THE former chair of Victory Park Capital Specialty Lending (VSL) has passed away.
Andrew Adcock had stepped down from the fund last month to focus on recuperating but remained on the board.
“It is with deep sadness that we make this announcement,” Richard Levy, chief executive of Victory Park Capital, said.
“Andrew joined VSL as our chairman at the time of the company’s flotation in 2015.
“Andrew was a man of the utmost integrity and with kindness and grace he led our board.
“I speak on behalf of my fellow board members and senior management of Victory Park Capital in saying we will miss him dearly, we will move forward remembering the lessons he taught us and continue to execute on behalf of our shareholders in the spirit of transparency and partnership as Andrew always preached.”
Kevin Ingram was appointed interim chairman of the board last month.
It comes as performance data from VSL shows the investment trust ended 2018 with its net asset value (NAV) return up 8.96 per cent over the year, its best performance yet.
A monthly update from the fund showed its NAV for December was 0.46 per cent, while balance sheet investment continue to make up the bulk of its returns.
As at 31 December 2018, the company had deployed 85 per cent of its NAV across 24 balance sheet investments, compared to 79 per cent as at 31 December 2017, it said.
“In total, the company has investments in 36 different portfolio companies,” the update said. “The balance sheet investments generated 13.32 per cent of the 13.53 per cent gross revenue return for the year.”
The investment trust is currently trading at a discount to NAV of 15.1 per cent.