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Canadian various 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 traders, 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 – virtually half the fund’s C$298m of belongings below administration – following a dip in efficiency.
Redemption requests have continued this yr, the report mentioned, and at the moment 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 present lessons of the Subsequent Edge Personal Debt Fund,” a Subsequent Edge spokesperson informed Various Credit score Investor.
“The prevailing 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 the use of the issuance of items in new lessons of the fund that may be bought or held as desired. These new fund items will comply with an analogous funding mandate to the present 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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