In order to protect the interests of all investors in the Credit Suisse supply chain finance funds, Credit Suisse Asset Management fund boards suspended the redemptions and subscriptions in the funds with effect as of 1 March 2021. The fund boards have now decided to terminate the funds. Credit Suisse Asset Management’s priority is to ensure a balance between a timely liquidation of the funds and maximizing value for the investors. The first payments amounting to approximately 80% of the available cash and cash equivalents are expected on 8 March 2021 for the Luxembourg domiciled funds and later the same week for the Liechtenstein domiciled fund.
The valuation uncertainty with respect to certain investments, the reduced availability of insurance coverage for new investments and the substantial challenges to source suitable investments make it currently unachievable for the Credit Suisse supply chain funds to remain invested in accordance with their investment policies. Credit Suisse Asset Management fund boards consider that these market conditions will endure such that the funds can no longer be appropriately managed and have therefore decided to terminate the funds with effect as of 4 March 2021.
All shares of the funds will be compulsorily redeemed and will participate prorata to the funds’ assets. Pending redemption requests will be cancelled.
Liquidation proceeds will be paid out to investors in several instalments. The first payments amounting to approximately 80% of the available cash and cash equivalents will be proceeded starting on 8 March 2021 (with value date 10 March 2021) for the Luxembourg domiciled funds and later the same week for the Liechtenstein domiciled fund.
The management fees are waived with immediate effect.
Affected funds and cash and cash equivalents in % of NAV per 03.03.2021 per fund:
Credit Suisse (Lux) Supply Chain Finance Fund
|Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund||17.9%|
|Credit Suisse Nova (Lux) Supply Chain Finance Investment Grade Fund||55.3%|
|Credit Suisse Supply Chain Finance Investment Grade||69.5%|
The Credit Suisse supply chain finance funds are only distributed to qualified investors.
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