Whether the fund is a protected investor, particularly if it is an unincorporated partnership or similar which does not have legal personality.
Specifically, this may raise the following issues:
1.
Whether the GP is able to bring a claim on behalf of the fund or LPs, which may raise questions as to the GP's ownership and control of the investment and/or whether the GP’s indirect investment in the host-State is protected. Similar questions may arise if the trustee of an investment trust seeks to bring a claim.
2.
Whether a portfolio holding company is a protected investor, having regard to any treaty requirements that it have “substantial business activities” in its home-State or be “controlled” by nationals of the home-State.
3.