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Alternative Market Briefing

DSC Meridian focuses on ESG with new Climate Action Fund

Wednesday, April 07, 2021

Bailey McCann, Opalesque New York for New Managers:

DSC Meridian Capital, a distressed and event-driven credit hedge fund led by ex-Paulson Head of Credit Research Sheru Chowdhry, has launched the Climate Action Fund (CAF). CAF marries the strategy used in DSC's flagship Credit Opportunities Fund with an ESG overlay focusing on decarbonization. The resulting strategy is one of the first distressed and event-driven credit hedge funds to focus on ESG.

CAF aims to build on the success of the Credit Opportunities Fund. According to performance information for investors obtained by Opalesque, DSC's flagship strategy was up +1.97% net in March and is up +9.60% net year to date. The fund returned +13.07% net in 2020.

DSC has brought over Paula Luff to lead the ESG effort. Luff was previously with Inherent Group, where she directed the development of an ESG platform for the investment manager.

The Climate Action strategy involves engaging with companies in order to align potential targets with the climate standards outlined in the Paris Climate Agreement and UNPRI. The strategy will also draw on the Sustainability Accounting Standards Board (SASB) framework and proprietary screening around issues that are likely to impact valuations and creditworthiness.

"We think event driven credit as a strategy is well positioned to engage with corporations, raise ESG issues and make an i......................

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