Nutryfarm International has entered a non-binding memorandum of understanding (MOU) with Pharos Asset Management to set up a US$25 million durian sub-fund, the company said in a filing to SGX Tuesday.
The sub-fund would be under the Pharos Global Multi-Strategy Fund VCC and would be used to finance Nutryfarm’s durian trading transactions, the filing said. A VCC, or variable capital company, is a corporate structure for investment funds.
Under the deal, Pharos would set up and manage the sub-fund under the VCC, while Nutryfarm will provide the trading deal-flow and undertake a minimum annual return for the sub-fund, the filing said. Nutryfarm and Pharos plan to work together to launch and seek investors for the sub-fund, the filing said.
Pharos is an independent asset management company, with a capital market services license regulated under the Monetary Authority of Singapore. Pharos provides asset and wealth management services to clients in Greater China and Asia Pacific, and manages bespoke portfolios for clients, the filing said.