Behringer Harvard Holdings LLC and Prospect Capital Management LLC are launching a joint venture to develop alternative investment programs, the two firms announced.
The new programs that will be distributed and managed by the firms will focus on high-yield debt and equity opportunities. They will be designed to counter the low-yield, fixed-income investments that are available in today's market.
Prospect Capital, based in New York City, invests in and manages high-yield debt and equity investments using both private partnership and publicly traded closed-end structures. It will lead the investment strategy for each investment program the partners co-advise.
Behringer Harvard, based in Dallas, will lead in raising capital for the new alternative investment programs through its relationships with a network of independent financial advisors.
"Prospect Capital is delighted to be working with the experienced team at Behringer Harvard with the goal of bringing differentiated, best-in-class products to the investment community," said Grier Eliasek, president of Prospect Capital.
"This joint venture is an important part of Behringer Harvard's strategic initiatives to offer a broader range of industry-leading alternative investment opportunities that go beyond our core competencies in commercial real estate," said Frank Muller, executive vice president of Behringer Harvard.
-Karen DeMasters