Praxis Fund Services, a part of the Praxis Group, has launched a new Guernsey incorporated closed-ended investment company called Alternative Liquidity Fund.
The fund will invest in a diversified portfolio of illiquid interests in funds and other instruments and securities to manage, monitor and realise these investments over time.
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Morgan Creek Capital Management will act as an investment manager of the new company and will be responsible for the day-to-day management of the company’s investment portfolio.
Based in Chapel Hill, North Carolina, Morgan Creek offers investment management services to institutions and wealthy families with offices in New York, Europe and Asia. It had approximately $3.6bn in total assets under management as of 30 September 2015.
Praxis said that the alternative Liquidity Fund has purchased an initial portfolio of assets for $144m.
Praxis Fund Services director Chris Gambrell said: "I am delighted that we have attracted another high quality advisor from the United States to utilize our services and to choose Guernsey as a domicile for their new fund."
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