AMCHOR IS and Mutuactivos have jointly launched the Global Private Income Program, FIL, a pioneering proposal in private markets that allows investors to start investing in an already constructed portfolio of high-quality private debt.
The fund is designed to offer periodic income and features a unique structure that balances a shorter illiquidity period for investors with respect for the natural maturation timelines of these investments.
Additionally, it becomes the first private debt vehicle to provide investors with the option to remain invested over time through voluntary transfers between funds within the same program for individual investors.
AMCHOR IS, a firm specialized in investment solutions, will be the fund manager, while Mutuactivos, the leading independent asset manager in Spain by assets under management, will act as strategic advisor.
Unlike traditional alternative vehicles, the Global Private Income Program, FIL will not invest gradually through capital calls, but will allow investors to be fully invested from the outset in an already constructed and diversified portfolio of income-generating assets, facilitating the receipt of periodic coupons from the beginning.
The fund represents a further step forward in AMCHOR IS and Mutuactivos’ commitment to providing their clients with efficient and diversified access to private assets, especially in today’s environment of seeking alternatives to listed markets.
Selection of open-ended (evergreen) funds
The fund is designed to balance the generation of periodic returns with a reduced illiquidity period, without sacrificing the necessary rigor in the maturation of this type of investment. To achieve this, it will invest in a selection of open-ended (evergreen) funds, primarily focused on private debt, chosen for their consolidated track record and the quality of their managers.
Global Private Income Program, FIL will have a duration of four years from its registration with the CNMV (Spanish Securities Market Commission): one year of subscription and three years of life. Subscriptions will be open quarterly during the first year, also through the main investment fund platforms. Before its maturity, investors will be able to either transfer their investment to a money market fund or switch it to a new FIL with identical characteristics. Thanks to this structure, the fund offers the possibility of maintaining a recurring exposure to private credit over time.
The new fund, Global Private Income Program, FIL, addresses many of the current concerns of private market investors: immediate access, income generation, and reduced illiquidity, while also providing the tax benefit of transfers between funds. For AMCHOR IS and Mutuactivos, this solution sets a new standard in the way of investing in private debt.
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