Maples Fund Services has been appointed by Singapore-based EFA Group as administrator for its new asset-based direct lending vehicle, EFA Real Economy Income Trust (EFA RET).
Maples Fund Services will provide a full range of administration services, including fund accounting and investor services services for EFA RET. Its customisable approach and sophisticated infrastructure, coupled with the expertise and experience of its team in working with loan and credit funds, were key elements in EFA Group’s decision to engage Maples Fund Services for EFA RET. Maples Fund Services was also selected to provide fund administration services to EFA Group’s Trade Finance Manager Fund which launched in June 2015.
EFA Group is an independent asset manager that specialises in credit strategies and currently provides close to USD2 billion of short term, revolving trade finance loans through its established trade finance funds.
“EFA Group started the EFA RET to leverage on the increasing demand for financing from small and medium-sized enterprises as traditional lenders like banks withdraw their credit availability due to regulatory pressure. All of these companies are banked, but an increasing number of their mid-term financing needs tend to fall below banks’ radars,” says Xavier de Nazelle (pictured), Head of Corporate and Asset-Based Finance EFA Group. “The EFA RET will provide structured, senior secured loans to mid-market companies operating along the value chains of real economy sectors and targets net total returns to investors in excess of 10% per annum. The trust has achieved its first close and seeks to raise USD150 million by the first half of 2017. Capital has started to be deployed in March 2016.”
“We are delighted to be working with Maples Fund Services, who is well positioned to deliver comprehensive and quality service to asset managers like us,” says Francois Dotta, CEO of EFA Group. “We appreciate the flexibility and adaptive nature in the fund servicing solutions that they offer and are confident in the team’s expertise and knowledge with credit and financing strategies.”
“Our new engagement with EFA Group is a testament to our ability to deliver adaptable, highly specialised solutions to increasingly complex fund structures and asset classes,” says Eastern Fong, Regional Head of Fund Services Asia for Maples Fund Services. “We look forward to developing a strong and long-lasting partnership with EFA Group as we help them bring new efficiencies to their operations.”