Prestige Funds Launches New Share Classes For Private Debt Fund
Prestige Funds is launching two new distribution share classes for its Commercial Finance Opportunities Fund. CFO is a direct lending fund that focuses on invoice, asset and commercial finance opportunities, primarily in the UK.
The new share classes are Distribution ID share classes which are aimed at institutional investors with a minimum investment of USD 1,000,000 (or currency equivalent) and quarterly liquidity (on 90 days’ notice) and Distribution D share classes which are aimed at advisory investors with a minimum investment of USD 100,000 (or currency equivalent) and quarterly liquidity (on 30 days’ notice).
Commercial Finance Opportunities was launched in 2013 and has grown to almost USD$200 million in assets under management and generated an average annualised USD return of 7.35%.
Craig Reeves, founder of Prestige, commented: “Investor appetite for private lending strategies has been growing steadily over the last few years as government bond yields have descended into negative territory. With no sign of this trend reversing in the near future, more investors have been investigating private debt funds as an alternative.”