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Patrimonium Investment Foundation

Swiss Mortgages Investment Group 

Fund characteristics

General information

Name

Swiss Mortgages Investment Group

Category

Swiss mortgage titles on real estate, buildings under building rights and building land

Structure

Evergreen / open-ended

Investment profile

First-rank mortgages on investment properties and for borrowers with good credit ratings

  • Target loan-to-value ratio: 65% on average for the entire portfolio; up to 80% for individual mortgages
  • Target allocations: Residential property 70% / Investment property 70%
  • Target diversification (after the build-up phase): max. exposure: 5% per position / 10% per counterparty
  • Target maturity: Overall portfolio average 3 to 4 years
Distribution target (net)

2.0% p.a. (subject to a SARON lower limit of 0.0%)

Distribution policy

Distributions are made quarterly, with the first distribution taking place in the quarter following the first capital call

Issue price

Based on the NAV at the end of the month following a capital call

Share issuance

Capital commitment agreement and capital call

Capital calls

Based on monthly NAV with payment deadline of at least 10 banking days
Capital calls made in proportion to outstanding capital commitments; outstanding amounts up to CHF 100,000 are called in full. Deadline for participating in the capital call: Last day of the month preceding the capital call

Hold period

Each capital commitment has a 3-year holding period, commencing from the first capital call

Minimum capital commitment

CHF 0.5 million

Fiscal year

01 Jan -31 Dec

Currency

CHF

NAV reporting

Monthly (published within 10 working days of the end of the month) and at year-end (published after the audit)

NAV calculation

Fixed-rate mortgages using DCF and variable-rate mortgages at nominal value

Fees and costs

Management fee
  • 45 bps p.a., calculated on the portion of the investment group’s assets under management up to CHF 500 million.
  • 35 bps p.a., calculated on the portion of the investment group’s assets under management above CHF 500 million and up to CHF 1.0 billion.
  • 30 bps p.a., calculated on the portion of the investment group’s assets under management exceeding CHF 1.0 billion
Performance fee

None

Distribution commission

Payable to Patrimonium Asset Management on the basis of capital commitments, payable pro rata to capital calls.

Upon capital commitment amount.

  • Less than CHF 5 million: 50 bps.
  • CHF 5 million to less than CHF 10 million: 40 bps
  • CHF 10 million to less than CHF 25 million: 30 bps
  • CHF 25 million to less than CHF 50 million: 20 bps

Founding investors (i.e. participants in the first capital call)

  • Capital commitments of less than CHF 5 million: 25 bps.
  • CHF 5 million or more: waived for founding investors.
Origination fee

Average 33 bps (paid by the mortgage borrower): 50% goes to the investment group and 50% to Patrimonium Asset Management

Redemption fee

Minimum 0.5% redemption fee payable to the investment group. Percentages above 0.5% are based on the actual costs incurred by the redemptions (e.g. the need to sell mortgages on the secondary market)

Administration

Management

Patrimonium Asset Management AG

Valuation experts

OAK BV

Documents

Swiss Mortgages Investment Group

Your investor profile

Qualified Investors

Important legal information

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Local legal restrictions

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Investment funds

The information about Patrimonium services and products given on the Website is not intended for any persons residing in a country or jurisdiction where access to such information or the publication of such information is forbidden by law.

For the Patrimonium Swiss Real Estate Fund – a Swiss collective investment scheme organised as a contractual fund under Swiss law – its fund contract, prospectus, key information document and latest interim and annual reports can be obtained free of charge and upon request from the fund management company and from the fund distributor(s).

For the Patrimonium Middle Market Debt Fund – a collective investment scheme organised under Luxembourg law and restricted to qualified investors – its prospectus, key information document (if applicable) and latest interim and annual reports can be obtained free of charge and upon request from the fund management company, the fund distributors or the fund representative in Switzerland. This Swiss representative is the Geneva office of Acolin Fund Services AG, located at Cours de Rive 6, 1204 Geneva, Switzerland. The fund’s paying agent in Switzerland is Banque Cantonale de Genève, located at 17 Quai de l’Ile, 1208 Geneva, Switzerland.

For the Private Credit Co-Investor Fund – a collective investment scheme organised under Luxembourg law and restricted to qualified investors – its prospectus, key information document (if applicable) and latest interim and annual reports can be obtained free of charge and upon request from the fund management company, the fund distributors or the fund representative in Switzerland. This Swiss representative is Credit Suisse Funds AG, located at Uetlibergstrasse 231, 8045 Zurich, Switzerland. The fund’s paying agent in Switzerland is Credit Suisse (Schweiz) AG, located at Paradeplatz 8, 8001 Zurich, Switzerland.

For the Patrimonium Private Equity Fund – a special limited partnership organised under Luxembourg law and restricted to qualified investors – its prospectus, key information document (if applicable) and latest interim and annual reports can be obtained free of charge and upon request from the fund management company, the fund distributors or the fund’s representative in Switzerland. This Swiss representative is the Geneva office of Acolin Fund Services AG, located at Cours de Rive 6, 1204 Geneva, Switzerland. The fund’s paying agent in Switzerland is Banque Cantonale de Genève, located at 17 Quai de l’Ile, 1208 Geneva, Switzerland.

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Performance and risk

Positive returns (value accretion) in the past are not a guarantee of positive returns in the future. In particular, there is no guarantee that an investor’s capital will be protected or that the value of employed capital or of shares will be equal to or greater than an investor’s original investment when the investor sells his shares or withdraws his capital. Investments in foreign currencies are exposed to the additional risk of unfavourable movements in exchange rates. If an investment is denominated in a currency other than your base currency, changes in the rate of exchange may have an adverse effect on value, price or income. The price and value of investments mentioned and any income that might accrue may fluctuate and may fall or rise. The value of such investments depends in part on the volatility of the corresponding exchange rates, and movements in these rates might bear negatively on the value of invested capital. The potential risks and returns of investments are also dependent on the managers’ investments policies and emphases. The value of investments may go up as well as down. Like any investment, an investment with Patrimonium has risks, in particular the risk of losing the amount invested. The risk factors of the financial instruments discussed on the Website are described in more detail in the fund prospectuses.

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Applicable law

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