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Alternative Market Briefing

Elixir real estate funds follow back to basics fixed income philosophy

Tuesday, May 07, 2013

Abrar Hussain
Benedicte Gravrand, Opalesque Geneva:

Here is a small niche asset backed, unlevered real estate fund that provides fixed income without the implied complications of debt or derivatives. Its manager explains how the fund can return double digits yearly.

Elixir Capital, based in Palo Alto, CA, runs an onshore fund called the Elixir PURE Fund. But there is to be a second one, called the PURE Fund II, which will be launched in the coming weeks. This second fund will use the same strategy and will seek to reach a wider audience through its Cayman domicile.

Abrar Hussain , founder and managing director of Elixir Capital Management (ECM), which was founded in January 2012, also teaches Islamic Finance at the University of California, Berkeley ; he was looking for a strategy that would be Shariah-compliant and that would avoid synthetic structures: and so came the PURE Fund ('PURE’ for Participatory Unlevered Real Estate).

"Initially when we were thinking about this product, it was focused on trying to step away from this idea that you take a conventional instrument and essentially replicate it by adding some additional structure, because we felt that it just made the product less efficient," Hussain explained to Opalesque in an interview.

One of the various non-debt related......................

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