Paper or Steel?

Meridian 10 and the German KG Market
While in Hamburg, we had the opportunity to meet with the management of Meridian 10 (“M10”) who took the time to explain their business model to us. The opportunity they seek to exploit is in the German KG or closed-end fund market with a particular focus on the secondary market.

The primary market for KG funds is huge. In 2007, for example total placed equity amounted to €12.7 billion. Driven by the exceptional development of the shipping market, placement volumes in shipping reached an all time high that year, growing 38% y-o-y to € 3.6 billion while cumulative placed equity since 1993 amounts to € 30.9 billion.

The secondary market for closed-end funds is still in its infancy relative

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