Private Debt - Sustainable

Fund Portrait

Due to the volume of redemptions received and the liquidity issues that have been experienced, the GP recognises 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 have been 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 bi-annual 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. The changes to the investment objective will be dependent on an Extraordinary General Meeting (EGM) vote to approve putting these into force. In the coming weeks the Fund will be in contact with all investors regarding this matter, including the proposed Private Placement Memorandum updates and the convening of the EGM for shareholders to vote on the revised investment objective. The GP recommends that this will produce the best outcome for all shareholders.

 

 

INVESTMENT MANAGER Prestige Capital Management Limited
LINKEDIN COMPANY PAGE Prestige Funds
FINANCE ARRANGER Privilege Finance
FUND Prime Alternative Finance
PRESTIGE CLIMATEINVEST Renewable Energy Market Investment Specialists
TYPE STRUCTURE EU SICAV-SIF (Open Ended) (AIFMD COMPLIANT)
DOMICILE Luxembourg
LAUNCH DATE November 30, 2018
DISTRIBUTOR SWITZERLAND OpenFunds Investment Services AG (Switzerland)
AUDITOR KPMG (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 Waste to Energy - Asset & Project Based Lending
SHARE_CLASSES Institutional and Advisory, Accumulating and Distributing
CURRENCY GBP, USD, EUR, CHF, SEK
INITIAL CHARGES 0%
MINIMUM SUBSCRIPTIONS Institutional: EUR 1'000'000 (or currency equivalent) / Advisory: EUR 125,000 (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. / Retail: 1.50% p.a.
PERFORMANCE FEE no performance fee
FUND SIZE £ 190 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