Global Equity Hedge Fund Partners with NAV for New Launch Featuring a Tailored Suite of Services
Client
Bornite Capital Management
Background
Bornite Capital Management LP launched its flagship hedge fund as a fundamental, global equity long/short fund strategy with a flexible mandate and core focus on cyclical equities in commodity-related sectors and began working with NAV Fund Services Group in 2021.
Bornite’s COO/CFO Marcelo Queiroz and the executive team chose NAV as their fund administration partner for the Bornite Commodities and Industrials Fund based on the quality and breadth of services delivered efficiently on one platform. NAV offered a one-stop solution including onboarding and ongoing support and front-to-back daily reporting for a seamless, precise, and fast experience at month-end.
How NAV Helped
Diverse Needs
Challenge
Beyond basic fund administration functions, Bornite required a unique set of allied services.
Solution
NAV delivered a tailored “5-in1” solution to Bornite, encompassing fund administration, financial statements, tax preparation, AMLCO, FATCA, and CRS services.
Outcome
“NAV’s organization allows the Bornite team to conveniently and securely manage all of the information for the fund in one place vs. outsourcing to multiple providers,” Queiroz said. “Partnering with NAV eliminates pooling and pushing data across multiple different systems and maintaining numerous technology licenses for third-party software.”
Pre-Launch Support
Challenge
As a new fund, the Bornite team needed intensive hands-on administration assistance pre-launch.
Solution
NAV managed the onboarding project for six months preceding launch to ensure the Bornite team was fully prepared.
Outcome
“NAV helped us set up the fund’s checking, clearing, and derivative accounts at multiple banks. All accounts were established with proper system configurations in advance to ensure a smooth launch,” Queiroz shared.
Draft Documents Review
Challenge
The complexity and volume of documents associated with a new fund launch were daunting for the Bornite team.
Solution
NAV reviewed and evaluated Bornite’s draft offering documents, asking intelligent questions and sharing their expertise.
Outcome
“We were able to leverage NAV’s insight and expertise with new fund launches to review our draft offering documents and subscription forms,” Queiroz said. “This helped us reduce errors, omissions, and administrative delays that can significantly impact new launches.”
Investor Onboarding
Challenge
Investor onboarding for the new Bornite fund required additional support to handle technical questions and provide reliable access to accurate information.
Solution
NAV was prompt with all responses throughout investor onboarding.
Outcome
“The NAV team helped answer investor questions regarding flow of money and other questions that came up during the onboarding process,” Queiroz recounted. “We were pleased that we could comfortably rely on them to provide quick and accurate information to our investors, typically within 24 hours.”
Consistent Daily Reporting
Challenge
To streamline month-end processing, Bornite relies on routine daily reporting reviews.
Solution
NAV typically delivers daily reporting by 6:30 AM ET of the next business day.
Outcome
“Accurate daily reports allow us to review and resolve exceptions as they occur, enabling a smooth and fast month-end process,” Queiroz said.
Timely Monthly Reporting
Challenge
Bornite was committed to providing its investors with prompt, accurate monthly reports.
Solution
Official NAV reporting is typically delivered within 2 working days of period end.
Outcome
“We were very happy to find out how quickly NAV delivers month-end reporting,” Queiroz said. “In our experience with other administrators, reports were received much later. Our team and our investors appreciate not only the faster timelines, but also the consistency and reliability of the information.”
