The BerkleyGroup will expand its focus beyond financial planning into funds management with the creation of Berkley Group Funds Management and the roll out of its first two funds.
The group has gained its responsible entity licence and has targeted investments within the $5 million to $30 million range with the launch of two niche style investments, the Residential-Plus Growth Company and the Distressed Debt Fund.
The Residential-Plus Growth Company is an unlisted public company which will invest in residential and commercial properties that are set to be rezoned and have the potential to rise in value. The company will be independent of the Berkley Group, which will manage the underlying investments.
The Distressed Debt Fund will provide access to investments in companies that are experiencing troubles in their business and allow clients to invest in the companies at a discount to their intrinsic value. The underlying investments will be managed externally, although Berkley will remain as the responsible entity.
Investments in the unlisted company have already closed with more than 700 clients of Berkley committing $16 million, while the second fund will close at the end of June.
