ManCo provider FundRock Management Company today announced that it has supported the launch of NRP Maritime Asset Management’s (NRP MAM) Premium Maritime Credit Fund.

FundRock will act as AIFM and deliver FX services to the Fund via Apex Group subsidiary EDB. As part of its multiple responsibilities for the fund, FundRock will cover key functions such as risk management, portfolio management and will be ultimately responsible for Valuation and AIFMD reporting (Annex IV).

FundRock will also be in charge of the passporting registration and Distribution Oversight of the fund in Europe and will act as Corporate Secretary.

Premium Maritime Credit Fund, a Luxembourg based RAIF reached first close in January 2022, raising $110 million from European institutional investors and family offices. NRP MAM is targeting its next closing at a target of $200 million before the end of the year.

The fund is backed by investments from the European Investment Fund (part of the European Investment Bank), Oslo Pensjonsforsikring AS and funds managed on behalf of the Greater London Authority in addition to several Norwegian maritime and non-maritime family offices.

The fund will actively pursue building a portfolio of first lien maritime loans with a strong focus on lending to European small to midsize shipping companies. The fund will be managed by NRP MAM as sponsor, owner of the general partner and investment advisor. NRP MAM is an Oslo, Norway based investment manager with a long successful track record managing investments in the maritime industry.

Xavier Parain, managing director, FundRock said: ”Managing an in-house AIFM now requires extensive allocation of time and resources for managers, who, as regulatory requirements evolve and rise, are increasingly turning to trusted external providers to achieve greater efficiency. We are delighted to be supporting NRP Maritime Asset Management for the successful launch of their Premium Maritime Credit Fund.”