Provasi Reverses Course and Rescinds Termination of Priority Income Fund Dealer Manager Agreement
Provasi Capital Partners LP, the dealer manager for closed-end fund Priority Income Fund, has appointed investment management firm Destra Capital Investments LLC as the sub-wholesaler for the offering.
Just two months after its apparent death knell, Provasi Capital Partners appears to be rising from the grave.
Provasi Capital Partners LP, the dealer manager for closed-end fund Priority Income Fund, has appointed investment management firm Destra Capital Investments LLC as the sub-wholesaler for the offering.
In March, amid mass lay-offs at the company, Provasi terminated its dealer manager agreement for the Priority Income Fund offering. The company has now rescinded its termination notice, and with the Priority board’s approval, the dealer manager agreement is still effective.
Additionally, Provasi has appointed investment management firm Destra Capital Investments LLC as the sub-wholesaler for the Priorty offering.
As part of this arrangement, Destra Capital may acquire Provasi, depending if certain regulatory approvals and other customary conditions are met.
Priority Income Fund was created to acquire an investment portfolio of senior secured loans or pools of senior secured loans known as collateralized loan obligations. The offering was declared effective in May 2013 and raised $326.4 million in investor equity, including $18.3 million in redemptions.
Destra Capital offers two open-end funds, Destra Flaherty & Crumrine Preferred and Income Fund and Destra Wolverine Dynamic Asset Fund, and a closed-end interval fund, Destra International & Event-Driven Credit Fund.
