Skip to content
The DI Wire
Click Here to Subscribe to Our Free Daily News Updates

Three NorthStar Closed-End Funds File to Deregister Shares

Three non-traded closed-end funds sponsored by Colony NorthStar have submitted applications to deregister their shares, according to filings with the Securities and Exchange Commission.

Three non-traded closed-end funds sponsored by Colony NorthStar have submitted applications to deregister their shares, according to filings with the Securities and Exchange Commission. The funds include NorthStar Corporate Income Master Fund, NorthStar Corporate Income Fund, and NorthStar Corporate Income Fund-T.

The funds were declared effective in March 2016, seeking to raise a total of $3.2 billion to invest in income producing securities of public and private companies in the U.S. and abroad. The funds planned to seed and invest through NorthStar Corporate Income Master Fund.

According to the filings, the boards of each fund approved the liquidation and termination in late December 2017.

In January 2017, OZ Institutional Credit Management, an affiliate of hedge-fund management firm Och-Ziff Capital Management Group (NYSE: OZM), was removed as the investment sub-adviser to the three funds.

The DI Wire reported at the time that the SEC had charged two former Och-Ziff executives with being the driving forces behind a bribery scheme that violated the Foreign Corrupt Practices Act.

NorthStar Corporate Income Fund and NorthStar Corporate Income Fund-T each had approximately $59,000 in net assets and a $5.40 net asset value per share, while NorthStar Corporate Income Master Fund had approximately $1.2 million in net assets and a $5.51 NAV per share, according to the funds’ most recent semi-annual reports from June 2017.

The funds’ sponsor Colony NorthStar resulted from the merger between Colony Capital Inc., NorthStar Asset Management Group Inc., and NorthStar Realty Finance Corp. The company currently had assets under management of $57 billion as of September 30, 2017 and manages capital on behalf of its stockholders, as well as institutional and retail investors in private funds, non-traded and traded real estate investment trusts, and registered investment companies. The company also owns captive broker-dealer NorthStar Securities LLC.

Click here to visit NorthStar’s directory sponsor page.