PRAXIS Fund Services Limited has launched a new Guernsey incorporated closed-ended investment company, Alternative Liquidity Fund Limited, with an indefinite life.
The fund all invest in a diversified portfolio of illiquid interests in funds and other instruments and securities with the objective to manage, monitor and realise these investments over time. Alternative Liquidity Fund Limited has a single class of ordinary shares in issue, which is listed on the premium segment of the Official List and traded on the London Stock Exchange's Main Market.
Morgan Creek Capital Management LLC is the investment manager of the company and advises the company on the day to day management of its investment portfolio. The investment manager is a SEC-registered investment adviser providing investment management services to institutions and wealthy families. Morgan Creek is based in Chapel Hill, North Carolina with additional investment management offices in New York, Europe and Asia. As at 30 September 2015, the investment manager had approximately USD3.6 billion in total assets under management.
Alternative Liquidity Fund Limited has acquired an initial portfolio of assets for an aggregate consideration of USD144 million.
‘I am delighted that we have attracted another high quality advisor from the United States to utilise our services and to choose Guernsey as a domicile for their new fund,’ says Chris Gambrell (pictured), director of Praxis Fund Services Limited, which is part of the PraxisIFM Group.
Tim Gardner, managing director of Morgan Creek Capital Management Europe, adds: ‘We have been exceedingly impressed with Guernsey as a jurisdiction and the services offered to our latest fund. We look forward to a successful performance of Alternative Liquidity Fund Limited.’