Behringer Harvard and Prospect Capital Management have launched a joint venture targeting the development, management, and distribution of alternative investment programmes.

Addressing the challenges presented by today's low-yielding fixed income vehicles, the programmes sponsored by Behringer Harvard and Prospect Capital will focus on high-yielding debt and equity opportunities.

With offices in New York City, Prospect Capital, with its predecessors and affiliates, has a 24-year history of investing in and managing high-yielding debt and equity investments, using both private partnership and publicly-traded closed-end structures.

Through this joint venture, both firms will leverage their expertise in co-adviser roles. Behringer Harvard will lead capital-raising for such alternative investment programmes through its relationships with a wide network of independent financial advisers. Prospect Capital will lead the investment strategy for each investment programme that the partners co-advise.

"We're pleased that this new venture brings together two senior management teams with significant experience and a long track record of successful alternative investment programmes," says Robert Aisner (pictured), president and chief executive of Behringer Harvard. "We believe that this depth of experience, combined with our disciplined investment approach, bodes well for our ability to successfully execute our investment strategies."

"Prospect Capital is delighted to be working with the experienced team at Behringer Harvard with the goal of bringing differentiated, best-in-class products to the investment community," adds Grier Eliasek, president of Prospect Capital.