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Alternative Liquidity Fund Limited is a Guernsey incorporated closed-ended investment company.

The Company is invested in a portfolio of illiquid interests in funds and other instruments and securities with the objective to manage, monitor and realise these investments over time.

The Company currently has a single class of ordinary shares in issue, which is listed on the special funds segment and traded on the London Stock Exchange.


The investment strategy of the Company is to manage, monitor and realise (liquidate over time) the Initial Portfolio, which is comprised predominantly illiquid interests in funds and other instruments and securities. These include hedge funds, structured products and real estate funds, as well as fund of funds interests comprising portfolios of such funds.

It may also include individual assets and portfolios of assets likely to have been owned by the aforementioned types of funds. The Company will seek to achieve its investment objective by realising the underlying assets through a managed investment maturity and disposal program while maintaining as much as possible of the investor capital held within the portfolio.


The illiquid assets within the Company’s portfolio are mainly in the credit, distressed securities, asset backed lending and fixed income sectors, as well as in illiquid and unquoted real estate and equity positions.


ALF is a self-managed AIF. The Board of Directors have full responsibility for the management of the Company’s portfolio. The Directors are also responsible for the determination of the Company’s investment policy and the overall supervision of the Company. The directors are as follows:

Quentin Spicer


Mr Spicer is a resident of Guernsey. He qualified as a solicitor with Wedlake Bell in 1968 and became a partner in 1970 and head of the Property Department. He moved to Guernsey in 1996 to become senior partner in Wedlake Bell Guernsey, specialising in United Kingdom property transactions and secured lending for UK and non-UK tax resident entities. Mr Spicer retired from practice in 2013.

He is former chairman of F&C UK Real Estate Investments Limited, Quintain Guernsey Limited, The Guernsey Housing Association LBG, and is a director of a number of Property Funds including Summit Germany Limited and Phoenix Spree Deutschland Limited. He is a member of the Institute of Directors.

Dr Richard Berman


Dr Berman is a UK resident. He has been involved with the investment management sector since 1989. He was previously a Manager with Orion Bank Limited, Treasurer of Andrea Merzario SpA, Group Treasurer of Heron Corporation plc, joint Managing Director and co-founder of Pine Street Investments Limited, and CEO and co-founder of Sabrecorp Limited and Signet Capital Management Limited, respectively.

His experience includes advising on the establishment, regulation and management of funds and fund management companies in a range of jurisdictions. He has a PhD in History from the University of Exeter and an MA in Economics from the University of Cambridge. He is a Fellow of the Chartered Securities & Investment Institute, a Fellow of the Association of Corporate Treasurers and a Visiting Research Fellow at Oxford Brookes University.

Anthony Pickford

Chairman of the Audit Committee

Mr Pickford is a resident of Guernsey. He qualified as a Chartered Accountant in 1976. He moved to Guernsey in 1978 as an Audit Senior with Carnaby Harrower Barnham & Company (now Deloittes). In 1986 he joined Chandlers as a partner with a specialism in insolvency matters and advised a range of financial services companies and trading companies on insolvency matters as well as acting as financial adviser to local entities.

He became Managing Director of the firm in 2000 and assumed the role of Chairman in 2004 until his retirement in 2008. He has previously been a non-executive Director of several listed companies. During the year he was also a Director of the Catholic National Mutual limited where he chaired the Audit Committee and served on the Investment Committee until he retired on 6 August 2017.

Fund Materials

    Service Providers

    Custodian: Citibank, N.A.

    Auditor: Grant Thornton

    Administrator: Sanne Fund Services (Guernsey) Ltd.

    Guernsey Legal: Carey Olsen

    UK Legal: Stephenson Harwood LLP

    Company Registrars: Link Asset Services

    Investment Adviser: Hindsight Solutions Ltd.

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