain portions of this Agreement more strictly or to interpret certain provisions more strictly against certain users than it does against users in general, and such disparate treatment shall not be grounds for failing to comply with all of this Agreement as so interpreted.

    2. If any provision of this Agreement is found by any court of competent jurisdiction to be unenforceable or invalid, that provision will be limited to the minimum extent necessary so that this Agreement may otherwise remain in effect.
  6. Prohibition of Assignment. You may not assign this Agreement without the Company’s prior written consent.
  7. Entire Agreement. This Agreement contains the entire understanding of you and the Company, and supersedes all prior understandings of the parties hereto relating to the subject matter hereof, and cannot be changed or modified by you except as posted on the Services by the Company. No waiver by either party of any breach or default hereunder shall be deemed to be a waiver of any preceding or subsequent breach or default.
  8. Statute of Limitations. You and the Company both agree that regardless of any statute or law to the contrary but only to the extent permissible by law in each relevant jurisdiction, any claim or cause of action arising out of or related to use of the Services, this Agreement or our Privacy & Cookies Policy must be filed within ONE (1) YEAR after such claim or cause of action arose or be forever barred.
  9. No Third Party Beneficiaries. This Agreement is between you and the Company. No user has any rights to force the Company to enforce any rights it may have against any you or any other user.

Ambassador Program

A. Moonfare has instituted an ambassador program (the “Program”) which compensates participants (each, an “Ambassador”) with virtual stock options of Moonfare GmbH (the “Options”) for introducing the Site to certain qualified persons who may subsequently choose to invest in Moonfare’s funds. The Program is subject to the terms and conditions of an ambassador agreement available to Ambassadors on the Site and summarized as follows:

  1. An Ambassador is required to act in good faith and only introduce Moonfare to persons within the Ambassador’s personal network to whom the Ambassador has fully disclosed that the Ambassador may receive a financial benefit via the Program (each such person, an “Introduction”).
  2. Moonfare reserves the right to perform any checks it deems necessary to confirm an Ambassador’s compliance with the terms and conditions of the Program before any Options are credited to such Ambassador.
  3. If more than one Ambassador introduces an Introduction, Moonfare will contact the Introduction to ascertain which Ambassador, if any, should receive any Options. Any Options will be credited to such Ambassador who first introduced Moonfare to the Introduction, as determined by Moonfare in its sole discretion.
  4. Moonfare reserves the right to withhold crediting Options and/or to terminate the Ambassador Agreement with no prior notice at its own discretion, including if an Ambassador:

    a. introduces Introductions without disclosing the potential financial benefit he/she may receive;

    b. causes a unique Moonfare Ambassador link to be made publicly available;

    c. sends a Moonfare Ambassador link to more than 50 recipients; or

    d. is inactive on the Site for more than 12 months.
  5. Moonfare reserves the right to change, end, or pause, in whole or in part, an Ambassador’s or Introduction’s ability to participate in the Program or receive compensation at any time for any reason, including suspected fraud, abuse, or any violation of the Program, this Agreement or any other agreement between an Ambassador and Moonfare.
  6. Moonfare reserves the right to make any changes or additions to the terms and conditions of the Program, the awards or other processes described in the documents for the Program, providing this does not discriminate against an Ambassador in bad faith.

B. The Program is exclusive and Moonfare has the right to admit or disqualify any person from acting as an Ambassador within its sole discretion.

C. To ensure effective operation of the Program, Moonfare collects and stores data relating to introductions made by Ambassadors. All such data is subject to the terms of Moonfare’s Privacy Policy.


1. “Community Rules”: Participants in the Moonfare community will not, in connection with the Services:

  1. violate this Agreement or any local or foreign law, rule or regulation;
  2. trick, defraud, deceive or mislead the Company, such as by disguising the source of materials or other information you submit to the Services or using tools which anonymize your Internet protocol address to access the Services;
  3. interfere with or disrupt (or attempt to interfere with or disrupt) access and enjoyment of the Services of other users or any host or network;
  4. disparage, tarnish or otherwise harm, in the Company’s opinion, the Company and/or the Services;
  5. upload or transmit (or attempt to upload or transmit) any material that acts as a passive or active information collection or transmission mechanism, such as viruses, worms, Trojan horses, spyware, adware or any other malicious or invasive code or program;
  6. reverse engineer, decompile, reverse assemble, modify or attempt to discover or copy any software, source code or structure that the Services utilize to generate web pages or any software or other products or processes accessible through the Services;
  7. access or search (or attempt to access or search) the Services by any means, such as any automated system or unauthorized script or software, other than currently available, published interfaces provide by Moonfare, unless you have been specifically allowed to do so in a separate Agreement with Moonfare (note scraping the Services is expressly prohibited without the prior consent of Moonfare);
  8. remove, obscure or change any copyright, trademark, hyperlink or other proprietary rights notices contained in or on the Services or any website on which the Services are offered or on a third party website and/or Company software on which Company code is embeddable or embedded on;
  9. remove, obscure or change any notice, banner, advertisement or other branding on the Services;
  10. interfere with or circumvent any security feature of the Services or any feature that restricts or enforces limitations on use of or access to the Services, 
such as probing or scanning the vulnerability of any system, network or breach;
  11. make any false or fraudulent representations to Moonfare in order to gain access to the Services;
  12. distribute or cause the distribution of Sensitive Information; or
  13. sell access to the Services or any part thereof other than through a mechanism approved by the Company.

2. “Content” means any information, text, graphics or other materials uploaded, downloaded or otherwise appearing on the Services. You retain ownership of all Content you submit, post, display or otherwise make available on the Services.

3. “Sensitive Information” means all information acquired by, through, or in connection with your use of the Services or the Site that was provided by another person and which is identified as “Sensitive” or “Confidential” in any manner reasonably designed to identify the character of such information.

The Services are operated and provided by Moonfare GmbH, Karl-Liebknecht-Str. 34, 10178 Berlin, AG Munich HRB 227051. If you have questions about this Agreement, please contact us at [email protected].

In Europe, the platform services are operated by Moonfare GmbH (Karl-Liebknecht-Str. 34, 10178 Berlin, Germany), which provides investment brokerage services in certain European countries pursuant to §1 KWG exclusively on account and under the liability of AHP Capital Management GmbH (Weißfrauenstraße 12-16, 60311 Frankfurt).

In the Hong Kong SAR, the platform is operated under the supervision of Moonfare Asia Ltd. (23/F One Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong), an affiliate of Moonfare GmbH, and licensed with the Securities and Futures Commission (CE no. BOO902) to carry on business in Type 1 (dealing in securities) regulated activity in Hong Kong under the Securities and Futures Ordinance (Cap. 571).

Moonfare does not make investment recommendations and no communication, through this website or in any other medium should be construed as a recommendation for any security offered on or off this investment platform. Alternative investments in private placements, and private equity investments via feeder funds in particular, are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest. Prospective investors should carefully consider the risk warnings and disclosures for the respective fund or investment vehicle set out therein. The value of an investment may go down as well as up and investors may not get back their money originally invested. Past performance is not necessarily a guide to future performance. An investment in a fund or investment vehicle is not the same as a deposit with a banking institution. Please refer to the respective fund documentation for details about potential risks, charges and expenses. Additionally, investors will typically receive illiquid and/or restricted membership interests that may be subject to holding period requirements and/or liquidity concerns. In the most sensible investment strategy for private equity investing, private equity should only be part of your overall investment portfolio. Further, the alternative investments portion of your portfolio may include a balanced portfolio of different alternative investments funds. Investments in alternative assets are highly illiquid and those investors who cannot hold an investment for the long term (at least 10 years) should not invest.

Last updated: June 9, 2020 · Moonfare is a trademark of Moonfare GmbH.

Table of Contents

General Securities Laws Principles
User Obligations
Privacy and Protection of Personal Information
Company Services and License
Reservation of the Company’s Rights
Limits on the Company’s Obligations
Copyright Policy
Term and Termination
Disclaimers, Limitations, Waivers of Liability
Disputes with Others
Ambassador Program