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ILA Capital Launches Systematic Marketplace Lending Fund with $100m Commitment from Woodman Group
September 13, 2018
Woodman Asset Management has partnered with ILA Capital, to launch a machine learning, marketplace lending strategy, with an initial $100m commitment. The short duration, high yielding strategy invests primarily in secured and unsecured loans to capitalize on the growing marketplace lending theme.
ILA Capital is a SEC registered, Boston based fund manager founded in 2015 by Chaired Harvard Business School professors Dr. Chris Malloy and Dr. Lauren Cohen; and career banker Tom Grant, with a vision to take advantage of pricing inefficiencies in marketplace lending. With an emphasis on deep learning, ILA has constructed an investment approach that improves loan selection while developing a better understanding of borrower behaviour to reduce defaults and better manage risk in the portfolio. In early 2018, ILA Capital partnered with Woodman, who in return committed $100m in investment capital.
“We are honoured to have Woodman as partners as we launch our new marketplace lending fund. Woodman’s deep experience and global reach will be key in supporting ILA’s innovative approach to this growing asset class,” said Tom Grant, ILA Capital CEO. “As bank lending evolves, there is greater demand from borrowers to access capital through a process that suits the borrower in terms of convenience, time, and efficiency. For investors, it is about getting the right risk, with the right return. ILA Capital looks to be the premier firm in this evolving short duration, high yield investing space,” he continued.
Daniel Aaxman, founder and CEO of Woodman Group, said, “As a global investment manager, we believe that finding exceptional talent is a key part of our offering. With ILA, Woodman will provide a unique opportunity to deliver true innovation to our clients in the fixed income and the alternative investment space.”
“Our firm has had a relationship with the individuals who founded ILA Capital going back over a decade. Our cornerstone investment in their new fund shows our commitment to both ILA Capital as well as this growing space of investment management,” added Guilherme Azevedo, Head of Group Development and Strategy at Woodman.
Woodman and Former Co-Head of Carlyle Asia Growth Partners Create Private Investments Platform
August 8, 2018
Woodman Asset Management and Sanaka Capital Partners Limited, a Private Equity firm, founded by Shankar Narayanan, formerly Co-Head, Carlyle Asia Growth Partners (CAGP) & Head – India (CAGP), have partnered for an Asia and India linked Private Investment Platform. Woodman has made a USD 100 Million commitment to Sanaka Capital and have also taken a minority interest in the General Partner.
Sanaka Capital will focus on identifying, building, operating and managing portfolios of companies across industry sectors through both control and minority investments. Shankar Narayanan, the founder, brings 25 years of Private Equity experience to Sanaka Capital Partners, most recently as Co-Head, Carlyle Asia Growth Partners (Carlyle’s mid-market Buyout and Growth Capital Business) & Head – India (CAGP). Previously, Shankar Narayanan has provided governance and strategy guidance through leadership positions and active board memberships. He has also delivered successful exits through sales to strategic, public markets and peer sales. Sanaka Capital Partners will make use of this unique expertise and experience to focus on alternate investments; including in India and those with India linkages.
“Association with an institutional group like Woodman with its various international relationships complement Sanaka Capital Partners and my strengths to build an alternate investment platform that should provide best in class risk return parameters to various Limited Partner investors of Sanaka Capital”, said Shankar Narayanan, Founder and CEO at Sanaka Capital.
“We are delighted to be partnering with Shankar Narayanan, which will give us a footprint to an exciting Asian market,” Daniel Aaxman, Chief Executive Officer and founder of Woodman said. “This will also benefit our existing and future clients, who will have access to a first class private equity team with an unrivalled track record.” he continued.
Guilherme Azevedo, Head of Group Development and Strategy said that, “Over the past few months, we have come to see that Shankar and his team have the values that we at Woodman seek, where our interests are aligned, which should yield great results for our clients.”
Woodman Group Launches New Real Estate Investment Boutique in Partnership with Former HSBC Alternative Investments Team
February 19, 2018
Woodman Asset Management AG, in partnership with Blue Noble, has launched an independent real estate investment management company, authorised and regulated by the Financial Conduct Authority (“FCA”). Woodman has committed an initial USD 550 million of real estate assets and new capital. This comprises two European mixed-use portfolios incorporating office, residential and retail assets valued at USD 450 million, as well as a capital commitment of USD 100 million.
Based in London, Blue Noble will acquire and manage physical property investments on behalf of high net worth individuals, family offices and institutional investors. It will target real estate assets from across the risk spectrum, initially focusing on familiar European markets.
This strategic partnership will bring together Woodman’s established brand, scale and robust operational infrastructure and Blue Noble’s innovative, client focused approach as a boutique investment management firm. The move reflects structural changes and macro trends that are currently impacting the financial services industry as a whole.
While banks and large financial institutions increasingly move away from housing direct alternative investment capabilities, in favour of promoting more accessible, scalable, third party fund offerings, the allocation to alternatives from private investors continues to rise.
According to research by McKinsey, private investors are increasingly embracing more specialised private market exposure, especially real assets, in order to achieve superior and more aligned investment outcomes; there has, as a consequence, been an increase in allocations to real estate among other real assets.
The launch of Blue Noble also comes at a time when investors are diverging in their investment priorities and manager preferences with a move towards taking greater control over their alternative investment activities. McKinsey’s research supports this, showing a leaning toward specialist boutiques “for their ability to deliver unique capabilities and customised exposures.”
This does not diminish the need for access to quality investments and managers and as such, Blue Noble’s team will build on a collective 60 years’ real estate investment experience and the solid foundation created over the last 10 years working within one of the largest global banks, giving a track record of investment and fiduciary discipline along with a clear understanding of client experience.
Blue Noble was founded by four experienced and well connected real estate professionals from HSBC Alternative Investments Limited (“HAIL”) comprising Paul Forshaw (former Global Head of Real Estate at HAIL), Toby Evans, Harry Heathcoat Amory and Will Michell. During their tenure at HSBC, they were responsible for, and transacted, in excess of USD 5 billion of real estate investments across the United Kingdom, Europe and the United States including Liffey Valley Shopping Centre in Dublin, Broadgate Quarter in London and Brindley Place in Birmingham.
Paul Forshaw, Managing Partner of Blue Noble, said: “We are very excited to be partnering with Woodman Group as we launch a new bespoke and client focused real estate investment management business. By combining Woodman’s solid financial and operational footing with our independent client-centric approach, nimble capital and established network, Blue Noble is well placed to unite potential investment outperformance with strong fiduciary responsibility, and ultimately to meet the needs of investors allocating capital to real estate assets. Our long experience of operating a successful and significant global platform underpins our strategy for Blue Noble and forms the basis from which we intend to create a dynamic, genuinely client focused business.”
He added: “Banks have, over recent years, increasingly returned their focus to core business areas including lending and asset custody rather than direct investment. With sustained demand from private banking customers for access to alternative investment product, Blue Noble should be well positioned to work with those banks, and other investors, to provide appropriate and compelling real estate investment solutions. As an independent firm, we take ownership of our decisions and have far greater flexibility to adapt and capitalise on the changing investment landscape. We look forward to closely aligning our investment strategy with our clients’ needs. The improvement and personalisation of the customer experience is key and will translate in a number of ways including investment in progressive technology and infrastructure.
Daniel Aaxman, founder and CEO of Woodman Group, said: “As an investment management group, we have always had a vision of offering clients access to a first-class real estate investment solution. With the expertise of the Blue Noble team, we are well placed to realise this vision”.
Guilherme Azevedo, Managing Director at Woodman, added: “This partnership is unique and has developed quite naturally: we are committing significant capital to a team we know and trust professionally through successful investments over many years”.
Green Ash Partners (part of the Woodman Group) launches Global High Yield Credit Fund
November 1, 2017
London, United Kingdom - Green Ash Partners LLP, a liquid credit boutique based in London, has recently launched a UCITS global high yield fund, Green Ash Global High Yield.
The Green Ash Global High Yield fund was launched on the 6th of October, 2017. The fund will be managed by Managing Partners and Co-CIO's - Miles Cohen and Nick Freeman, investing in global high yield securities with a flexible allocation approach and a bottom-up credit selection process. Green Ash has extensive experience in high yield credit, managing segregated accounts with a non-benchmark driven investment approach. This inaugural high yield fund offering will be a continuation of the team's investment style, based upon a similar mandate which has produced positive annual returns every year since inception in 2011. A clear difference in the fund's investment strategy is the focus on more concentrated positions with typically 50-100 holdings, invested across developed market high yield as well as additional allocations to both hard currency emerging markets and subordinated bank debt. The fund is currently registered for sale in Luxembourg, but the United Kingdom and Switzerland are expected to follow shortly.
Before founding Green Ash in 2009, the Managing Partners worked together at Goldman Sachs International where they were managing global credit and multi-asset class mandates for clients in Europe, Middle East and Africa. Earlier in 2017, Green Ash entered into a strategic partnership with Woodman, a Swiss based investment group, taking responsibility for the liquid credit needs of the group. Green Ash will continue to operate as an independent unit, with support from the Woodman Group.
"We are very excited about our partnership with the Woodman group," said Miles Cohen, Managing Partner and Co-CIO at Green Ash Partners. "It allows us to continue to operate on an independent basis as well as broadening our reach to investors with this new high yield bond fund." he continued. "Woodman's approach suits us perfectly and we are looking forward to growing together with a focus on delivering for our clients" said Nick Freeman, Managing Partner and Co-CIO.
"Green Ash is the perfect fit to complete our offering of a complete spectrum of investment solutions, ranging from equity, fixed income, and currencies, in addition to our illiquid strategies", Daniel Aaxman, Chief Executive Officer and founder of Woodman Asset Management said. "This will also benefit our existing and future clients, who will have access to a first-class credit team." he continued.
Woodman Launches UCITS European Equity Fund
November 9, 2016
Zug, Switzerland - Woodman Asset Management AG, a specialist investment firm based in Zug, has launched a European focussed equity fund – Woodman Europe Dynamic - that will be managed by Pascal Boeuf, who recently joined Woodman Asset Management from UBS Asset Management.
The Woodman Europe Dynamic fund is a UCITS compliant, pan-European fund with a focus on small and mid-cap companies, an investment universe that Pascal Boeuf has covered for more than 20 years. Stock selection will be driven by a bottom-up investment process, enhanced by proprietary models developed at Woodman Asset Management. Pascal will be supported by Marc Lüthy and Alexander Kostolany, both of whom will have sector research and deputy portfolio manager responsibilities.
“I am very excited about launching this fund, and am grateful for all the investor support in establishing this product, which I feel very passionate about. The expeditious launch is also a testimony to the solid infrastructure that is in place at Woodman.” said Pascal Boeuf, Head of Equities at Woodman Asset Management. “I believe that the environment for stock picking is clearly improving in Europe, in particular since Brexit and as monetary easing is coming to an end. The broad small and mid-cap universe offers access to unique investment opportunities for such a high conviction fund”, he continued.
“Our strategy at Woodman Asset Management is to offer a complete spectrum of investment solutions, ranging from equity, fixed income, and currencies, in addition to our illiquid strategies. With Pascal’s arrival, it is a testimony to our commitment and desire to create an institutional investment platform”, Torben Degn, Chief Investment Officer of Woodman Asset Management said. “With the rise in passive investments, we see alpha opportunities further down the capitalisation scale, which fits into our philosophy as we believe small and medium size companies will outperform their larger peers over the investment cycle.”, he continued.
The Woodman Europe Dynamic fund will be managed by Pascal Boeuf (Lead), Marc Lüthy and Alexander Kostolany.
The fund was launched on 9th of November with €67m under management. The equity team currently manages a total of approx. €120m AUM.
Woodman Launches Currencies Fund in UCITS Format
September 7, 2016
Zug, Switzerland - Woodman Asset Management AG, a specialist investment firm based in Zug, has launched a global currencies fund in UCITS format– Woodman Global Currencies. The fund will build on the knowledge and expertise that the Woodman Foreign Exchange (FX) Team, headed by Lasse Andersen, has gathered over the past years, running similar FX strategies on a mandated basis.
The fund, whose base currency will be the US dollar (USD), will invest in global currencies, where the majority will be in G20 currencies, and to a lesser extent in Emerging Markets currencies. The investment team will analyse technical and fundamental factors on a discretionary and systematic basis to uncover attractive investment opportunities, whilst portfolio optimisation models will help size positions. A strict risk management system will be deployed to limit large adverse movements in returns.
“The foreign exchange market is the largest and most liquid market in the world, where central banks have disrupted currency valuations over the past few years, creating an opportunity-set that has heavily influenced the returns of traditional investment portfolios”, said Lasse Andersen, Head of FX Trading at Woodman Asset Management. “We believe central banks will continue to impact the markets, which will continue to create value opportunities and uncorrelated returns”, he continued.
“We have seen an increased demand in our currency solutions”, said Torben Degn, Chief Investment Officer at Woodman Asset Management, “but now we have an investor friendly vehicle in a UCITS framework, where we can provide investors a vehicle that can capture FX returns in a diversified and a structured manner”, he said.
The Woodman Global Currencies Fund will be managed by Lasse Andersen and Thomas Wind with the support of Jerome Tremblay (Analyst). Currently the team is managing $470m in several currency mandates and advisory accounts.
Woodman Hires Equity Veteran Pascal Boeuf as Head of Equities
September 1st, 2016
Zug, Switzerland - Woodman Asset Management AG, a specialist investment firm based in Zug, has hired Pascal Boeuf, from UBS Asset Management, to become Head of Equities. At Woodman he will be a senior portfolio manager responsible for equity investment solutions, and will report to Torben Degn, Chief Investment Officer (CIO) at Woodman Asset Management.
Pascal has over 20 years investment experience, most recently from UBS Asset Management (UBS), which he joined in 2003. At UBS he managed a number of pan-European small- & mid-cap mandates and German equity funds, including the UBS (Lux) Equity Fund - Mid Caps Europe and UBS (D) Aktienfonds - Special I Deutschland. In addition to this, he was also Head of German Equities (from 2008), with a team based in Zurich and Frankfurt. Further, Pascal co-managed the UBS (Lux/CH) Equity Funds-Energy. At the time of his departure from UBS, Pascal was Lead Portfolio Manager of five (5) and Deputy Portfolio Manager of two (2) open-ended equity wholesale funds.
Prior to joining UBS in London in 2003, Pascal was a Portfolio Manager at a boutique asset management group, which he established with former colleagues from SalomonSmithBarney. Pascal started his career in corporate finance in 1995 advising on mergers and acquisitions at Salomon Brothers and Hill Samuel.
“We are delighted that Pascal has decided to join Woodman Asset Management. His experience and expertise will bring new dimensions to our firm”, commented Torben Degn, CIO of Woodman Asset Management, “As we continue to grow, we continously seek experienced and talented investment professionals who share our culture of performance and quality”.
“I am excited to join such a dynamic and entrepreneurial firm, providing an excellent foundation to build on”, said Pascal Boeuf, “together with the existing team at Woodman Asset Management, I look forward to growing the equity offering with our clients' best interests at heart”, he continued.
Pascal has a M.Eng (1995) in Aeronautical Engineering from Imperial College in London and is a CFA Charterholder (2001).
Woodman Asset Management AG Investment in Leading Automated 3D Printing Firm
August 18th, 2016
Zug, Switzerland - Woodman Asset Management AG, a specialist investment firm based in Zug, has led the Series A financing in NVBOTS, the leading provider of automated 3D printing solutions, that will fuel the sales of its NVPro plastics printers and the development of its new multi-metal printers.
“We are pleased to lead the NVBOTS financing,” said Dr. Alexander J. Bischoff, Head of Venture Capital at Woodman Asset Management AG. “The market for cost-effective, fast, and automated 3D printers is expected to be worth over $10 billion. NVBOTS, with its established NVPro plastics printing platform, high speed metal printing technology, and exceptional team, is poised to lead this rapidly growing category.”
“As NVBOTS continues its rapid growth, I am excited about adding financial support from Woodman Asset Management AG,” said AJ Perez, founding CEO of NVBOTS. “I look forward to our partnership as we continue to grow the company and expand NVLABS -- a division of NVBOTS focused on the commercialization of our multi-metal 3D printing technology”, he continued.
NVBOTS’ highly successful NVPro 3D plastics printers deliver value for more than 50 organizations – including Hypertherm, Staples and MIT - that require a 3D printer that is Built to Be Shared™. The company’s new high-speed multi-metal printing products will leverage the NVPro platform together with its proprietary Metal Additive Deposition (MAD) process which uses ordinary wire rather than expensive powders. These new systems will deliver dramatically higher speed, lower cost and lower power than competing 3D metal printing technologies. Markets that will benefit from the new metals technology include the Aerospace & Defense, Automotive, Industrial and Medical industries.
NVBOTS® provides automated 3D printing solutions that deliver high throughput production of parts in a wide range of both metals and plastics. The company’s NVPro plastic printer is Built to Be Shared™. It offers the only automated part removal in the industry, and is paired with NVCloud software that allows users to print parts anytime, from any cloud-connected device – while providing administrators with full workflow control. These capabilities makes the NVPro uniquely suited for continuous 24-7 operation in multi-user environments. NVBOTS metal printers, in development, marry the NVPro platform with the proprietary Metal Additive Deposition (MAD) process - a multi-metal solution that prints 10x faster than any alternative, while dramatically reducing cost and power consumption. NVBOTS is headquartered in Boston, MA. For more information, visit www.NVBOTS.com or follow us on Twitter @NVBOTS and on LinkedIn.
Woodman Asset Management Has Launched
a UCITS Version of the Woodman Core Fund
January 21, 2016
Zug, Switzerland - Woodman Asset Management AG, a specialist investment firm based in Zug, has launched the Woodman Core Fund in a Luxembourg UCITS format. The Woodman Core Fund was previously available as a Maltese PIF, launched on the 15th of September, 2011, but has been closed and domiciled into the Luxemburg UCITS structure. The fund’s strategy shall be largely unaffected by the change, with a multi-asset programme, focusing on capital preservation through careful selection of credit, equity and alternative investments.
Torben Degn, Woodman Chief Investment Officer, continues to be responsible for the UCITS fund, and will be joined by Guido Schmid, who assumes co-portfolio management responsibilities. The fund continues to have an unconstrained benchmark approach with a target return and volatility of 5%. They will draw on equity, credit and alternative investment expertise from in-house analysts and product specialists, but will shift the focus towards single names rather than indirect investments.
“As we experienced an increased interest in our product, we also saw the need to amend the fund to a more consensus approved legal format, “ said Torben Degn. “The investment process will stay true to what we have been doing until now, although adapted to fit the UCITS framework,” he continued. Guido Schmid, who has worked on the fund since 2012, was promoted to join Torben Degn as portfolio manager, said, “I am excited to be part of the portfolio management team of this product, as it is moving forth to the next stage with more direct investments.”
The fund was launched on January 21st, 2016 with $192m under management and is offered in retail- and institutional share classes, and to investors in USD (base currency), EUR (hedged), and CHF (hedged). Initially, the fund shall be available for investors in Switzerland (upon FINMA registration), but further European countries shall follow.
Woodman Asset Management Launches Credit Opportunities III
November 03, 2015
Zug, Switzerland - Woodman Asset Management AG, a specialist investment firm based in Zug, announces the launch of the Credit Opportunities III fund. This is the third fund specialising in capturing illiquid credit opportunities following tighter regulations for financial institutions.
The fund will invest across economic sub-sectors and across the US, Europe and Asia. The strategy will primarily be invested in direct lending funds - extending credit to corporate and real estate borrowers directly, risk sharing portfolios - benefiting from regulatory arbitrage of banks trying to reduce capital and special situation funds - for opportunistically exploiting niche opportunities that pose significant value potential after dislocations in the market.
“Private debt still provides an attractive investment opportunity, that we want to take advantage of,” said Stefan Armonat, Portfolio Manager. “In a low yielding environment, private debt investments are instruments to generate an attractive return with a significant current income component and strong downside protection. The return characteristics are a result of the readiness to lock up investments and give borrowers a longer planning horizons as well as the dislocations in the credit capital markets resulting from regulatory disruptions”, he continued.
The first close will be at the end of 2015, with a final close expected a year later. The fund is to be initially launched for qualified investors in Switzerland, but further European countries shall follow.
Credit Opportunities III builds on the experience of Credit Opportunities I and Credit Opportunities II, which were launched in 2013 and 2015 with $85m and $154m respectively. All the funds exploit dislocations as a consequence of the continously changing regulatory enviroment and emphasising a margin of safety to allocate capital throughout the credit cycle.
Woodman Hires Stefan Armonat as Portfolio Manager for Private Debt
August 17, 2015
Zug, Switzerland - Woodman Asset Management AG, a specialist investment firm based in Zug, has hired Stefan Armonat to manage the private debt funds at Woodman Asset Management. He will take over the lead portfolio management role from Torben Degn, who will continue as co-portfolio manager of the private debt funds and Chief Investment Officer at Woodman Asset Management.
Stefan has over 10 years professional practice in illiquid investments, whose previous work experience includes Merrill Lynch, Credit Suisse and a large European family office. Stefan holds a master level from the University of Munich, a post-grad degree in macroeconomics from the Kiel Institute of World Economics and a PhD in Financial Economics / Asset Allocation from the Technical University of Darmstadt.
“We are extremely pleased to have hired someone with Stefan’s pedigree and expereince”, commented Torben Degn, CIO Woodman Asset Management, “As we continue to grow, we seek experienced and talented investment professionals who can give us an edge.”
Stefan will work closely with Torben Degn, whom he will also report to, on the private debt strategies. In addition to taking over the management of the funds, he will also be responsible for several private debt mandates run by Woodman Asset Management.
Woodman Closes Credit Opportunities II with total commitment of $154M
July 8, 2015
Zug, Switzerland - Woodman Asset Management AG, a specialist investment firm based in Zug, announces the final closing of the Woodman Credit Opportunities II Fund. This is the second fund specialising in capturing primarily illiquid credit opportunites that have arisen, due to the stricter regulations for financial institutions.
The fund closed on 30th of June with $154m in commited capital, that will be invested in various sectors, across the US, Europe and Asia. The strategy will primarily be invested in direct lending, risk sharing and special situations funds, but also make co-investments and to a limited extend structure bespoke deals.
“We continue to see attractive deals in the private debt space, and will continue to capitalise on this opportunity” said Torben Degn, Chief Investment Officer. “We are also seeing an increasing amount of interest from investors who are trusting us to take advantage of this situation. In addition, we are already in the process of looking at launching a third fund.”
The Woodman Credit Opportunities II Fund follows in the foot steps of the Woodman Credit Opportunities Fund, which was launched with $85m of committed capital in June 2013.
Woodman successfully launched a broad range of funds within the long-only and hedge fund space, to become a leading independent asset manager. Today, the Woodman group manages over $ 2.5 billion in various mandates, strategies and vehicles.
Woodman Funds App Announcement
Zug, Switzerland - Woodman Asset Management AG, a specialist investment firm based in Zug, is proud to release their newest innovation - The Woodman Funds App, which is now available in the App Store.
The App will allow users an easy and convenient access to all of our Woodman Funds, only a few clicks away on your smart device.
The latest NAV's and graphs for each specific fund are at any time updated in the App.
The App is free and can be downloaded by everyone.
Enjoy the App
Zug, Switzerland - Woodman Asset Management AG is proud to be co-founder and cornerstone investor in Nordic Insurance Consolidation Group (NICG), who recently announced the purchase of Skandia Livsforsikring A A/S.
NICG is incorporated by Thomas Vinge Hansen, Kristian Goth Vinther and Woodman Asset Management AG.
Woodman Diversified Fund Celebrates 3rd Anniversary
February 15th 2015,
Woodman Diversified Fund manages a portfolio of $101m, comprising of 13 investments, two of which are day one investments. Daniel Aaxman, CEO and Founder of Woodman Group said, “Backing new managers is an integral part of our investment strategy. Being a relative young company ourselves we appreciate the partnerships we can build.”
The portfolio’s underlying management and performance fee have been substantially reduced through these day one investments. Additional fee reductions are achieved by selectively providing acceleration capital to newer managers and investing in some hedge fund replication strategies.
Woodman Diversified Fund was originally established to provide best in class hedge fund exposure to Woodman Wealth Management, the family office arm of Woodman Group. Over the last three years Woodman Diversified has evolved from an all-weather portfolio to a more focused investment portfolio. Today the fund is more concentrated and invests around identified themes. “We are very excited about the portfolio’s three main investment themes, Asia, Event Driven and Systematic Trading” said Michel Jetzer, Managing Director of Woodman Asset Management AG and Portfolio Manager of Woodman Diversified Fund.
Over the last three years the fund had annualized returns of 5.6% with annualized volatility of 3.7%. “We are pleased with the results and are confident about the future prospects with the most recent additions to the portfolio” said Torben Degn, Managing Director and CIO of Woodman Asset Management AG.
Green Ash Partners (part of the Woodman Group) launches Global High Yield Credit Fund