Secured finance fund and Secured finance fund II

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As banks continue to rebuild their balance sheets and scale back their lending activities, we believe long-term investors have the opportunity to step in to fill the void.


Secured finance is a fixed income asset category with the following attractive features:

  • Certainty: Contractual cashflows have the potential to offer a higher degree of certainty and control on timing of returns and can help avoid inopportune forced selling to meet short-term cash flow needs.
  • Spread: A ‘complexity premium’ exists above comparably rated corporate credit, reflecting the complexity of sourcing, analysing, modelling, and structuring private debt investments.
  • Security: Lending is typically secured against a portfolio of physical assets and subject to structural protections.
  • Diversification: Exposure to residential and consumer risks, commercial real estate debt and secured corporate lending allows for diversification across public and private debt and against traditional corporate bond holdings.
  • Floating rates: Coupons providing floating rates above cash can help mitigate the impact of rising interest rates
  • Higher risk-rated returns: Potentially a higher risk-rated alternative to multi-asset credit and leveraged credit strategies, which are historically volatile asset classes, subject to drawdowns and credit default risks.
  • Growth and liability-matching properties: The combination of higher yield and more reliable cashflow generation provides a potential bridge between return-seeking and liability-matching portfolios.

Insight's secured finance offering

Insight's secured finance offering 

Source: Insight, April 2019.

1Gross of fees and expenses, over rolling three-year periods. The Fund's targets are not a guarantee, may not be achieved and a capital loss may occur. Funds which have a higher performance aim generally take more risk to achieve this and do have a greater potential for the returns to be significantly different than expected.

Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for clients. Reflects the AUM of Insight, the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL) and Insight North America LLC (INA), each of which provides asset management services.

Please note: with effect from 5 January 2018 we are no longer accepting subscriptions to IIFIG Secured Finance Fund. A combination of the Fund size and existing commitments will bring the fund to its target capacity. Investors with existing holdings are not affected and you can still sell your shares. We remain open to new segregated Secured Finance mandates with customised investment guidelines. Please contact your Insight relationship manager for further information.

Fixed income team in numbers

  • 116 Fixed income investment professionals globally
  • 17years Average experience of fixed income team
  • £147.4bn fixed income assets

As at 30 June 2020. Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for clients.

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Important information

The value of investments and any income from them will fluctuate and is not guaranteed (this may be partly due to exchange rate fluctuations). Investors may not get back the full amount invested. Past performance is not a guide to future performance.

Derivatives may be used to generate returns as well as to reduce costs and/or the overall risk of the portfolio. Using derivatives can involve a higher level of risk. A small movement in the price of an underlying investment may result in a disproportionately large movement in the price of the derivative investment.

The investment manager may invest in instruments which can be difficult to sell when markets are stressed.

Investments in bonds are affected by interest rates and inflation trends which may affect the value of the portfolio.

A credit default swap (CDS) provides a measure of protection against defaults of debt issuers but there is no assurance their use will be effective or will have the desired result.

Where leverage is used through the use of swaps and other derivative instruments, this can increase the overall volatility. Any event that adversely affects the value of an investment would be magnified if leverage is employed by the portfolio and losses would be greater than if leverage were not employed.

The specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan’s value. Also, many loans are not actively traded, which may impair the ability of the portfolio to realise full value in the event of the need to liquidate such assets.

Property assets are inherently less liquid and more difficult to sell than other assets. The valuation of physical property is a matter of the valuer's judgement rather than fact.

This Fund meets the definition of a covered fund under Volcker regulations.

Any losses in the fund will be borne solely by investors in the fund and not by BNY Mellon (including its affiliates); therefore BNY Mellon's losses in the fund will be limited to losses attributable to the ownership interests in the fund held by BNY Mellon and any affiliate in its capacity as an investor in the fund or as beneficiary of a restricted profit interest held by BNY Mellon or any affiliate.

Ownership interests in the fund are not insured by the FDIC, are not deposits, obligations of, or endorsed or guaranteed in any way, by BNY Mellon. Neither BNY Mellon nor any of its controlled affiliates (which includes the fund's general manager/ managing partner/ investment adviser), may directly or indirectly, guarantee, assume, or otherwise insure the obligations or performance of the fund or of any other covered fund in which the fund invests.

Investors should read the fund's offering documents before investing in the fund. Information about the role of BNY Mellon, its controlled affiliates, and their employees in sponsoring or providing services to the fund are described in the Volcker Rule section of the offering documents.