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Praxis Fund Services Limited Launches Investment Company

26 October 2015

Praxis Fund Services Limited is delighted to announce the launch of a new Guernsey incorporated closed-ended investment company with an indefinite life.

Alternative Liquidity Fund Limited invests in a diversified portfolio of illiquid interests in funds and other instruments and securities with the objective to manage monitor and realise these investments over time. Alternative Liquidity Fund Limited has a single class of ordinary shares in issue which is listed on the premium segment of the Official List and traded on the London Stock Exchange's Main Market.

Morgan Creek Capital Management LLC is the investment manager of the company and advises the company on the day to day management of its investment portfolio. The investment manager is a SEC-registered investment adviser providing investment management services to institutions and wealthy families. Morgan Creek is based in Chapel Hill North Carolina with additional investment management offices in New York Europe and Asia. As at 30 September 2015 the investment manager had approximately US$3.6 billion in total assets under management.

Alternative Liquidity Fund Limited has acquired an initial portfolio of assets for an aggregate consideration of US$144 million.

'I am delighted that we have attracted another high quality adviser from the United States to utilise our services and to choose Guernsey as a domicile for their new fund' said Chris Gambrell director of Praxis Fund Services Limited which is part of the PraxisIFM Group.

Tim Gardner managing director of Morgan Creek Capital Management Europe added:

'We have been exceedingly impressed with Guernsey as a jurisdiction and the services offered to our latest fund. We look forward to a successful performance of Alternative Liquidity Fund Limited.'

About Morgan Creek Capital Management LLCAs of September 30 2015 Morgan Creek managed approximately $3.6 billion in assets. This figure includes: (i) assets over which Morgan Creek has discretionary investment authority (ii) assets over which Morgan Creek does not have discretionary investment authority but for which it has a responsibility to make recommendations of specific investments (for example an investment vehicle managed by a joint venture partner for which Morgan Creek provides non-discretionary investment advice) and (iii) securities purchased using leverage.

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