The Fund’s capital is divided into Units of equal value. The liability of the Unit holders in the Fund is limited to the value of their participation in the Fund’s capital. The value of Units shall be paid in cash upon subscription or participation. The value of Subscription may be paid in instalments if stated in the Articles of Association of a Real Estate Fund, Private Equity Fund, and any other Fund as approved by the Authority. As an exception of the provision aforementioned- for Private Placement Funds- the value of Units may be paid upon subscription or participation in kind; provided that the Articles of Association states thereof; the assets in kind shall be set for appraisal in accordance with the provisions of appraisal of shares in kind referred to in Module Eleven (Dealing in Securities).