Alternative Liquidity Fund Limited Change of Adviser (3590K)

TIDMALF

RNS Number : 3590K

Alternative Liquidity Fund Limited

06 July 2017

RNS Announcement

6 July 2017

Alternative Liquidity Fund Limited (the "Company")

Change of Manager

The Company is pleased to announce that Warana Capital, LLC ("Warana") has been formally appointed as the Company's investment manager on the terms set out below. Morgan Creek Capital Management, LLC, which had been the investment manager of the Company since its inception, has chosen to resign to focus on its activities in the US. The Company's day to day activities will continue to be run by Tim Gardner who has joined the Warana team.

The Company is also pleased to announce a restructuring of the management fee. Warana will receive a fixed fee of US$500,000 per annum payable quarterly in advance. Warana shall also be entitled to a realisation fee of 5 per cent. of the cash distributed to shareholders (calculated before costs of distribution). The Board believes that the proposed fee structure aligns the interests of the investment manager with the interests of shareholders. Warana will be appointed for an initial term to 30 September 2020, following this date the agreement is terminable by either party on 12 months' written notice.

Warana is a specialist investor in and manager of illiquid fund interests. It is an active buyer of illiquid investment fund interests giving it daily exposure to supply/demand and pricing dynamics in the illiquid fund market. The Warana team has significant experience with (and ownership of) many of the investment funds in the Company's current portfolio. The Board believes that Warana have the ability, network and capital to grow the Company through either purchasing new illiquid positions for the existing share class, raising new capital for a new share class or restructuring existing illiquid funds and incorporating them into the Company's structure.

Quentin Spicer, Chairman of the Company, commented: "We look forward to working with the Warana team. They have been an active investor in the secondary market for a number of years and we believe that their experience and exposure will be very valuable to the fund and its shareholders. We are also pleased that Tim Gardner has agreed to work with Warana to give the company and the shareholders continuity."

All Enquiries

Tim Gardner

Tel. [phone]

Email. [e-mail]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 06, 2017 09:54 ET (13:54 GMT)