The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Permanent capital vehicles: Permanent feature or fad?

Are present market conditions a threat or opportunity for permanent capital vehicles in structured finance?

 Pierre-Emmanuel Juillard, Axa

"The objective is to preserve capital and to deliver stable, predictable resilient income. The value proposition of Volta is about taking advantage of what is going on in the structured finance market"
Pierre-Emmanuel Juillard, Axa

Ever since the launch in December 2005 of Queen’s Walk, managed by Cheyne Capital, which raised €225 million, the hype behind closed fund structures has been tempered by concerns about possible drawbacks. Permanent capital vehicles are a mix of CDO and fund management approaches. Importantly they have attracted investors that have traditionally been less comfortable with structured finance as an asset class. The last deal to launch – Volta, which is managed by Axa IM – was the biggest so far.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree