Prestige Funds has listed its second Luxembourg direct lending fund, the Prime Alternative Finance Fund (PRALTF), on Euronext Dublin.
The share classes include hedged EUR, USD, CHF, SEK as well as GBP based share classes and have accumulation or distribution options all operating with no performance fee and typically without leverage.
PRALTF invests in a diverse portfolio of secured loans to UK-based agricultural businesses and is also exploring opportunities in the Netherlands, Republic of Ireland and the USA. Domiciled in Luxembourg and launched in 2018, the fund now has approximately USD50 million in assets under management taking the overall strategy to approximately USD750 million.
PRALTF’s management and wider loan portfolio origination is overseen by two dedicated teams consisting of over 50 staff based in the UK, Luxembourg and Malta, including commercial finance professionals who have lengthy track records financing business in the agriculture sector supported by additional technical experts.
The Fund is actively involved in financing the growth of clean energy plants in the UK’s rural economy, including the expansion of on-farm biogas plants. PRALTF is playing a key role in helping thousands of UK households to increase their supply of renewable energy.
Craig Reeves, Founder of Prestige, says: “We are pleased to be listing Prime Alternative Finance on Euronext Dublin – this follows the successful listing of our dedicated SME lending Fund ‘Commercial Finance Opportunities’ on Euronext last year. Since we launched PRALTF as a Luxembourg Fund, we have seen considerable interest in the Prestige approach to agricultural lending and in particular clean energy finance from investors in Europe and further afield.”
Prestige Funds has been managing direct lending strategies in the UK for over 10 years and has raised over USD 1.7 billion since launch. Investors include private banks, pension funds, family offices and sovereign wealth funds around the world.
“Agricultural lending represents an important, uncorrelated sector play within private debt portfolios, especially as interest rates remain so low,” Reeves adds. “Despite the noise around Brexit, we are seeing increased interest in our approach to direct lending in the UK rural economy with numerous visits from major investors over the last nine months. We have a strong pipeline of funding opportunities both in the UK and overseas and our team continues to grow to match this capacity.
The listing on Euronext Dublin will help to support the continued expansion of the Prestige European product range for experienced investors.”
PRALTF is a Luxembourg-domiciled SIF also referred to as an alternative investment fund (AIF), authorised by the CSSF in Luxembourg, and managed by a full scope Alternative Investment Fund Manager (AIFM). Unlike some private debt funds, PRALTF is an open-ended fund.