The LIM Asia Special Situations Master Fund has increased its ownership in the Ranger Direct Lending Fund to 9.2% from 5.48% reported in July; the Ranger Direct Lending Fund is primarily focused on high yield direct lending platforms; it has recently been troubled by its exposure to losses from marketplace lending platform Argon Credit which it invested in indirectly through the Princeton Alternatives Fund. Source
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Ranger Direct Lending Fund
Invesco Perpetual has sold GBP9.6 million ($12.45 million) worth of shares in the Ranger Direct Lending Fund, reducing its stake to 27.9%; the GBP243 million ($315 million) Fund has been struggling in 2017; it primarily invests across the private debt landscape with a focus on private direct lenders; however its losses have been related to its exposure to troubled lending platform Argon Credit which it had invested in indirectly through the Princeton Alternative Fund; in February 2017 it reported a significant impairment charge for the investment and its value has been decreasing. Source
The Ranger Direct Lending Fund is trading at a discount to its NAV in part due to effects from issues at Argon Credit; the Fund had exposure of $28 million to Argon when it announced its bankruptcy in December 2016; while it said the Fund would see little effect from the exposure it has now announced a write-down from holdings in the Princeton Alternative Income fund which was affected by Argon Credit; further developments continue to occur and volatility is expected to continue for the Fund's share price. Source