IFA champion and former Conservative Shadow Treasury chief secretary Howard Flight has set up a new investment company.
Launched this week, Flight & Partners has been founded by Flight alongside investment banker Mark Warde-Norbury and former Ernst & Young Entrepreneurial Services marketing director Permjot Valia. Flight will chair the firm.
Its first fund, the Flight & Partners recovery fund, aims to offer investors an opportunity to benefit from current difficult market conditions. It will provide secured loan finance with attaching equity to companies with turn-around potential.
The fund is a closed-end Guernsey company with a seven-year life and will be capped at £30m. Minimum investment is £50,000.
Cornerstone investors have indicated that they will be investing £10m. R Capital has been appointed as adviser to the fund.
Flight says: “Flight & Partners is a new investment management business based on collaborating with focused boutiques which have established track records in specialist, niche investment territories. The Flight & Partners recovery fund offers sophisticated investors an opportunity to benefit from the more difficult credit market conditions now prevailing.”