London-based Synergy Global Capital has launched an asset-backed lending hedge fund to invest in public and private small- to mid-cap companies worldwide.
Synergy Global Finance Fund debuted in June and has been profitable in its first two months of trading. Co-founder and CEO Stefano Ghersi declined to disclose exactly how profitable, and was also mum on its assets under management, saying only that it continued to take in capital.
Ghersi described the fund as a private, bilateral loan offering that has the collateral restrictions to recover the principal in the event of foreclosure. He said the firm wants to slowly increase the fund’s portfolio to $500 million, “so as to not have too much cash drag."
Synergy Global Finance charges a 2% management fee and a 20% incentive fee, with a $1 million minimum investment requirement.
Ghersi and Syd Hanna co-founded Synergy Global in 2007. Previously, Ghersi spent five years as head of capital markets at Nomura and Hanna managed the asset based lending business at hedge fund Cheyne Capital Management.