If it's not clear what the loan is being used for, it's being used to inflate a bid I make so I actually get to spend all (or msot of) my own funds. The loan itself isn't being spent (or not much of it - I can't tell for sure exactly how much excess demand there is).
My guess is it'll be around a 2.5:1 over-suscription on the IPO. So if I want to spend 100 BTC I have to put in 250 BTC of bids. I want to spend more than that - but can't get cash there in time to bid excessively - so am just borrowing so I can spend my OWN cash then return the loan soon as my order is partly filled. As it's possible the filling will run into the loan a bit I gave myself 24 hours - as I'm about to head out I won't be able to sort it anyway until tomorrow (will be drinking so not gonna risk moving significant sums around when I get back). At present there's bids for over 17 million shares with only 7 million available - and there'll be more bids going up all the time until the actual sale. So I may STILL not get to buy all I planned to anyway.
Deprived,
There are many people who would pay 5 btc for an emergency loan of 400btc to get in a hot and oversubscribed IPO. As fund manager, you should not treat the fund as your personal piggy bank. I think you have to be very careful about the conflict of interest between your fundholders interests and your personal financial interests. I'm sure you have convinced yourself that this is fair, but from the outside it looks very much like self dealing.
I believe you should have done this investment either completely with your own money, or given the fundholders benefit from the inevitable trading gain. (17000 bitcoins chasing a 7000 btc allocation will lead to inevitable stock price IPO jump).
Please consider doing the right thing and share the wealth, less management fee, with your fundholders.
-helixone