Fri, Jul 19, 2019
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
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.......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Crypto: U.S. market regulator issues guidance on custody of digital asset securities, Bitcoin's stunning growth makes it investable, admits legendary hedge fund manager, Institutional investments rise with bitcoin volatility. Wait, what?, Can blockchain build a better bank? Experts weigh in - The Ledger, Cryptocurrency startups get partial green light from Washington, Facebook's Libra cryptocurrency faces more backlash, China's central bank developing own digital currency in response to Libra[more]

    U.S. market regulator issues guidance on custody of digital asset securities From Reuters: The U.S. Securities and Exchange Commission (SEC) on Monday issued a notice on broker-dealer custody of digital asset securities, amid industry requests for clarity on whether they can hold such a

  2. PE/VC: Burger King in China and Turkey attracts private equity buyers, China's VC market is said to enter a downturn, VC industry makes slow progress on diversity[more]

    Burger King in China and Turkey attracts private equity buyers From Finance Asia: The world's largest franchisee of the fast-food chain outside the US is on the block. One wealthy Turkish family holds the key to a successful sale. Burger King is back up for sale in China and Turkey

  3. Hedge funds post best first half in decade, Viking Global funds surge, Blue Harbour's double windfall[more]

    Hedge funds post best first half in decade From Bloomberg: Hedge funds reported the best first half since 2009 as equity managers capitalized on the surge in stocks. Funds rose 5.7% from January through June, according to Hedge Fund Research Inc.'s asset-weighted index of managers. Equi

  4. Private real estate fundraising nosedives in 2Q 2019, hitting a five-year low[more]

    Laxman Pai, Opalesque Asia: Private real estate fundraising decreased significantly in Q2 2019 from the previous quarter, hitting a five-year low, Preqin said in its quarterly update on real estate. Forty-seven funds reached a final close, raising just $29bn, which marks a sharp decrease fro

  5. Regulatory: SEC reforms open door to BDC market shakeup, Regulatory rollback: First set of Volcker Rule reforms finalized[more]

    SEC reforms open door to BDC market shakeup From Reuters: The US Securities and Exchange Commission's (SEC) fund of funds proposals potentially open the door to a shakeup in the Business Development Company (BDC) market. Under the existing guidelines, regulated funds are prohibited from