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Canadian different asset supervisor Subsequent Edge Capital is winding down its flagship personal credit score fund and has halted investor redemptions.
The Subsequent Edge Personal Debt Fund, which is only open to Canadian retail buyers, allocates to a diversified portfolio of commerce finance, factoring and secured mortgage investments.
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An investor memo, seen by The Globe and Mail, revealed that the fund acquired C$145m (£82.9m)-worth of redemption requests in 2023 – nearly half the fund’s C$298m of belongings underneath administration – following a dip in efficiency.
Redemption requests have continued this 12 months, the report mentioned, and presently sit at 20 per cent of complete belongings.
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“Efficient as of 30 April 2024, no additional redemption or buy orders will likely be accepted on any of the prevailing courses of the Subsequent Edge Personal Debt Fund,” a Subsequent Edge spokesperson instructed Different Credit score Investor.
“The present fund portfolio will likely be wound up and paid again to all fund unitholders in an orderly foundation as liquidity is realized inside the fund’s portfolio from mortgage repayments, by means of the issuance of items in new courses of the fund that may be offered or held as desired. These new fund items will observe the same funding mandate to the prevailing fund however could have publicity to a portfolio with enhanced liquidity.”
Learn extra: Fiera Personal Debt raises $350m for Canadian personal credit score fund
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