Welcome

The Maseco Asset Management Limited website is intended for use only by knowledgeable and experienced investors who meet certain criteria.

Maseco Asset Management Limited (MAM), a limited company incorporated in the British Virgin Islands under number 1893498, approved as an investment manager by the British Virgin Islands Financial Services Commission.  Certificate No. IBR/AIM/16/0132.

A “knowledgeable and experienced” investor could be an institutional investor, a professional investor or in the case of a retail investor an investor with sufficient knowledge and investment experience.

UK Resident Investors – Certified High Net-worth Investor Statement

You have throughout the financial year immediately preceding the date below had an annual income of £100,000 or more or held throughout the financial year immediately preceding the date below, net assets to the value of £250,000 or more.

Net assets for these purposes do not include the property which is your primary residence or any money raised through a loan secured on that property; any rights of yours under a qualifying contract of insurance; or any benefits (in the form of pensions or otherwise) which are payable on the termination of your service or on your death or retirement and to which you (or your dependants are), or may be, entitled.

You accept that the investments to which the promotions will relate may expose you to a significant risk of losing all of the money or other property invested.  That you are aware that it is open to you to seek advice from an authorised person who specialises in advising on non-mainstream pooled investments.






US Resident Investor – Accredited Investor Statement

As a US citizen you are an Accredited Investor as one of the following applies, you either have individual Income in excess of $200,000 in each of the last two calendar years or joint Income with a spouse in excess of $300,000 in each of the last two calendar years and reasonably expects to attain levels of Income this year at least equal to these amounts.[1] Or you have, and at the time of any purchase of securities of the Investment will have, an individual Net Worth, or the spouse and the investor currently has, and at the time of any purchase of securities of the Investment will have, a combined Net Worth in excess of $1,000,000.[2]

You accept that the investments to which the promotions will relate may expose you to a significant risk of losing all of the money or other property invested.  You are aware that it is open to you to seek independent advice.

Risk Warning

You should refer to the Prospectus, an Adviser and a Tax Specialist in each case before making any decision to invest in either of MAM’s Alternative Credit Funds.

Past performance is not an indicator of future results.  Currency fluctuations may increase or decrease the returns of any investment.  The value of investments can fall as well as rise; you may not get back what you invest.  The funds have limited liquidity and so you should expect not always to receive back your capital in a timely manner, during this time the fund value may fall as well as rise.

Acceptance

By accepting these statements you confirm you have read, understood and you meet the conditions of the relevant category of investor.

1 Income means adjusted gross income, as reported for federal income tax purposes, increased by the following amounts: (i) the amount of any tax exempt interest income received; (ii) the amount of losses claimed as a limited partner in a limited partnership; (iii) any deduction claimed for depletion; (iv) amounts contributed to an IRA or Keogh retirement plan; (v) alimony paid; and (vi) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal Revenue Code.

2 Net Worth is the amount by which your total assets at fair market value exceed your total liabilities, with the following adjustments:

(i) the estimated fair market value of your primary residence is excluded from your total assets; (ii) the amount of any indebtedness secured by your primary residence up to the fair market value of such residence is not treated as a liability; (iii) the amount of any indebtedness secured by your primary residence that exceeds the fair market value of your primary residence is treated as a liability; and (iv) the amount of any debt secured by your primary residence incurred during the 60 days immediately preceding your purchase of any securities of the Company is treated as a liability (even if the estimated fair market value of your primary residence exceeds the aggregate amount of indebtedness secured by such primary residence), unless such debt resulted from the purchase of your primary residence during such 60 day period.

Daniel Lanyon
Daniel Lanyon
Daniel Lanyon is Editor of AltFi Investor, extensively covering professional investment in the alternative finance space. He was formerly a senior and award winning journalist at FE Trustnet covering the world of financial markets and asset management. Having attained a degree in economics, he went on to work as a journalist at several of the world’s leading media organisations including The Times, BBC and Reuters covering economics, business and politics.

daniel@altfi.com

Back to opinions
September 5, 2016
Daniel Lanyon

Direct lending funds most popular for alternative credit investors, finds survey

A survey of investors by Elian shows those invested in the broad alternative credit space are most bullish on direct lending over other strategies on a two year view.

Direct lending is the most popular of different strategies among European institutional investors over the next two years, according to new research into alternative credit funds.

Private debt strategies or alternative credit as AltFi prefers to call the space, refer to non-bank lending to both consumers and businesses that is done outside of formal bond markets as well as away from traditional banks.

The research, conducted by fund administration services provider Elian, found within the alternative credit spectrum direct lending was the subsector that institutional investors most expected to invest in over the next 12-24 months. Over 55 per cent of the vote cited direct lending as fund houses increasingly enter a space traditionally occupied by banks.

Ranked second was mezzanine finance with 48 per cent of respondents backing it, followed by distressed debt with 42 per cent.

Direct lending is the process of funds directly lending to firms and individuals without a third party intermediary. An example is the Ranger Direct Lending Investment Trust.

The response from investors comes at a time of several substantial challenges facing markets such as the UK’s Brexit vote which many argue could negatively impact the European direct lending market.

According to investors who took part in the survey the biggest obstacles to growth in the industry are regulation and the ability to fund raise with 60 per cent and 37 per cent citing these challenges.

This was followed by the maintaining a low cost of capital over the long-term versus traditional banks (35 per cent) and a resurgence in bank lending (32 per cent).

Charles Le Cornu, head of private equity at Elian said: “We have seen fervent growth in the alternative funding market over the last two years and private debt funds within it. This has been driven largely by the creation of the Capital Markets Union, charged with mobilising capital in Europe and which has acted as fundamental catalyst for the continued strength in alternative lending platforms.

“A secondary factor has been the long term trend of ongoing bank disintermediation across Europe. Fund managers have been drawn to the direct lending space following regulations introduced after the financial crisis that have made it harder for banks to provide financing to businesses. As European banks shed assets this trend will only continue, increasing the demand for direct lending,” he added.