Boutique investment management firm RiverNorth Capital Management has launched RiverNorth Marketplace Lending Corporation, a registered 1940 Act closed-end interval fund dedicated to the rapidly growing online lending asset class.
“We are pleased to add RiverNorth Marketplace Lending Corporation to our portfolio of opportunistic investment offerings,” says Brian Schmucker (pictured), chief executive officer of RiverNorth. “RiverNorth is among the first to offer retail investors this tremendous opportunity, that of providing diversified and efficient access to the peer-to-peer lending space.”
The fund will invest in a diverse mix of marketplace lending sectors, including unsecured consumer, small business, and specialty finance loan segments. The fund’s investment objective is to seek a high level of current income.
Patrick Galley, chief investment officer at RiverNorth and co-portfolio manager of the fund, adds: “Our team continues to innovate in providing our investors with distinctive strategies. The fund offers investors a way to gain efficient but diversified exposure to the marketplace lending space with attractive yield potential. The interval format offers periodic limited liquidity to an otherwise illiquid asset class.”
“This is an exciting opportunity for RiverNorth and our investors,” says Philip Bartow, co-portfolio manager of the fund. “The benefit of being early to the retail market will give us the enhanced ability to purchase loans directly from quality online lending partners with whom RiverNorth has negotiated loan acquisition and servicing relationships.”