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Since inception, unit holder commitments of $580 million have been raised. Of this, $309 million is represented by commitments to Direct Investment Fund Mezzanine Debt Trust (DIF Mezzanine Debt Trust).
Since inception, DIF Mezzanine Debt Trust has returned in excess of $200 million to investors in the form of income or in-specie distributions and returns of capital. In terms of exit track records, the Trust has achieved seven liquidity events.
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Table: Realisations – DIF Mezzanine Debt Trust
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to end-March 2009
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| Braemar |
Nov ‘05 |
Dec ‘06 |
13 |
Position sold |
| Boart Longyear |
Dec ‘06 |
May ‘07 |
5 |
Full exit at IPO |
| US Property Securities |
Feb ‘07 |
Jan ‘08 |
11 |
In-specie distribution |
| BB Power |
Nov ‘05 |
Apr ‘07 |
17 |
Partial exit by IPO |
| BB Air |
Mar ‘06 |
Dec ‘07 |
21 |
Partial exit by IPO |
| ARG Rail |
Jun '06 |
Feb '09 |
32 |
Full exit |
| Spirit Music Holdings |
Mar '07 |
Apr '09 |
25 |
Full exit |
Note BB Power: 69% of capital returned by way of sell downs to date.
Note BB Air: all of capital returned with an 8% return. Residual position represents a free carried interest.
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