Guernsey closed-ended fund, GLI Alternative Finance PLC (GLAF), has launched on the London Stock Exchange's Specialist Fund Market (SFM), following a successful fund-raising of £52.66 million.
GLAF will trade on the SFM with a loan portfolio diversified by geography, size of loan, type of lending and duration. This diversity lies at the heart of the fund's strategic position with the largest exposures coming from four different segments of the alternative finance space: peer-to-peer business lending, trade finance, commercial property finance and balance sheet lending.
Managed by GLI Asset Management Limited, an asset management subsidiary of GLI Finance Limited, the fund aims to provide investors with access to the alternative finance market with a target of a 'high single digit' yield.
GLI Finance is a specialist provider of finance to small and medium sized enterprises and is quoted on the AIM market of the London Stock Exchange. GLI Finance invests in loans to SMEs and originates finance for SMEs through a variety of finance platforms.
Carey Olsen's investment funds practice in Guernsey, led by Partner Ben Morgan and Senior Associate John Scanlan, advised GLAF on the Guernsey aspects of the launch.
Mr Morgan said: "This fund is unusual from a technical perspective in that it is, as far as we can tell, the first Guernsey registered fund that is also a UK PLC. The selection of Carey Olsen to advise is testament to our strong reputation for LSE listed funds particularly in the Specialist Fund Market where both Guernsey and Carey Olsen continue to dominate."
Elysium Fund Management and Butterfield Bank (Guernsey) are acting as the fund's administrator and custodian respectively. Institutional broker and corporate advisor, N+1 Singer, acted as financial adviser, broker and placing agent to the company.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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