"We're very pleased to put this plan to unit holders and greatly appreciate their patience while a large number of complex issues were worked through," Challenger Funds Management joint chief executive Rob Adams said.
"If approved, the plan should meet the performance expectations of our loyal, long-term Howard supporters while providing certain liquidity arrangements for both new and existing investors."
As part of the proposal, Challenger will adopt a restructuring plan that will see the fund recommence commercial lending.
