What is a reserved fundraising campaign?

This group of citizens is primarily made up of residents living near the project, who are most directly affected and for whom it is only fair that the economic benefits of the project be allocated to them first. This first circle of investors, who have priority access to the investment, may be followed by a second circle: this generally consists of employees of the company that developed the project. Finally, the third and last circle consists of all citizens wishing to invest. Access to these different circles is phased over the course of the fundraising campaign to give a temporary advantage to local residents and (where applicable) subsequently to employees or other citizens.