The Guernsey registered, closed-ended SQN Asset Finance Income Fund Limited was
oversubscribed and has successfully raised £150 million to
invest in equipment lease and asset finance arrangements in the UK
Peter Niven, Non-Executive Chairman of the fund, said: "We
are delighted by the response from such a broad range of investors
who have recognised the benefits of investing in this asset class.
We have a diverse and exciting initial portfolio and pipeline of
assets and we look forward to working with the investment manager
as they build out the portfolio with a view to delivering strong
returns for our new shareholders."
The fund will invest in equipment lease and asset finance
arrangements in the UK and US, with a focus on business-essential
assets with high in-place value and long economic life relative to
the investment term. The investment manager will target assets in
Agriculture, Energy, Environmental, Manufacturing, Material
Handling, Medical, Modular Accommodation, Technology and
Jeremiah Silkowski, Portfolio Manager and Chief Executive
Officer at SQN
Capital Management, said: "We believe equipment lease
investing generates consistent returns throughout the business
cycle and our approach of focusing on business-essential,
revenue-producing assets and equipment with high in-place value, is
the optimum strategy to capitalise on this investment opportunity.
The company will be the only diversified equipment leasing fund
listed in the UK, with attractive target returns underpinned by
regular non-correlated cash flows. We believe this presents a
compelling investment proposition."
Mark Chambers, Corporate Partner at Mourant Ozannes, said:
"It was a privilege to work on such a successful fundraising
for an innovative asset class, with an experienced and professional
team. It demonstrates once again that Guernsey remains an
attractive jurisdiction for listed funds."
Colin Merrien, Location Head at BNP Paribas in Guernsey, said:
"The decision of SQN Asset Management to domicile this fund in
Guernsey demonstrates Guernsey's leading role in listed funds
which shares a natural synergy with our strategy and commitment to
Winterflood Investment Trusts acted as sole
sponsor and broker for the company in relation to the issue. The
total number of Ordinary Shares with voting rights in the company
in issue immediately following admission will be 150,000,000.
Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
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