Platinum Capital Management has launched a distressed securities fund, the Platinum Turnberry Fund, which focuses on medium to long-term capital growth from investment in stressed and distressed corporate debt. Platinum Turnberry is available internationally, to qualified investors. The fund has a target return of 20% per annum.
The Cayman Islands-domiciled Platinum Turnberry fund will invest in Turnberry Master, which achieved +33% for 2003 YTD by the end of September. The underlying fund is managed by Turnberry Capital Management of Greenwich, Connecticut, who are primarily investors in cash pay debt securities. These securities constitute between 50% and 80% of the Turnberry Master portfolio and have a 15% to 25% return objective. Defaulted debt securities could comprise between 5% and 25% of assets (with a 25% to 50% return objective) while up to a fifth of the portfolio could be invested in equities.
According to Peter Sprecher, chairman of Platimum Capital Management, this structure has proved successful for the fund managers, whose offshore Turnberry fund achieved growth in excess of 123% from the beginning of 2000 to the end of the first quarter of 2003.
Turnberry Capital Management was founded in 1995 by a group of professionals including two of the former managers, since 1989, of the First Boston Special Situations Fund. Turnberry Capital Management runs in excess of $200m.
Minimum investment in Platinum Turnberry Fund is either US$100,000 or E100,000.
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