Prestige Funds launches dedicated Islamic – Impact fund for UK agri and renewables financing
- First Islamic – Impact fund from specialist private finance manager
- Targets smaller companies and renewable energy projects in the UK
- Backed by a highly experienced commercial finance team in Cambridge, England
Prestige Funds, one of the leading specialist private debt investment managers in the UK, has launched the ‘Premium Alziraea Fund’, a Shariah-compliant real assets and project financing fund targeted at the renewables and agriculture sector in the UK.
The new Cayman Islands-domiciled Fund will invest in a diversified portfolio of secured asset and project-based finance projects many of which may be or are backed by the UK Government. The Fund’s strategy has a low correlation to equity, bond or commodity markets.
The Fund will be investing across a broad portfolio of projects and small businesses with a focus on UK agricultural, horticultural and rural small businesses which have historically operated with lower defaults than other sectors.
The Fund will operate as an open-ended vehicle although it will have a one year lock up and monthly liquidity on 90 – 180 days. The Fund will be aimed at Islamic institutional investors looking to diversify their investment portfolios and will be available in accumulation and distribution share classes in GBP / USD / EUR currencies. The target asset raise in year one will be USD 50 – 75 million, although the current investible opportunity pipeline stands at GBP 500 – 700 million / USD 685 – 960 million over the next 1 – 3 years.
The Premium Alziraea Fund will follow a similar project / financing investment strategy managed by Prestige Fund Management which has generated positive, consistent, uncorrelated returns for over 12 years and has approximately USD 750 million of assets under management.
To read the full press release please click here.