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) |
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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 |