Ranger Direct boosts board expertise to help with fund closure

RANGER Direct Lending (RDL) has appointed an expert in acquiring and managing commercial finance to its board as part of efforts to wind up the beleaguered fund.

Joe Kenary, who has worked for US commercial lender Capitalsource and asset manager Alliance Partners, has been named as a non-executive director of RDL.

The investment trust said in a stock market update that his experience at Alliance Partners – where he specialised in the acquisition and management of commercial loans for community banks – would help as the company sells off its assets as part of its closure.

RDL announced in June that it would be closing down, amid concerns over its performance and management changes. Two of the fund’s largest shareholders, Oaktree Capital Management and LIM Advisors, had been calling for the fund to be wound down for several months.

RDL has been embroiled in a lengthy dispute with its Princeton holding, over its exposure to bankrupt lender Argon.

An arbitration panel awarded it net damages totalling $30.7m (£23.5m), plus pre-judgement interest accruing from 30 November 2016, but it now needs the go-ahead from the bankruptcy court to be able to enforce the award.

Chairman Christopher Waldron has departed and a new board, tasked with winding down the fund, was appointed at the annual shareholder meeting in July.