Procida Funding & Advisors LLC announced Monday that its shareholders have given unanimous approval to convert the closed-end 100 Mile Fund into an open-ended fund.
Englewood Cliffs-based Procida said in a news release that the fund, which concentrates on real estate in a 100-mile vicinity of New York City, was scheduled to expire actively investing on Dec. 31 and then begin liquidation. With this vote by shareholders, the fund will no longer close; instead, members will be allowed to invest for a minimum of one year and request redemption at several points during the year.
“As the fund’s manager, I felt strongly that the interests of all investors including myself were not going to be best served going from Fund I to Fund II to Fund III and so on,” Billy Procida, the founder and largest investor, said in the release. “We can now affirmatively attract and allow new investors because they don’t have to worry about the fund sun-setting. It is very gratifying that every single member agreed.”
The fund, which has totaled $170 million in transactions since it was founded in 2011, will also increase in maximum size from $25 million to $100 million; the minimum investment will double, from $100,000 to $200,000.
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