Harbour spins out private credit portfolio as a stand-alone fund

The private credit portfolio, which accounted for about 7% of the assets within the Harbour Income Fund, has now been spun out into a stand-alone fund which has been established so that it can be distributed to retail clients, although Harbour isn’t doing so currently.

The seed money for the new fund contains 93 loans, which have delivered a consistent cash rate plus 4%.

Harbour director and senior credit analyst Simon Pannett says there has been some interest from advisers but his company doesn’t want to make it available on an investment platform yet.

Pannett defines private credit as any lending that’s not in bond format.