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LONDON (Alliance News) - Alpha Growth PLC on Tuesday announced a new fund alongside UK-based SL Investment Management Ltd.
The two have set up BlackOak Alpha Growth Fund, with Alpha Growth and SL acting as exclusive managers to the new fund.
BlackOak will invest in life settlements, targeting a 10% to 14% return, and has received commitments for seed capital of around USD15 million.
Alpha Growth Chief Executive Danny Swick said: "Working through the holidays and three different regulatory jurisdictions, that caused a slight delay, we are really pleased to finally get BlackOak launched and into the hands of interested parties awaiting the opportunity."
"The hard work to create a global fund exemplifies the working relationship we have with our advisors and especially SL Investment Management and our mutual understanding of the asset class and goals of providing a world-class fund in which investor and manager interest are aligned to produce the target returns."
Alpha Growth also announced a GBP450,000 capital raise Tuesday, placing 30 million new shares at 1.5 pence each. The funds will cover its existing operations for the next year.
Alpha Growth was 6.7% higher in London on Tuesday at 1.76 pence a share.
Alpha Growth's Chair Gobind Sahney said: "We are pleased to continue to receive good support from our corporate brokers as well as both new and existing shareholders in completing this funding."
"Having also today announced our fund launch, the company is positioned to accelerate shareholder value with a variety of institutionally relevant products for investors in longevity assets as we embark on a more visible and tenacious investor marketing campaign."