In June, Stoneridge revealed a US mutual fund which invests in P2P loans. Symbol LENDX.
They've announced that this fund "may" invest "more than 25%" of its funds in Lendingclub, Prosper, or FundingCircle individually. Makes sense, as these are the three major players.
So... This isn't so terribly exotic. Its the kind of thing most of us here do.
Prospectus can be found at ...
http://stoneridgefunds.com/documents/LENDX_prospectus.pdf?v=009It would appear that this fund is intended to be marketed to institutional customers. There are giveaways like the $15M minimum investment, although it would appear that "clients of institutional customers" will have a lower unspecified limit.
But... These institutional customers would have to be
stupid institutional customers, because the fees on this fund are laughable.

3.74% per year for what is most likely an automated index-like fund of loans from the three major originators. How hard is that? Do you think that is worth 3.74% per year of fees? Gosh, I don't think so.