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Alternative Market Briefing

Emerald Direct Lending Fund on pace for a strong 2013

Friday, November 01, 2013

Bailey McCann, Opalesque New York:

Emerald Direct Lending Fund, a California-based fund focused on uncorrelated investing in amortized loans, is on pace for a strong first year. The fund has posted a 8.01% return year-to-date meeting the low end of its target 8-11% return. In a statement, the fund said it has seen delinquencies and defaults remain within expected levels, keeping month-to-month performance relatively consistent. Loan pricing overall remains strong following a recent rise in short-term interest rates.

The fund also looks at opportunities in peer-to-peer lending, and says the recent media attention on peer-to-peer loans has drawn institutional investors into the space creating a $2bn annual run rate. Emerald also expects to see consistent returns on consumer credit card debt.

Peer-to-peer lending is growing at a rapid pace, and so are the instruments trading securitized peer-to-peer loans. Much of these securitized loans come in the form of bond funds, similar to how mortgage loans are securitized, but ETFs are set to follow. A secondary market is also on the horizon. Investors in loans on peer-to-peer lending websites can see returns of 5% or more, beating the return on US treasuries.

Prosper, another of these peer-to-peer sites just announced its largest month ever, closing October with over $50m in loan originations, a 50% increase over September and a 500% increase from January. This is the 8th consecutive month of growth for Prosper, which ......................

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