The Relative Value Fund, an interval fund seeking to raise $100 million went effective on May 1, 2017
The Fund will use a multi-manager approach, investing variety of alternative investment strategies, in pursuit of an absolute return objective.
According to the registration statement:
The Investment Manager and Sub-Advisers implement both fundamentally and technically driven strategies. The allocation amongst these strategies will vary over time in response to changing market opportunities. These strategies may include, without limitation, global macro, opportunistic equity and fixed income, multi-strategy fixed income and arbitrage strategies that invest in different asset classes, securities, and derivative instruments, as discussed below. These strategies seek to target attractive absolute returns. These strategies may exhibit different degrees of volatility, as well as changes in relative value, currency, and interest rate markets. The Investment Manager and Sub-Advisers seek to have diversifying characteristics including lower correlation to market risk factors than traditional equity and fixed income strategies.
The Fund will be managed by Chicago based Vivaldi Asset Management, LLC. As of December 31, 2016, Vivaldi had $1.55 billion in AUM. Vivaldi’s mutual funds include a merger arbitrage fund(VARBX and VARAX) and a multi-stragtegy fund(OMOIX and OMOAX). IT also manages Infinity Core Alternative Fund (ZVAMIX), a non-traded closed end fund that invests in a variety of hedge funds.
RiverNorth Capital Management, and Angel Oak Capital Advisors will serve as Sub-Advisers.
The management fee will be 1.50% of net assets. The Manager has entered into an expense limitation agreement with the Fund through 2018.
Foreside Fund Services is the Fund’s distributor. The Fund is offering two classes of shares: the Peak Alliance Class, and the CIA Class Shares. Peak Alliance Class Shares have a sales load of up to 5.75%. Minimum initial investments for both is $1,000.
Elsewhere in the interval fund space, Palmer Square Strategic Finance Fund pulled its offering, and applied to deregister the fund