Infinite Growth Income Fund 2 & Absolute Growth Income Fund

A Singapore domiciled VCC Sub-Fund which has an investment objective in seeking short to medium-term total annualised return of 7.5% to 12% by primarily making private credit investments in private fixed-income securities and credit instruments.

For Accredited Investors Only

This material is intended solely for Accredited Investors as defined under the Securities and Futures Act 2001 of Singapore. By accessing this material, you confirm that you meet the relevant criteria. This document does not constitute an offer or solicitation to any person in any jurisdiction where such offer or solicitation is not permitted.

Introducing the Infinite Growth Income Fund 2 (IGIF 2) and the Absolute Growth Income Fund (AGIF), 2 sub-funds of Intl Business Capital VCC, managed by Lucerne Asset Management Pte Ltd. The Funds aim to provide a stable and conservative investment option as compared to stocks, with a higher targeted returns than fixed deposits or bonds.

This advertisement has not been reviewed by the Monetary Authority of Singapore. Past performance is not indicative of future performance. Please read the “Important Disclaimers and Risk Notice” section below in full.
Infinite Growth Income Fund 2 & Absolute Growth Income Fund Share Classes
IGIF 2 and AGIF are the names of 2 collective investment offerings deploying the same fund strategy both housed under the same fund vehicle, INTL Business Capital VCC.
IGIF 2 is denominated in SGD, while AGIF is denominated in USD. For more information, view the tables below. Targeted returns are objectives only and do not constitute a guarantee, actual investment results may vary materially. Private credit investments carry risk of borrower default and capital loss.

IGIF 2(For investors seeking returns in SGD)

Class G Lock in: 18 months
Hurdle rate: 7.5%
Targeted Returns: 7.5% p.a. semi annually
Class A Lock in: 36 months
Hurdle rate: 10%
Targeted Returns: 10% p.a. paid quarterly
Class H Lock in: 36 months
Hurdle rate: 11%
Targeted Returns: 11% p.a. paid quarterly
Class F Lock in: 36 months
Hurdle rate: 12%
Targeted Returns: 12% p.a. paid quarterly

AGIF(For investors seeking returns in USD)

Class S Lock in: 36 months
Hurdle rate: 12%
Targeted Returns: 12% p.a. paid quarterly
Class E Lock in: 24 months
Hurdle rate: 8%
Targeted Returns: 8% p.a. paid quarterly
Class N Lock in: 24 months
Hurdle rate: 9%
Targeted Returns: 9% p.a. paid annually

IGIF 2 and AGIF are open to Accredited investors ("AI's"); sophisticated investors who are better able to evaluate risks and have access to relevant resources to enable them to make clear and informed decisions.

The two Funds are only open to AI's who have duly considered their investment requirements and objectives and have expressed their interest in the Funds.

All AI's who have expressed their interest must go through a qualification screening process prior to receiving any offer for subscription into either of the Funds.

Summary

Accredited Investors only

Prevailing Management and performance fees apply.

7.5 – 12% p.a. depending on investment class.

Both funds are Shariah certified.

Minimum investment begins at SGD 20,000.

Yes, regulated under MAS guidelines.

Key Features and Benefits

Transparent and Reliable

The verification and distribution of returns is handled by a third party fund administrator. This ensures more controls, transparency and reporting to our investors. It also allows the Fund Manager to focus on what really matters: generating returns.

Potentially More Stable Alternative to Stocks

The Fund’s investment strategy focuses on private credit, which may exhibit lower correlation to traditional public markets such as equities and listed bonds under certain market conditions.

No Service Fees/Upfront Sales Charge

There is no upfront sales charge. Furthermore, investors only need to pay minimal management fees, giving you greater cost savings.

Tax saving (Singapore Residents)

Investment income is derived via dividend returns are generally not taxable for Singapore Tax Residents based on current Singapore tax laws.

How Do the Funds Generate Income?

The funds predominantly pursue a private credit strategy, providing financing to investee entities which may, in turn, aggregate funds from other financiers for deployment to various revenue-generating activities. The activities described below are provided strictly for illustrative and informational purposes only, and shall not be construed as exhaustive, binding, or restrictive, as to any specific investment, strategy, allocation, or outcome of the funds.

Share Financing:

Providing financing for businesses in exchange for shares as collateral. An example: If a business needs to raise $2 million worth of capital and decides to borrow it through share financing, they may put up $4 million worth of publicly listed shares as collateral. The lender will assess the shares for liquidity and LTV. As borrowing is secured through shares, this is a more secured way of financing compared to other types of unsecured loans.

Pre-IPO Financing:

The financing mechanism is similar to share financing, but for businesses that are about to go public via an IPO. Loans may be collateralised against privately held shares or other images such as properties.

Fund-of-funds:

This investment strategy involves holding a portfolio of securities or units in other investment funds rather than investing directly in stocks, bonds or other securities.

Testimonials

The testimonials presented above reflect the personal views and experiences of specific investors and are provided for illustrative purposes only. They are not representative of the experience of all investors, and individual outcomes may vary significantly. Such statements should not be relied upon as an indication of the Fund’s performance or as a recommendation to invest.

FAQ

Only Accredited Investors (AI) may invest in IGIF 2 or AGIF. Under the MAS requirement, AI must fulfil any one of the following criteria:
  1. For Individuals (meet 1 of 4 criteria) i) Net personal images exceed S$2 million (or its equivalent in a foreign currency), subject to the condition that the value of the individual's primary residence (after deducting any outstanding amounts in respect of any credit facility that is secured by the residence from the estimated fair market value of the residence) can only account for up to S$1 million of the individual's net person images; or ii) Financial images (net of any related liabilities) exceed S$1 million (or its equivalent in a foreign currency); or iii) Income in the preceding 12 months is not less than S$300,000 (or its equivalent in a foreign currency); or iv) Any foreigner who is in an equivalent class under the laws of the country or territory in which the offer or invitation is made
  2. For Companies/Corporations/Institutions (meet 1 of 2 criteria) i) Net images exceed S$10 million (or its equivalent in a foreign currency). The value of the corporation's net images is to be determined by the corporation's most recent audited balance sheet, or if the corporation is not required to prepare audited accounts regularly, a balance sheet certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance sheet, which date shall be within the preceding 12 months; or ii) With the introduction of the SF(CI)R 2018, even if a corporation does not have net images exceeding S$10 million, it is still eligible as an AI, if all its shareholders are AIs.

Yes, you may withdraw your funds before the respective tenure period. However, this is highly discouraged as the Funds would have committed to their respective investment targets and strategies.

These may have different maturity time frames and hence early termination of investments by subscribers will attract early redemption fees imposed by the IGIF 2 and AGIF.

Setting a hurdle rate ensures that the fund manager only earns its fees if it causes the fund to perform higher than those benchmarks. For example, a hurdle rate of 10% is set for Class A Shares under IGIF 2. Any profit earned in excess of the hurdle rates are retained by the fund manager. This structure encourages the manager to consistently deliver the targeted returns for our investors.

Yes, IGIF 2 and AGIF are sub-funds of Intl Business Capital, a Variable Capital Company formed under the Singapore Variable Capital Companies Act 2018 for Fund vehicles.

The Funds are fully based out of Singapore and are managed by Lucerne Asset Management Pte Ltd, a Capital Markets Services Licensee for the activity of Fund Management.

The particulars of the Fund Manager and the Fund can be found via a directory search on the MAS online resource pages.

Yes, most foreigners will be able to apply for IGIF 2 if they meet the Accredited Investors criteria or are Accredited Investors as defined by their country of citizenship/residence.

US citizens/residents cannot invest in IGIF 2.

About Us

About Us

IGIF 2 and AGIF are Singapore-domiciled and registered Funds available only to Accredited Investors. The Funds are fully based in Singapore and managed by Lucerne Asset Management Pte Ltd, a Capital Markets Services Licensee.

Flowing from the success of the previous fund vehicle, the Infinite Growth Income Fund (IGIF), the fund strategy of IGIF 2 has proven its ability to deliver consistent returns through the volatile economic environments of recent years, including the COVID pandemic and high inflation rates.

The same fund strategy has delivered stable quarterly dividends (over 2 investment funds) on time and on target since 2020, enjoying a re-investment rate of 90% from the previous fund vehicle (IGIF).

Express Your Interest In IGIF 2 or AGIF

To find out if you qualify as an Accredited Investor, simply schedule a free consultation with us today by filling in the form below.

IMPORTANT DISCLAIMERS AND RISK NOTICE:

This advertisement has not been reviewed by the Monetary Authority of Singapore. Past performance is not indicative of future performance. The information contained in this post is provided for general information purposes only, and does not constitute an offer of securities or units in any collective investment scheme. All information remains subject to change without prior notice.

The Infinite Growth Income Fund 2 (IGIF 2) and the Absolute Growth Income Fund (AGIF) are sub-funds of INTL Business Capital VCC, domiciled in Singapore and managed by Lucerne Asset Management Pte. Ltd. They are only available to Accredited Investors as defined under Singapore law. Targeted returns are objectives only, are not guaranteed, and actual performance may differ materially. Investing in the Fund may result in loss of investment value including the loss of the entire invested capital. The Fund’s investment in private credit involves a significant degree of credit and concentration risk. The Fund may invest in credit or equity securities that are either unsecured and subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. Unsecured loans are not secured by collateral, financial covenants or limitations upon additional indebtedness, and are therefore subject to additional risk that the images and cash flow of the related obligor may be insufficient to repay the scheduled payments to the lender after giving effect to any secured obligations of the obligor. Unsecured loans are also expected to be a more illiquid investment than secured loans. The net asset value of the Fund may be detrimentally affected to the extent a borrower defaults on its obligations.

The risks and disclaimers stated herein are not exhaustive. Eligible persons may refer to the Information Memorandum and Supplement for more details.