Sovereign Healthcare Receivables Italy

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Fund Portrait

The Fund purchases receivables from private entities servicing the public healthcare system in Italy. EU regulations establish that all European countries have to pay their invoices against private entities within 60 days. A moratory interest rate of 8% + EUR reference rate for overdue invoices can be charged after that period. 

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TYPE STRUCTUREOpen-ended SICAV-SIF
DOMICILELuxembourg
LAUNCH DATEJune 01, 2015
MANAGERFinexis SA, Luxembourg
DISTRIBUTOR SWITZERLANDOpenFunds Investment Services AG (Switzerland)
AUDITORArtemis SA Lux
CUSTODIANB.I.L. SA Lux
REGULATORCommission de Surveillance du Secteur Financier, Luxembourg (CSSF)
PAYING AGENT SWISSSocietà Bancaria Ticinese SA (Switzerland)
GEOGRAPHYItaly Only
SECTORHealthcare receivables with ultimate creditor Italian State
SHARE CLASSESInstitutional: 1’000’000 and above; Participating: 125’000 and above
CURRENCYInstitutional Share Class: EUR, USD / Participating Share Class: EUR, USD / Share classes in other currencies can be setup easily and will be fully hedged
INITIAL CHARGES0%
SUBSCRIPTIONSMonthly
LIQUIDITYMonthly, on 30 days' notice for retail share classes / Monthly, on 60 days' for institutional share classes
MANAGEMENT FEEInstitutional Share Class: 1% / Participating Share Class: 2%
PERFORMANCE FEEInstitutional Share Class: 20% on the excess return over fixed 5% hurdle, acting as high water mark, paid quarterly but accrued monthly (based upon total assets).
MANAGER TRACK RECORDSourcer and servicer active in this space for over 10 years
ISINPlease refer to the factsheets
BLOOMBERG CODEPlease refer to the factsheets