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Peer2Peer Finance News | November 21, 2017

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Ranger Direct may bring a co-manager on board to boost returns

Ranger Direct may bring a co-manager on board to boost returns
Marc Shoffman

RANGER Direct Lending is in talks with potential co-managers to help improve its portfolio.

The alternative investment fund has been hit by underperformance in its peer-to-peer platform holdings as well as its ongoing Princeton legal dispute, and said in a stock market announcement on Thursday morning that it is looking at new partners to assist the current management.

“The board, in conjunction with Ranger Alternative Management, said that it is in discussions with potential co-managers who could assist in and strengthen some or all aspects of the manager’s current role and responsibilities,” the statement said.

Thos would include identifying new lending categories, sourcing platform partnerships, conducting platform due diligence, structuring investments, portfolio management and back-office support.

“No agreement has been reached in respect of any of these discussions and the board will release further updates to the extent that any of these discussions materially progress,” it said.

Ranger Direct saw its net asset value (NAV) return improve slightly in August to 0.8 per cent before applying a loss reserve of 0.38 per cent to prepare for future write-offs, leaving performance at 0.42 per cent.

This took the NAV up slightly from 0.41 per cent in July.

It is currently trading on a discount to NAV of 30.3 per cent.

Read more: Ranger Direct eschews possibility of property loan write offs