Thursday, 29 September 2016
Last updated 1 hour ago
Jun 23 2008 | 12:40pm ET
New York-based Laurus-Valens has raised $53 million in a secondary round of financing for its PSource Structured Debt, a publicly-traded closed-end fund listed on the London Stock Exchange.
PSource now has approximately $115 million in total assets. The fund invests approximately 70% of its assets in predominantly senior secured debt, with the balance of its assets in equity instruments. The investment manager of PSource is Psource Capital Guernsey, a subsidiary of Punter Southall Group, based in London.
“There's a perfect storm in our corner of the market, with traditional lenders pulling back and companies in need of growth capital looking for alternative sources," said Dennis Pollack, a partner at Laurus-Valens. “As traditional funding sources have become more restrictive, an increasing number of well-managed companies with strong business models are turning to Laurus-Valens for funding.”
Laurus-Valens has approximately $1.6 billion in assets and invests primarily micro-cap and late-stage private companies seeking growth capital.