Sao Paulo, Brazil-based Astra Investimentos has launched its first fund for foreign investors, the Astra Credit Fund.
Sao Paulo, Brazil-based Astra Investimentos has launched its first fund for foreign investors, the Astra Credit Fund. The fund was launched 1 March and is a master-feeder structure domiciled in the Caymans.
The fund was established for the purpose of capitalising on opportunities in structured credit, with a particular focus on performing, with-recourse receivables from financial institutions and companies in Brazil that are secured by assets and other guarantees. The fund is designed to produce annual returns in the range of 18-20% (net) and the investment objective is to generate current income and achieve superior risk adjusted returns with low correlation to global capital markets.
Astra Investimentos was founded in 2004 by Andrew Jenner and is focused on alternative investments in credit/asset based lending, activism, private equity, real estate, mortgages, infrastructure and agriculture. Astra currently manages USD 150 million between the Astra Credit Fund, Astra Selection Fund (activist) and Astra SMART portfolio (mutual funds). The team members have, on average, a ten year history of working together.
The credit fund currently has assets of USD 30 million. The minimum investment requirement is USD 1 million, and the fund charges a management fee of 2% and a performance fee of 20%. The fund employs a high watermark provision and a hard hurdle rate of 6 month US LIBOR.
The fund allows for monthly additions and quarterly redemptions, with a 6 month lock-up provision. Citibank will be the administrator and custodian and KPMG will do the audit work. The fund has also enlisted the legal services of Maples and Calder (Caymans) and the Investment Law Group (U.S.).
