ALPS and RiverNorth Capital Management have launched a new closed-end fund, RiverNorth Opportunities Fund, which began trading on the New York Stock Exchange on 24 December, 2015 under the symbol RIV.
ALPS serves as the investment adviser and RiverNorth serves as sub-adviser of the Fund. The Fund raised approximately USD72.6 million in its common stock offering, excluding any exercise of the underwriters’ option to purchase additional shares of common stock. If the underwriters exercise that option in full, which may or may not occur, the Fund will have raised approximately USD83.5 million. RiverNorth and its affiliates and employees purchased approximately USD10 million in shares of the Fund in the offering.
“RiverNorth is extremely excited to have launched the RiverNorth Opportunities Fund. The closed-end fund structure offers RiverNorth's portfolio management team an advantage relative to other fund structures in implementing its opportunistic closed-end investment strategy,” says Patrick Galley (pictured), Chief Investment Officer of RiverNorth Capital Management LLC.
The Fund is a diversified, closed-end management investment company. The Fund’s investment objective is total return consisting of capital appreciation and current income. The Fund seeks to achieve its investment objective by pursuing a tactical asset allocation strategy and opportunistically investing under normal circumstances in closed-end funds and exchange-traded funds.
