FUNDRAISING NEWS | November 18, 2024
PPM America said November 15 that it closed and liquidated its two remaining mutual funds as it focuses on investor interest in commingled vehicles.
The US-based institutional asset manager said closing the PPM Core Plus Fixed Income Fund and the PPM High Yield Core Fund formalized the liquidation of its mutual funds platform.
In a release announcing the news, Jeff Seaver, senior MD and head of global distribution, said the move came in response to client demand for greater flexibility and efficiency available in commingled vehicles than can be attained through mutual funds. PPM America manages $77B in strategies, of which $63B are in fixed income, with the rest spread across commercial real estate, investment grade private credit, private equity, and collateralized loan obligations (CLOs).
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