International Fund Management Limited (IFM) understands that it is the first independent, Guernsey-licensed fund manager to act as an alternative investment fund manager for the initial public offering of a new London-listed fund.
IFM, which is part of the Praxis Group, is acting as alternative investment fund manager (AIFM) for the Sequoia Economic Infrastructure Income Fund Limited, which raised £150m. and launched on 3rd March. As the AIFM, IFM will delegate portfolio management to the adviser, Sequoia Investment Management Company, but will maintain responsibility for ensuring the fund operates in line with laws, regulations and the Alternative Investment Fund Management Directive (AIFMD) and that risks are managed, reviewed and controlled.
‘Structuring in this way allows the fund to be placed to certain European investors via private placement, and offers a flexible solution to the challenges of meeting AIFMD requirements. Our solution takes on responsibility for the AIFM and provides the board with a dedicated and experienced team providing robust reporting to the relevant authorities and the fund,’ said IFM managing director Chris Hickling.
‘IFM has a strong track record and already provides fund management services to a number of funds with more than US$1.3billion under management. The company has built up a wealth of experience and strong governance framework since launching in 2006 and it is these strengths that have led to us being appointed as AIFM for the Sequoia Economic Infrastructure Income Fund.’ Praxis Fund Services Limited will act as administrator of the fund.
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