Phoenix American partners with AC Capital 20 January 2023US Reporter: Lucy Carter
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Alternative investment sponsor AC Capital Partners (AC Capital) has selected Phoenix American to provide fund services for its MJ REIT fund.
AC Capital will gain access to Phoenix American’s investor services platform, including the STAR-XMS shareholder management and transfer agent system. The partnership will focus on back-office operations and customer service.
MJ REIT is a private, hybrid commercial real estate fund which finances commercial real estate for those in the state-legal cannabis industry. Allocations consist of a combination of traditional senior mortgages combined and sale leaseback transactions, with marketable securities held for liquidity.
Chris Reece, MJ REIT CEO, says: “In the rapidly evolving cannabis real estate market it was imperative for us to partner with a high-quality, committed firm for our back-office functions, allowing us to focus on generating attractive risk-adjusted returns for our investors.”
Andrew Constantin, chief operating officer at Phoenix American, comments: “AC Capital is pursuing opportunities in a fast-growing market with MJ REIT. We are delighted they chose us for their back-office needs and look forward to contributing to their success.”
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