FundRock Management, a European third-party UCITS management company and alternative investment fund manager (AIFM), is supporting the launch of NRP Maritime Asset Management’s (NRP MAM) Premium Maritime Credit Fund.
NRP MAM is an Oslo-based investment manager that manages investments in the maritime industry. The new partnership is part of FundRock’s wider strategic focus on Nordic clients as well as a focus on the management of private debt funds.
NRP MAM’s fund will actively pursue building a portfolio of first lien maritime loans with a focus on lending to European small to midsize shipping companies.
FundRock will act as an AIFM and deliver FX services to the fund via Apex Group’s subsidiary, EDB.
As part of its multiple responsibilities for the fund, FundRock will cover key functions such as risk management, portfolio management and will be responsible for valuation and AIFMD reporting.
The fund is backed by investments from the European Investment Fund (part of the European Investment Bank), Oslo Pensjonsforsikring AS and funds managed on behalf of the Greater London Authority in addition to several Norwegian maritime and non-maritime family offices.
The fund will be managed by NRP MAM as sponsor, owner of the general partner and investment advisor.
Xavier Parain, managing director at FundRock, comments: ”Managing an in-house AIFM now requires extensive allocation of time and resources for managers, who, as regulatory requirements evolve and rise, are increasingly turning to trusted external providers to achieve greater efficiency. We are delighted to be supporting NRP Maritime Asset Management for the successful launch of their Premium Maritime Credit Fund.”
Nicolai Heidenreich, managing partner of NRP Maritime Asset Management further, says: “We appointed FundRock in recognition of their reputation for best-in-class governance services, deep pool of expertise and extensive understanding of our challenges and requirements.”
