Anonymous ID: fffed9 March 20, 2019, 10:31 a.m. No.5791074   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun   >>1110 >>1207

Direct Lending Investmentsโ€™ founder and chief executive officer Brendan Ross resigned amid an investigation by the Securities and Exchange Commission.

 

Ross quit March 18 after the company found evidence that valuations of one of its investments may have been materially overstated, Direct Lending said in a March 19 letter to investors. The company, which had $758 million in assets in November, said in another letter last month that a different borrower had defaulted on a loan that accounted for about a quarter of its capital. It suspended withdrawals at that time.

 

Ross said in an email on Wednesday that the decision to quit was difficult.

 

โ€œI am committed to doing what is best for the investors and to preserve the value of the fund,โ€ he wrote. He declined to answer other questions.

 

https://t.co/NxmhYP7iy0