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Omni Secured Lending III beats fundraising target at final close

Wednesday, May 03, 2017
Opalesque Industry Update - Omni Partners LLP, the London-headquartered investment manager, has surpassed its asset raising target and held the final close for the third vintage of its secured lending strategy, Omni Secured Lending III. Omni raised just over £340 million for its third vintage.

OSL III provides investors with exposure to an attractive niche within private debt: short-term loans secured against UK residential and commercial properties. Since inception in April 2016, Omni Secured Lending Fund III LP has delivered investors a net IRR of 9% to-date.

Elissa Kluever, Partner & Managing Director - Credit & Lending Funds, said: "The continued institutional interest in niche private credit strategies is evidenced by the success of OSL III fundraising. Since we launched Omni Secured Lending Fund I in early 2014, the strategy has consistently delivered attractive yields on assets of high quality and short tenor, with zero leverage. Investor demand for the strategy persists, and we anticipate launching our fourth private credit fund in early 2018."

Omni Secured Lending Fund III LP was launched in April 2016. The fund's launch followed the success of Omni's first two secured lending funds: OSL I and OSL II. OSL I launched in February 2014, delivering a 10% net IRR and returning 112% of investors' original capital in less than 27 months, well ahead of schedule. OSL II held its final close in February 2016, leaving total vintage II assets raised at $240m. As at 31 March 2017, OSL II has delivered an estimated net IRR of 11% and has already returned approximately 100% of original commitments to investors to-date.

The market opportunity for the Omni Secured Lending strategy stems from the tightening of underwriting requirements by traditional banks, resulting in an emphasis on standardised lending criteria and increased loan approval times. To deliver attractive risk-adjusted returns, the strategy focuses on the short-term lending market in the UK (estimated at a gross £4.0 billion annually1), where alternative lenders are able to obtain interest rate premiums and demand more security in return for speed, service and certainty of execution.

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