CEF Launch: BlueArc, Princeton, Griffin-Benefit Street, Yorke Capital, Wildermuth and BNY Mellon Alcentra

In this edition of CEF Launch, an overview of filings from:

BlueArc Multi Strategy Fund
Princeton Private Equity Fund
Griffin-Benefit Street Partners BDC Corp.
Yorke Capital Corporation
Wildermuth Endowment Strategy Fund 
BNY Mellon Alcentra Multi-Strategy Credit Fund, Inc.

BlueArc Multi Strategy Fund

On December 23, BlueArc Capital Management, LLC and Keel Point Advisors, LLC filed paperwork with the SEC for the launch of the BlueArc Multi Strategy Fund.  The fund will only be offered to “accredited investors” through a private placement and will pursue an investment objective of long-term capital appreciation by investing in hedge funds.  The co-advisers collectively have $1.4 billion of assets under management as of October 31.

Princeton Private Equity Fund

On December 22, Princeton Fund Advisors filed amended paperwork with the SEC for the launch of the Princeton Private Equity Fund.  The fund will only be offered to “accredited investors” through a private placement and will pursue an investment objective of long-term capital appreciation by investing in private equity funds.  The adviser had $1.21 billion in assets under management as of July 31, managing managed futures, midstream energy infrastructure, event driven/long-short fixed income and tactical long/short US equity strategies.  The adviser is an affiliate of Mount Yale Capital Group, LLC, which had approximately $.25 billion in assets under management as of July 31, managing assets using the following strategies:  private equity leveraged buyout, international equity, absolute return, equity hedged global multi-strategy, and low volatility multi-strategy. 

Griffin-Benefit Street Partners BDC Corp.

On December 22, Griffin Capital BDC Advisor, LLC filed amended paperwork with the SEC for the launch of Griffin-Benefit Street Partners BDC Corp., another unlisted business development company that is expected to launch in 2015.  The fund, which will pursue an investment objective of generating both current income and capital appreciation, is seeking to raise up to $1.5 billion.  The fund is sub-advised by Benefit Street Partners L.L.C., an affiliate of Providence Equity Partners L.L.C., a private equity and credit firm that manages over $40 billion.

Yorke Capital Corporation

On December 18, Yorke Capital Management, LLC filed amended paperwork with the SEC for the launch of Yorke Capital Corporation, another unlisted business development company that is expected to launch in 2015.  The fund, which will pursue an investment objective of generating current income from its debt investments in lower middle market companies and obtaining capital appreciation from equity and equity-related investments, is seeking to raise up to $200 million. 

Wildermuth Endowment Strategy Fund

On December 17, Wildermuth Advisory, LLC filed its final amended paperwork with the SEC for the launch of the Wildermuth Endowment Strategy Fund, a closed-end interval fund that launched on December 22.  The fund, which will be distributed by Realty Capital Securities, will pursue an investment objective of seeking total return through a combination of long-term capital appreciation and income generation through replicating allocation strategies used by endowment funds.  In particular, the fund is expected to be diversified across a broad range of assets:

•    Up to 65% in U.S. and non-U.S. equity securities, including private equity investments 
•    Up to 25% in publicly-traded and non-traded REITs and other real estate investments
•    Up to 25% in energy and natural resource investments, including, but not limited to MLPs, oil and gas funds and other energy and natural resource funds
•    Up to 25% in commodity investments, including, but not limited to, commodity pools and precious metal holdings
•    Up to 25% in absolute return investments, including but not limited, to managed futures funds, hedge funds and other absolute return investment vehicles such as registered investment companies pursuing absolute return strategies
•    Up to 30% U.S. and non-U.S. fixed income securities, including, but not limited to, notes, bonds, and asset-backed securities

The advisor is affiliated with Kalos Financial, Inc. and its affiliated RIA and broker dealer businesses. The fund is seeking to raise up to $250 million.  

BNY Mellon Alcentra Multi-Strategy Credit Fund, Inc.

Following the success of Alcentra Capital Corp.’s IPO earlier this year, BNY Mellon Alcentra are seeking to launch an unlisted limited duration closed-end fund in a joint project with affiliate The Dreyfus Corporation. On December 16, Dreyfus filed its initial paperwork with the SEC for the launch of the BNY Mellon Alcentra Mult-Strategy Credit Fund.  The fund, which will be distributed by Dreyfus’ affiliated distributor MBSC Securities Corporation, will pursue an investment objective of seeking a total return consisting of capital appreciation and income by investing across the credit spectrum, including senior secured loans, subordinated loans, special situations, structured credit, and corporate debt.  The fund will only be offered to those that meet the “qualified client” standard.