Marwyn to launch recovery fund on SFM

01 September 2009

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Fund

Investment and advisory group Marwyn has launched a UK-based recovery fund on the Specialist Fund Market of the London Stock Exchange. The Marwyn Alternative Capital Fund, which listed on 20 July, seeks to raise up to £500m in a number of tranches over the lifetime of the fund. The new vehicle, which will have a three-year investment term, has a minimum subscription of £500,000, along with 2% management fees and 20% carry. Travers Smith provided the fund with legal advice.

Investors

The new fund will target various investor profiles including institutional investors such as corporate and public pension funds, banks and insurance companies.

Investments

The Marwyn Alternative Capital Fund will provide convertible debt and structured equity to otherwise sound companies that are experiencing short-term liquidity or refinancing problems. The focus will be on European small- to mid-cap public companies with an enterprise value of up to £1bn. Marwyn will work with the Royal Bank of Scotland to provide financing as part of the bank's wider initiative to boost lending to the sector. Over the course of the fund's life, Marwyn expects to make 10 investments.

People

James Corsellis and Mark Watts will manage the fund from Marwyn's London office. The fund will be chaired by Sir Nigel Rudd. Jonathan Chenevix-Trench, former chairman and CEO of Morgan Stanley International, will also be on the board.

Fund: Marwyn Alternative Capital Fund

Target: £500m

Launched: July 2009

Focus: Recovery, Europe

Contact: James Corsellis, Mark Watts

Address: Marwyn Investment Management, 11 Buckingham Street, London WC2N 6DF, United Kingdom

Tel: +44 20 7004 2700

Fax: +44 20 7004 2701

Advisers: Travers Smith (Legal).