Twelve Capital raises more than $400m

Zurich-based Twelve Capital has announced a soft close on its Insurance Private Debt strategy at more than $400 million, after launching it in November 2013.

The insurance specialist has temporarily closed the strategy to further investments starting with effect 30 May 2014 and ending on 31 December 2014, during which time, redemptions and all other investment procedures will continue to operate as normal, the firm said.

Urs Ramseier, chairman of Twelve Capital, said: “We are very happy about the success of our Insurance Private Debt strategy and want to thank everyone who has invested in it. Our priority is always to act in the best interest of all our clients. For this reason, we have decided to opt for a temporary closure. During this suspension period we want to concentrate on protecting and making the existing assets perform to the best of our ability.”

The fund was unveiled in September last year, aiming to provide small and medium sized insurers with an additional source of regulatory capital and to generate attractive risk-adjusted returns for Twelve Capital’s investors’ base.

A statement at the time said that it would seek to provide solvency-relevant capital in the form of bilateral loans or private placement bonds, and would benefit from Twelve Capital’s existing expertise in collateralised reinsurance and insurance fixed income.

The strategy complements the firms existing offering of collateralised reinsurance and traded bonds, Ramseier said at the time.