Explore our partnerships with Funds
The Cadarn Ecosystem
Funds managed by the likes of CVC Credit Partners, Hg, EQT, Pershing Square Capital Management and J. Rothschild Capital Management across a broad range of investment strategies.
Fund Partners
Fund Structures
Listed funds are investment vehicles traded on regulated exchanges, offering investors daily liquidity, transparent pricing, and ease of access. They are typically subject to exchange rules and ongoing disclosure requirements, making them suitable for a broad range of investors.
UCITS funds (Undertakings for Collective Investment in Transferable Securities) are a type of highly regulated investment fund in the European Union (EU) designed for retail investors.
Alternative investment funds provide access to assets such as private credit, infrastructure, or real assets, with limited or periodic liquidity. These funds are designed for longer-term strategies, offering diversification benefits beyond traditional listed markets.
Fund Structures Compared
| Traditional Funds | Evergreen Funds | Listed CEFs | |
|---|---|---|---|
| Structure | Closed-ended | Open-ended | Closed-ended |
| Subscriptions | Subscriptions made during a pre-defined fundraising period | Ongoing monthly or quarterly subscription windows | Shares acquired through primary issuance or in secondary market |
| Redemptions | No redemptions permitted | Limited redemptions on monthly or quarterly basis. Typically, 5% of NAV per quarter | No redemptions permitted. Shares are traded in the secondary market, so the available liquidity is determined the trading volume of each listed CEF. |
| Fund Life | 10—12 years | Perpetual | Perpetual |
| Capital Deployment | During a 3—5 year investment period | 100% invested at time of a shareholder’s subscription | 100% invested at time of a shareholder’s purchase of shares. |
| J-Curve | Yes | No J-curve if the fund is already fully invested | No J-curve if the fund is already fully invested |
| Blind Pool | Investors do not know what assets the fund will buy when they make a subscription | Investors have visibility through the underlying portfolio prior to making a subscription | Investors have visibility through the underlying portfolio prior to purchasing shares |
| Distribution Policy | Capital from periodic asset sales is distributed and the fund is eventually liquidated | Sales proceeds are re-invested. There is no policy to return capital | Sales proceeds are re-invested. There is no policy to return capital |
| Typical Fees (e.g. Private Equity) | 1.5—2.0% management fee and 20% carried interest | 1% management fee and 12.5% carried interest | 1% management fee and 12.5% carried interest. Reported fees can be 0% (see ‘Costs and Charges’ section) |
| Management Fee Structure | Fees charged on committed capital during the investment period and then on invested capital | Fees based on NAV | Fees based on NAV |
| Minimum Investment Size (£/$/€) | 250,000—25,000,000 | 5,000—25,000 | 1 |
| Asset Allocation | 100% private assets | Private assets and a liquid assets allocation | 100% private assets. |
| Investor Returns | NAV Total Returns | NAV Total Returns | Investors returns are determined by share price growth plus dividends |
| Valuation Frequency | Quarterly NAV valuations | Quarterly NAV valuations | Quarterly NAV valuations. The value of the shares can change continuously during stock market trading hours |
