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Alternative Market Briefing

Cheyne European Strategic Value Credit Fund closes on €1bn

Wednesday, June 19, 2019

Bailey McCann, Opalesque New York:

London-based Cheyne Capital Management has closed its inaugural European Strategic Value Credit Fund at the €1bn hard cap. The fund was significantly oversubscribed.

The vehicle will invest in loans from middle market European banks that they are selling down in order to meet new capital requirements. This is the first fund for Cheyne that is focused specifically on distressed debt. Average transaction size will range from €10 - 50 million, which fall below the radar and mandate of larger distressed and special situations funds. The vehicle is expected to hold between 25 and 30 positions and has already deployed capital into eight investments across continental Europe.

Anthony Robertson, who joined Cheyne as part of the BlueBay lift out, will run the strategy. Robertson has been building a team which now includes 12 people and an origination platform that includes both public and private debt markets.

"The strong demand we have seen from investors across geographies reflects the growing need and desire to diversify their fixed income and private credit investment portfolios into opportunistic strategies that will address the dynamics presented by changing market cycles," said Jonathan Lourie, CEO and co-Founder of Cheyne Capital.

Known investors in the fund include the Texas City & County Retirement System, which committed $100 million to the fund in 2018 as part of its credit allocation.......................

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