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Funding Circle fund chairman lands new NED role

By Daniel Lanyon on 1st September 2017

Richard Boleat will be chairman of an investment trust besieged by an activist investor,  familiar to Ranger Direct Lending fund investors.



Richard Boleat, chairman of the Funding Circle SME Income fund, has been appointed as a director of £300m Phaunos Timber Fund. 


Boleat acts as an independent director of a number of investment trusts and other financial firms. Formally, a chartered accountant with Coopers & Lybrand in the UK in 1988 and subsequently worked in the Middle East, Africa and the UK for a number of commercial and financial services groups before establishing his own consultancy specialising in corporate governance.


High yield credit and althernative cerdit/private debt are a recurring theme for Boleat who holds several other NED roles in the space such as being chairman of CVC Credit Partners European Opportunities fund.


He is replacing Sir Henry Studholme  - currently the Chairman of the Forestry Commission (England and Scotland) - who has stepped down both as chairman of the fund and as a director.


Phaunos Timber is an income play specialising in the market for wood. Following a takeover bid by activist investor LIM – who has been quietly increasing its stake in Ranger Direct Lending fund – the investment trust is currently. 


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