Tuesday, 28 June 2016
Last updated 3 hours ago
Aug 11 2008 | 12:17pm ET
New York-based Laurus Capital Management, a hedge fund that specializes in financing publicly-traded small- and micro-cap companies, has issued £6.1 million (US$12 million) in additional shares of its PSource Structured Debt on the London Stock Exchange.
The new issuance follows the completion of a secondary round of financing that raised £27.1 million (US$53 million) in June 2008. PSource now has approximately £65.6 million (approx. US$130 million) under management, more than double its size since its launch less than a year ago.
“As traditional lenders continue to be adversely affected by the credit crisis, our investment strategy will be a key resource for small companies in need of capital.” said Dennis Pollack, a partner at Laurus. “The additional investor demand for access to this growing market isn’t surprising, as PSource is one of the few vehicles to provide overseas investors – both retail and institutional—with access to our strategy.”
Currently, PSource invests approximately 70% of its assets in predominantly senior secured debt, and approximately 30% of its assets in equity instruments. The fund is managed by PSource Capital Guernsey, a subsidiary of Punter Southall Group, based in London.
Laurus, together with its affiliate, Valens Capital Management, has approximately $1.7 billion in assets under management as of July 31.