The Cheney Healthcare fund has launched as a closed-end loan stock fund seeking investment capital f...
The Cheney Healthcare fund has launched as a closed-end loan stock fund seeking investment capital from intermediaries and institutions.
The fund seeks to raise £25m for investment in private-sector companies specialising in the provision of care homes and other healthcare businesses. Capital will be raised through the issue of loan stock to both institutional and private investors to enable it to provide secondary loans.
The fund has set a minimum individual subscription of £10,000 over a five to seven-year term. Investors will receive a minimum interest rate of 5%, payable twice yearly, rising throughout the investment period to 9%.
The company is also forecasting a terminal bonus when the fund closes, with the overall return projected to be up to 66% over the full investment period. The fund is managed by Barry Giddings and Graham Elliot. Giddings said: 'There are limited sources of secondary funding available for these developments and the fund will help fill the gap.
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