Private Debt - SME UK

Fund Portrait

Due to the volume of redemptions received and the liquidity / performance issues that have been experienced, the Directors of the fund decided it would be in the best interest of all shareholders if the Fund was placed into a managed sell down. Accordingly, the Fund’s investment objective will be amended to focus solely on generating liquidity to repay current pending redemptions and distribute proceeds back to investors until the assets in the Fund come to full maturity. After this, the Fund would be wound-up. This means that subscriptions and redemptions will be formally suspended along with dividend distributions as of 01 January 2024. The Fund proposes to final all NAVs up to and including the 31 December 2023, thereafter the Fund will amend the NAV calculation frequency to bi-annual (June 30 and December 31 NAV calculation dates). Seniority will be given to redemptions submitted prior to 01 January 2024 for distributions as proceeds become available. All remaining Shareholders will receive equitable pro-rata distributions of available proceeds subject to incoming liquidity calculated on a biannual basis, once redemptions are honoured. The bi-annual NAV reduces running costs, and the Fund would also look to review and minimise the annual management fees.

 

 

INVESTMENT MANAGER Prestige Capital Management Limited (Malta)
LINKEDIN COMPANY PAGE Prestige Funds
FINANCE ARRANGER Nucleus Commercial Finance
FUND Commercial Finance Opportunities
TYPE STRUCTURE Luxembourg, SICAV-SIF (Open-Ended) (AIFMD COMPLIANT)
DOMICILE Luxembourg
LAUNCH DATE November 1, 2013
DISTRIBUTOR SWITZERLAND OpenFunds Investment Services AG (Switzerland)
AUDITOR Deloitte (Luxembourg)
CUSTODIAN Mitsubishi UFJ Investor Services & Banking (Luxembourg) SA
REGULATOR Commission de Surveillance du Secteur Financier, Luxembourg (CSSF)
PAYING AGENT SWISS Società Bancaria Ticinese SA (Switzerland)
GEOGRAPHY United Kingdom
STRATEGY Asset Based - Direct Lending - Small Business - Invoice / Cashflow / Property / Asset - Finance
SHARE CLASSES Institutional and Advisory, Accumulating and Distributing
CURRENCY EUR, USD, GBP, CHF, SEK
INITIAL CHARGES 0%
MINIMUM SUBSCRIPTIONS Advisory: EUR 125'000 (or currency equivalent) / Institutional: EUR 1'000'000 (or currency equivalent)
LIQUIDITY Up to USD 2 million (or currency equivalent) monthly on 90 days’ notice on a best effort basis. Amounts greater than this are by prior arrangement
MANAGEMENT FEE Institutional: 1.50% p.a. / Advisory: 1.50% p.a
PERFORMANCE FEE no performance fee
FUND SIZE £ 83 m based on last NAV as of 31/07/2023
MANAGER TRACK RECORD Since 2011
ISIN Please refer to the factsheets
BLOOMBERG CODE Please refer to the factsheets