Credit Suisse Asset Management has closed its Credit Suisse (Lux) Supply Chain Finance High Income fund to further subscriptions, Citywire Selector has learned.
The fund, which is managed by Lukas Haas, currently has $2.34 billion in assets under management and its capacity was officially constrained on 18 November.
The fund’s aim is to generate uncorrelated returns by investing in notes which are backed by buyer-confirmed trade receivables/buyer-payment undertakings, supplier-payment undertakings and account receivables from non-investment grade obligators.
In a note seen by Citywire Selector, Credit Suisse said it has opted to close the fund due to constraints around syndicating receivables into notes with a view to satisfying demand from the fund, which has resulted from the expected pipeline of subscription orders for shares.
‘The company may suspend temporarily or permanently and at its own discretion the acceptance of further subscription applications and/or reject received subscription orders or limit the sale of shares.’
The asset manager stated that investors will be notified if a reopening of the fund takes place. The fund was originally launched as a Luxembourg-domiciled vehicle in March 2018.