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Paul Capital securitises large part of pharmaceutical royalty fund23/12/2004. Source: AltAssets. 
 Paul Capital, the US secondaries and fund of funds specialist, has securitised a $229m chunk of its pharmaceutical royalties fund. The notes, backed by Royal Securitisation Trust I, are backed by a portfolio of healthcare royalty interests and revenue interests from 13 of the 19 investments made by Paul Royalty Fund I
The notes have been assigned a rating of Aaa by Moody's and a rating of AAA by Standard and Poor's.
The Paul Royalty Fund I was raised in 2000 with commitments of $300m. A second fund was closed in 2003 with commitments of $660m.
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