Medley Management, a credit-focused asset management firm, has launched Sierra Total Return Fund, a closed-end investment management company that operates as an interval fund.
The fund seeks to achieve total returns through a combination of current income and long-term capital appreciation by investing in a portfolio of debt and fixed-income related equity securities.
The fund expects to achieve these investment objectives through a disciplined and balanced allocation among four distinct asset strategies, including public and private credit, public investment funds, private investment funds and other structured credit products.
“The fund is designed to allow shareholders access to both public and private securities at all levels of the capital structure,” says Seth Taube, the fund’s chief executive officer. “Through the fund, retail investors have the opportunity to invest in an institutional credit strategy that offers an attractive alternative in today’s yield-starved fixed income market.”