ABOUT US
Philosophy is based on
The fund provides institutional investors and family offices with access to investment opportunities in private credit in emerging markets. The goal is achieved by means of direct lending or loan participation in private-sector, secured, hard currency and short duration credit.
FSI identifies and targets non-listed, mid-size corporates in emerging and frontier markets.
The Fund’s proven expertise is based on a combination of management, organizational and financial restructuring skills.
FSI identifies and targets non-listed, mid-size corporates in emerging and frontier markets.
The Fund’s proven expertise is based on a combination of management, organizational and financial restructuring skills.
The approach is driven by a detailed analysis of each investment. Therefore the adopted process is true to style focusing on senior secured loans with a superior yield target.
FSI prefers to allocate to instruments with predictable yield, instead of broad and somewhat volatile asset classes.
We believe that the approach protects investors from extended downward trending markets. The invested securities' relatively short effective maturity caters to a decreased investor exposure toward interest rate changes.
FSI prefers to allocate to instruments with predictable yield, instead of broad and somewhat volatile asset classes.
We believe that the approach protects investors from extended downward trending markets. The invested securities' relatively short effective maturity caters to a decreased investor exposure toward interest rate changes.
Years of launch
Average work experience of team members
Regulated private debt fund in the frontier markets space
A firm belief in the bottom-up selection based on a thorough analysis of the debt issuers and their loan instruments.
The Fund invests with conviction based on facts, instead of speculation.
The Fund invests in properly structured, collateral-backed debt instruments of the well-researched companies.
The Fund invests with conviction based on facts, instead of speculation.
The Fund invests in properly structured, collateral-backed debt instruments of the well-researched companies.
2017
25
1'
st
years
FSI applies a disciplined investment process to source, analyse and select loans. The strategy can be described as yield picking through the bottom up selection of both issuers and instruments issued.
The investments are hard currency-denominated, senior secured loans that provide medium and long-term finance to projects and companies across core sectors, such as retail, energy, agribusiness, manufacturing and trading. All loans are backed by liquid collateral.
The investments are hard currency-denominated, senior secured loans that provide medium and long-term finance to projects and companies across core sectors, such as retail, energy, agribusiness, manufacturing and trading. All loans are backed by liquid collateral.
Frontier Senior Income (FSI) provides investors with access to an untapped asset class: private debt in emerging and frontier markets.
This objective is achieved by investing both directly and through syndicated loans originated and structured by regional banks. Thereby FSI either directly engages with the investee or by co-investing pari-passu in high-impact private sector loans in emerging and frontier markets. The market for syndicated loans has existed for over 40 years.
This objective is achieved by investing both directly and through syndicated loans originated and structured by regional banks. Thereby FSI either directly engages with the investee or by co-investing pari-passu in high-impact private sector loans in emerging and frontier markets. The market for syndicated loans has existed for over 40 years.
Absolute return target:
Access untapped markets:
Yield is central:
Protection of investments
By bottom-up selection:
Short (effective) duration
USD 3M SOFR + 3% target irrespective of the market conditions
Investor access to attractive opportunities in privately-held, middle-market companies in emerging and frontier markets
Yield is a focus as the strategy captures the potential of emerging markets while dampening volatility
Risk sharing and protection by participating in secure loans (pari passu) with leading banks or financial institutions
The strategy generates value through the bottom-up investment process, rooted in internal credit research, conducted by an experienced team of banking and investment professionals
Average maturity of the portfolio is 2 years and due to the amortizable nature of the loans provides a shorter (effective) duration and therefore an attractive yield per unit of duration
INVESTMENT STRATEGY
Frontier Senior Income is structured as an open-ended, Luxembourg-regulated fund, supervised by the CSSF (Luxembourg regulator) and operates as part of the Limestone Opportunities fund platform.
The structure has solid governance around it whereby the fund administration, depository/custody, and management are strictly separated, and the rules as set out in the official prospectus approved by the Luxembourg regulator.
The choice for a stringent structure highlights the institutional-proof purpose of the setup. The fund is acceptable for investors ranging from family offices to Sovereign Wealth Funds.
The structure has solid governance around it whereby the fund administration, depository/custody, and management are strictly separated, and the rules as set out in the official prospectus approved by the Luxembourg regulator.
The choice for a stringent structure highlights the institutional-proof purpose of the setup. The fund is acceptable for investors ranging from family offices to Sovereign Wealth Funds.
THE FUND SET-UP
AIFM / ManCo
Limestone Platform AS
Limestone Platform AS
Depository Bank
RBC Investor Services Bank S.A.
RBC Investor Services Bank S.A.
Central Administrator
RBC Investor Services Bank S.A.
RBC Investor Services Bank S.A.
Independent appraiser of fund assets
IHS Markit Ltd.
IHS Markit Ltd.
Independent Auditor
Deloitte Audit (Lux)
Deloitte Audit (Lux)
Legal Advisor
GSK Stockmann S.A.
GSK Stockmann S.A.
AIFM / ManCo
Limestone Platform AS
Limestone Platform AS
Frontier Senior Income Fund
HOW TO INVEST
Qualified investors can participate in the Frontier Senior Income fund starting from EUR 120.000 or USD equivalent.
Participants have the opportunity to subscribe or redeem their investments on a quarterly basis.
Investment in the fund can be done either via Transfer Agent of the Fund or through Euroclear (from the investor’s bank directly into the fund).
Participants have the opportunity to subscribe or redeem their investments on a quarterly basis.
Investment in the fund can be done either via Transfer Agent of the Fund or through Euroclear (from the investor’s bank directly into the fund).
Fund’s identifiers are as follows:
I (institutional) share class:
P (Private) share class:
ISIN Code: LU1572329164
Bloomberg: LSFRSII LX
Bloomberg: LSFRSII LX
ISIN Code: LU1572329164
Bloomberg: LSFRSII LX
Bloomberg: LSFRSII LX
PROVIDERS SERVICING THE FUND
Frontier Senior Income enjoys a state-of-the-art, institutional set-up for the highest level of security and comfort for its investors. The fund is serviced by global industry leader financial and auditing entities.
Registrar, Transfer and Administrative Agent
RBC Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Grand-Duchy of Luxembourg
RBC Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Grand-Duchy of Luxembourg
Legal Counsel
GSK Stockmann S.A.
44, avenue J.F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
GSK Stockmann S.A.
44, avenue J.F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Independent valuation firm
IHS Markit part of S&P
25 Ropemaker St,
London EC2Y 9LY, United Kingdom
IHS Markit part of S&P
25 Ropemaker St,
London EC2Y 9LY, United Kingdom
Management Company
Limestone Platform AS - Luxembourg
2A rue Nicolas Bové,
L-1253 Luxembourg
Grand Duchy of Luxembourg
Limestone Platform AS - Luxembourg
2A rue Nicolas Bové,
L-1253 Luxembourg
Grand Duchy of Luxembourg
Depositary bank and Paying Agent
Royal Bank of Canada (Luxembourg)
RBC Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Grand-Duchy of Luxembourg
Royal Bank of Canada (Luxembourg)
RBC Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Grand-Duchy of Luxembourg
Auditor
Deloitte Audit S.à r.l.
20, boulevard de Kockelscheuer
L-1821 Luxembourg
Grand-Duchy of Luxembourg
Deloitte Audit S.à r.l.
20, boulevard de Kockelscheuer
L-1821 Luxembourg
Grand-Duchy of Luxembourg
Our Contacts
LS Opportunities Frontier Senior Income
14, Porte de France L-4360 Esch-sur-Alzette Grand-Duchy of Luxembourg
Frontière Investments OÜ – the Investment Advisor of Frontier Senior Income Fund
Valukoja tn 8/1, 11415 Tallinn, Harju maakond, Tallinn, Estonia (EU)
14, Porte de France L-4360 Esch-sur-Alzette Grand-Duchy of Luxembourg
Frontière Investments OÜ – the Investment Advisor of Frontier Senior Income Fund
Valukoja tn 8/1, 11415 Tallinn, Harju maakond, Tallinn, Estonia (EU)
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invest@frontiere.investments
invest@frontiere.investments