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 |
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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 |