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Matthias Knab, Opalesque:

Credit hedge funds do not usually publish studies of close to 80 pages on beer bottles, shampoo pouches and paper coffee cups. Chenavari Investment Managers, the London-based European alternative fixed income manager founded by Loic Fery in 2008, just did.

Decarbonising the Packaging Industry, released on 8 September, is the fourth instalment in the firm's Industry in Transformation series. The series began in October 2024 with a paper on industrial decarbonisation as a strategic imperative, followed by studies on aluminium in April 2025 and shipping in October 2025. Each examines a sector undergoing structural decarbonisation and asks where private capital can speed up the transition.

That last question explains why a credit manager is doing this work. Chenavari runs three platforms - Liquid Credit, Private Debt and Leveraged Finance - and manages USD 5.3 billion, including advised assets and undrawn commitments, with 75 staff across London, Luxembourg, Paris and Abu Dhabi. Its business is lending to and financing companies whose cash flows are increasingly shaped by carbon costs, recycling mandates and market access rules. The packaging paper is written by Head of Responsible Investment Stephanie Paillat, with contributions from Partner and Deputy CEO Vincent Laurencin and Partner and Portfolio Manager Jonathan Mrejen. That portfolio manager's name on the cover signals that the paper is meant as investment research rather ......................

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