The Martin Currie Capital Return Trust (MCCRT), the £153m private equity fund of funds, has announce...
The Martin Currie Capital Return Trust (MCCRT), the £153m private equity fund of funds, has announced reorganisation proposals, offering shareholders the opportunity to reinvest in new private investments.
MCCRT, managed by Hamish Mair, was established in March 1999 as one of the successor vehicles to Scottish Eastern.
Its mandate from that point was to manage the private equity assets of Scottish Eastern and associated undrawn commitments and as those assets were realised, to return the cash to investors.
Claude Herskovits, vice president at Dresdner Kleinwort Wasserstein, financial advisers to the trust, said it is now evident there is an appetite from shareholders to have a more ongoing exposure to private equity.
Under the reorganisation proposals, to be voted on at an EGM on 31 August 2001, shareholders have the opportunity to convert all or part of their existing ordinary shares into realisation shares (A-shares), which will retain the current investment policy and allow shareholders to receive cash back over time; and or continuation shares (B-shares) which offer shareholders the opportunity of continuing to invest in a diversified portfolio of private equity funds.
The investment objective of the B-shares will be to achieve long-term capital growth through investment in private equity assets.
The company will invest in private equity focused limited partnerships, offshore funds investment companies and investment trusts and will also make a limited number of direct private equity investments.
The private equity funds will include buy-out funds, venture funds and mezzanine funds.
The portfolio would be diversified by geography, sector, size of company, stage of development, transaction type and management style.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected