UK-based private debt specialist Prestige Funds has launched an evergreen fund of funds focused on credit strategies.
The vehicle, Multi Finance Opportunities Fund, is structured as an open-ended SICAV with advisory and institutional share classes. It is available in multiple currencies including dollars, sterling, euros, Swiss francs and Swedish krona with a 1.5 percent management fee and no performance fee.
It will be managed by Malta-based AIFM Prestige Capital Management and allocate to UK and international private debt and high-yield credit managers.
It will target returns of between 5 percent and 7 percent per annum and provide access to a variety of direct lending and alternative credit strategies, focusing on managers that can demonstrate strong track records.
Strategies that can be considered will include trade finance, invoice finance, real estate bridge finance and high-yield credit. Its model investment portfolio features allocations to six core investment strategies consisting of approximately 17 individual funds which have $4 billion in assets under management between them.
Craig Reeves, founder of Prestige Funds, said: “The universe of private debt managers has now reached a point of maturity that will enable an effective multi-manager approach to this sector, with a growing universe of specialists managing diverse strategies in different countries.”
Prestige Funds was founded in 2007 and operates several direct lending brands and a number of specialist alternative credit funds. It has raised over $1.5 billion and employs 100 professionals in the UK, Malta, Luxembourg and the Cayman Islands.