Platinum Capital Management Ltd. will launch the Platinum Turnberry Fund Ltd. on 1 October.
Platinum Turnberry Fund is a distressed securities product focusing on medium to long-term capital growth from investment in stressed and distressed corporate debt.
Platinum Turnberry Fund will invest in Turnberry Master Ltd, which is +33% for 2003 YTD through September. The underlying fund is managed by Turnberry Capital Management of Greenwich, Connecticut.
Turnberry Capital Management was founded in 1995 by a group of professionals including two of the former managers, since 1989, of the First Boston Special Situations Fund. Turnberry Capital Management runs in excess of USD 200m.
Platinum Turnberry and Turnberry Master are primarily investors in Cash Pay Debt Securities, which constitute between 50% and 80% of the portfolio and have a 15% to 25% return objective. Defaulted debt securities may comprise between 5% and 25% of assets (with a 25% to 50% return objective) while up to a fifth of the portfolio may be invested in equities.
This structure has proved very successful for the fund managers, whose offshore Turnberry fund achieved growth in excess of 123% from the beginning of 2000 to the end of the first quarter of 2003 (including 7.45% in the first three months of 2003). During that 39 month period, over 75% of months recorded positive returns.
Peter Sprecher, Chairman of Platinum Capital Management said: "We are very pleased to be involved with an exceptional an investment management group like Turnberry Capital. Platinum has, for some time, been looking to diversify its investment range into the important distressed securities sector and with the launch of Platinum Turnberry, we believe we have found the ideal solution for private and institutional investors".
Minimum investment in Platinum Turnberry Fund is either USD 100,000or €100,000; and access to the fund is also available via the tax-efficient Platinum Wealth Management Bond for USD 25,000 or €25,000.
Copyright Hedgeweek 2003