01
Crossover flexibility
Allocate across private and listed securities without being confined to a single transaction type or market environment.
Conviction-driven public & private investing
Challenger Impact High Income Fund I focuses on high-growth investments in private equity and carefully selected stocks.
Challenger Impact High Income Fund I
Conviction-driven investing across public and private markets.
Anderton’s flagship crossover strategy invests in selected businesses with proven commercial traction and identifiable value-creation potential. The Sub-Fund combines private equity-style active ownership with the flexibility of listed markets.
StrategyPublic-private crossover
Portfolio approachConcentrated and conviction-driven
Investment objectiveLong-term capital appreciation
European regulatory frameworkMFSA · KNF · CBI
Investment objective
One strategy. Two markets. Multiple paths to value.
Challenger seeks to generate long-term capital appreciation through a flexible strategy spanning private and listed companies. Capital is allocated where the Investment Committee identifies the strongest combination of commercial traction, structural growth and executable value-creation catalysts.
The Sub-Fund may invest through equity, equity-linked instruments, debt securities and other structured transactions. It may hold minority or significant ownership positions and may invest directly or through special purpose vehicles.
Crossover investment pathway
Private growthRevenue-generating businesses with visible market demand.
Pre-IPOGrowth capital, ownership consolidation and strategic development.
Listed growthContinued ownership with public-market liquidity and price discovery.
The Fund is not required to follow a company through every stage. The visual illustrates the breadth of the investable universe.
02
Conviction over volume
Build meaningful exposure to a limited number of businesses rather than diversify for its own sake.
03
Active value creation
Support portfolio companies through strategic, financial, governance and commercial initiatives.
Investment selection
Selectivity over volume.
Challenger generally targets businesses where the commercial model, market demand and value-creation pathway are already visible.
What Challenger seeks
- ✓Revenue-generating businesses
- ✓Proven commercial traction
- ✓Meaningful ownership positions
- ✓Multiple value-creation catalysts
- ✓More than one potential liquidity pathway
- ✓Active strategic engagement
What Challenger generally avoids
- ×Concept-only early-stage risk
- ×Binary technology outcomes
- ×Excessive dependence on repeated fundraising
- ×Portfolio construction based on high failure rates
- ×Highly leveraged capital structures
- ×Single-exit dependency
Current investment focus
Structural themes with visible demand.
The current portfolio is focused primarily on sectors supported by electrification, energy security, digitalisation and increasing productivity requirements. Portfolio composition may change over time.
Energy & RES
Renewable generation, energy trading and infrastructure supporting the energy transition.
Energy efficiency
Technologies and services that improve energy use across industrial and commercial applications.
Mobility
Transportation platforms and asset-light models shaped by electrification and changing user behaviour.
Financial services
Businesses improving access, distribution and efficiency across financial markets.
Performance and valuation
Transparent reporting, including periods below the hurdle.
The chart below presents selected valuation points reported in the May 2026 fund overview and should be read together with the official Fund Documents.
1.44×Gross value multiple
44%Gross portfolio return
100%Positions above cost
0Realised investment losses
Class A EUR
GAV per unit versus hurdle
Key valuation points from 28 June 2024 to 11 May 2026.
GAV per unitHurdle / benchmark
| Valuation date | GAV per unit | Hurdle / benchmark |
|---|---|---|
| 28 Jun 2024 | €48.89 | €71.14 |
| 31 Dec 2024 | €79.94 | €51.08 |
| 14 Mar 2025 | €85.20 | €77.46 |
| 31 Dec 2025 | €72.24 | €87.17 |
| 11 May 2026 | €66.15 | €87.45 |
As of May 2026, the portfolio was below the applicable hurdle and no performance fee was payable. Figures are gross of fees unless stated otherwise. Past performance does not predict future returns. Source: Anderton SICAV 2026 Challenger & Platform Overview.
Fund at a glance
Key terms, without the marketing fog.
| Fund name | Challenger Impact High Income Fund I |
| Structure | Open-ended sub-fund of Anderton SICAV p.l.c. |
| Fund type | Notified Alternative Investment Fund |
| Regulatory framework | Maltese Notified AIF under the MFSA framework; AIFMD marketing notifications completed in Poland (KNF) and Ireland (CBI) |
| Domicile | Malta |
| Base currency | EUR |
| Investor eligibility | Professional and Qualifying Investors only |
| Minimum initial investment | EUR 100,000 |
| Lock-in period | 3 years, subject to the Offering Documents |
| Valuation frequency | Monthly NAV calculation |
| Management fee | 0.20% per annum |
| Performance fee | 20%, subject to the applicable hurdle and the final Offering Supplement |
| SFDR classification | Article 6 |
| ISIN | MT7000030896 |
| LEI | 213800AJX8PTO8972222 |
Principal risks and liquidity
Clear risk disclosure.
Institutional service providers support governance, custody and operational integrity. They do not eliminate investment risk or protect investors from a decline in portfolio value.
| Key risk | What it means for the investor |
|---|---|
| Loss of capital | The value of the investment may fall and investors may lose some or all invested capital. |
| Concentration risk | A limited number of positions may have a material impact on the Sub-Fund’s NAV. |
| Private-market liquidity | Certain assets may not be capable of being sold quickly or at their latest reported valuation. |
| Valuation risk | Unlisted asset valuations require estimates and professional judgement and may differ from realised sale proceeds. |
| Public-market volatility | Listed positions may experience material and rapid price fluctuations. |
| Execution risk | Portfolio outcomes depend partly on management teams successfully delivering commercial and strategic plans. |
| Redemption risk | Redemptions may be delayed, restricted or suspended in accordance with the Offering Documents. |
| Currency and financing risk | Exchange-rate movements, borrowing costs and financing availability may affect portfolio value. |
Institutional infrastructure
Independent functions around the investment process.
Investment manager / AIFMQ Fund Management Ltd.
DepositarySparkasse Bank Malta p.l.c.
AdministratorFexServ Fund Services Ltd.
AuditorForvis Mazars Malta
Fund documents
Review the official documents before making an investment decision.
Investment decisions must be based on the Offering Memorandum, the final Offering Supplement, Subscription Documents and applicable risk disclosures.