Class A
Invoice & Supply Chain Financing
- Invoice discounting, accounts receivable, supply chain financing
- Typically 30–90 day tenor, self-liquidating
- Secured by enforceable receivables; LTV ≤ 80%
- No maximum allocation limit
Investment Strategy
Cash flow first. Structured second. Equity, selectively.
The Fund pursues a diversified, actively managed strategy focused on the SME ecosystem — emphasizing receivables-backed and structured transactions with disciplined risk controls.
Asset classes
Class B
SME Project Partnerships
- Revenue-sharing, project finance, structured / secured lending
- Hybrid and quasi-equity instruments where appropriate
- Medium-term durations with enhanced return potential
- No maximum allocation limit
Class C
Seed & Early-Stage
- Strategically aligned with the SME ecosystem or Karncy Platform
- High risk, potentially illiquid, may not generate current income
- Capped at 10% of total committed capital
Investment limitations
Guardrails by design.
Concentration, sector and asset-class limits are applied alongside LTV caps and a maintained liquidity reserve. Investments are made only in legally enforceable jurisdictions.
- Single borrower
- ≤ 10%
- Single debtor
- ≤ 10%
- Single project
- ≤ 10%
- Per sector
- ≤ 30%
- Seed / startup
- ≤ 10%
- Liquidity reserve
- ~ 5%
Investment criteria
General
- • Counterparty creditworthiness
- • Cash flow visibility
- • Legal enforceability
- • Risk-adjusted returns
- • Diversification
Invoice Financing
- • Invoice verification
- • Debtor credit quality
- • Historical payment behavior
- • LTV ≤ 80%
- • Tenor under 90 days
SME & Seed
- • Strength of management
- • Business model viability
- • Revenue visibility
- • Contractual protections
- • Scalability and strategic fit