LONDON (Alliance News) - SQN Asset Finance Income Fund Ltd Friday said it has funded about GBP80.2 million of investments to date, with the remainder of the proceeds raised at the time of its initial public offering in July 2014 to be funded over the coming months.
SQN Asset Finance Income Fund, which is managed by SQN Capital Management LLC, said it expects a "significant proportion" of its IPO proceeds to be drawn down in April.
SQN raised GBP150 million in its IPO.
"The portfolio remains diversified over more than 10 different asset classes with that balance expected to be maintained as the pipeline draws down. The company has 26% of capital raised in US dollar-denominated investments, 9% in euro-denominated investments, with the balance of 65%, including un-invested cash, in sterling. As the portfolio develops, it is expected that the dollar and euro positions will increase. However we will continue to hedge these positions, where appropriate," SQN Asset Finance said.
SQN said its unaudited, estimated net asset value per share was 98.90 pence at the end of February, taking income into account.
SQN shares were down 0.6% at 107.12 pence on Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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