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Alternative Market Briefing

Napier Park returns Citi's money

Wednesday, July 23, 2014

Bailey McCann, Opalesque New York:

Napier Park Global Capital, a hedge fund spin-out from Citi has cut just about every tie with its former parent. The fund left its office space at Citi in June, moving further down Park Avenue in New York in to a building shared with Blue Mountain Capital and Promontory Financial Group. Now, the fund has announced that it has fully paid back Citi's $2.4bn redemption.

For a spin-out to billion dollar standalone hedge fund, Napier's ride has been quick to say the least. The group broke away from Citi in March last year as the bank sought to come into compliance rules that limit its activities in alternative investments. After 18 months, the fund is now fully independent and is managing $6bn in client assets without Citi backing.

"We are very pleased to have completed the redemption of Citi’s fund investments on schedule and with no meaningful decline in our AUM," said Jim O’Brien, senior managing partner of Napier Park. "Over the last 18 months, we have added over $3 billion of new AUM from both existing and new institutional investors."

Napier primarily focuses on specialist credit investments, and has been able to fully replace Citi's initial $2.4bn investment. As Opalesque reported yesterday, credit strategy funds as a cohort have seen continued investor inflows despite the ongoing conversation arou......................

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