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Bailey McCann, Opalesque New York for New Managers:

California-based emerging private credit manager Coromandel Capital is capturing the growing interest in private credit with the Coromandel Credit Income Evergreen Fund, which has recently passed its three-year milestone.

Coromandel is led by Rob McGregor who heads up the investments team, Alex Wu who leads risk management, and Luke Powell who heads operations. McGregor was previously with Credit Suisse and Moodys. Wu was previously with Morgan Stanley and was also a professor at Cal Poly Pomona. Powell joined from Prosper Marketplace.

The firm was launched in 2019 and seeded by a multi-billion dollar US asset manager with an initial commitment of $30 million which was expanded to $125 million in 2022. The strategy was launched in 2020 and has grown to $130 million of assets under administration. The vehicle is designed to provide optional monthly cash flow to investors through asset-backed credit facilities to lower middle market companies in specialty finance and fintech.

The private credit market has grown exponentially and now sits at approximately $1.5 trillion, according to data from PitchBook. That number is expected to keep climbing. A recent analysis from Morgan Stanley suggests that the private credit market could be $2.3 trillion by 2027.

Coromandel has structured its private equity fund as an evergreen vehicle......................

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