The closed-ended fund achieved higher revenues despite higher levels of cash.
The £328m VPC Specialty Lending fund has reported a record quarter in terms of revenue for the three months until the end of March, according to filings.
During this period the investment trust generated a gross revenue return on balance sheet investments of 2.96 per cent and a total net revenue return of 2.69 per cent, the firm said.
The capital return for the quarter was -1.75 per cent for a total net return of 0.94 cent for the quarter.
“[The]…quarter proved to be strong for both revenue returns and deal flow. Credit remains strong across our portfolio and the vast majority of the book continues to benefit from significant first loss protection via subordinated equity and debt inside our SPV’s,” it said in a filing to shareholders.
During the quarter the fund had elevated levels of cash but was able to continually invest in new and existing deals.
“Looking forward, we expect to be fully invested in the near term. Overall, we continue to remain optimistic about the portfolio and its returns for the remainder of the year,” it added.
The fund also revealed its largest position; £55m in Elevate Credit, recently extended to 2021 and representing 16.7 per cent of its net asset value (NAV).
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