QInvest equipment-leasing fund oversubscribed

QInvest has launched a fund investing in the leasing and financing of equipment used in factories, hospitals, farms and other sectors.

The Doha-based asset manager has collaborated with SQN Capital Management, an asset manager with offices in New York and London, to launch the closed-ended, Cayman Islands-domiciled fund.

Ataf Ahmed, head of asset management at QInvest, said, “by avoiding aviation and shipping we are not focused on long tenor leases which can sometimes experience sharp drawdowns”.

He said the firm aims to sell the fund, which is sharia-compliant, to institutional and high-net-worth clients.

“A lot of the initial investors were interested because of the 7% annualised yield which is distributed on a monthly basis after the first quarter, as this is quite rare for funds of this type,” said Ahmed.

The QInvest SQN Income Fund was oversubscribed and the firm has a waiting list for another, similar fund to be launched later this year.

©2017 funds global mena

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