PIUs are CIUs that are offered only to ultra-high net worth investors. The operator of a Bahrain domiciled PIU must be a CBB licensee (who is authorised to undertake the regulated activity of acting as a CIU operator) or an overseas operator/fund manager regulated in a reputable jurisdiction and in a manner acceptable to the CBB. Overseas domiciled PIUs may only be marketed by a Bahrain based placement agent who is authorised by the CBB to undertake such activity and has the necessary legally binding arrangements with the overseas operator/fund manager.