The Company
What we do
The Company invests in long-duration senior life settlement policies and in shorter-duration, cash-flow-positive SME loan-backed notes and trade receivables-backed notes.
These activities are financed through the Company's Medium-Term Note programme, offered by private placement to qualified and institutional investors. The Company acts as issuer and programme manager.
The business is a barbell. Senior life settlement policies, bought in the secondary market well below their face amount, provide principal support and long-term value. SME loan-backed notes and trade receivables-backed notes, shorter-duration, self-liquidating and secured by hard collateral or bank payment undertakings, provide liquidity and recurring income. Our preferred markets are Western Europe, for SME finance, and Singapore, through which our trade finance is originated.
Our strategyOur approach
How we think
Mathematics cannot make an outcome certain. It can show what must be true for a portfolio to meet its obligations, and measure how likely that is to hold.
For every asset we examine the underlying contract, the expected cash flows, the security and the route to repayment. We build every portfolio around that question, and we show our working.
The mathematics of securityThree principles
01
Contracts, not markets.
Our returns are drawn from contractual payments: an insurer's obligation, an amortising loan, a buyer's payment under a letter of credit. They do not depend on the direction of prices.
02
Protection before deployment.
Security, reserves and insurance are in place before capital is deployed. Their terms are set out in the offering documents.
03
Every figure reproducible.
The models behind our projections are available, under confidentiality, to institutions conducting due diligence.
Fixed income
The note programme
VSJ Ventures LTD finances its investments through a programme of Senior Secured Medium-Term Notes, International Securities Identification Number (ISIN) CH1329443308.
The terms of the Notes, their risks, their security and the eligibility of investors are set out in the offering documents. Any investment decision should be based on those documents, including their risk factors. Information on the Notes is provided subject to the selling restrictions in the offering documents.
Investors
Who we serve
We serve professional and institutional investors, including asset managers, family offices, banks and pension funds.
For qualified investors