Tue, Aug 11, 2020
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Mariner Investment group closes $502m and launches CLO business

Friday, January 09, 2015
Opalesque Industry Update - Mariner Investment Group, the global alternative asset manager, has announced the closing of a $502 million collateralized loan obligation (CLO). This is the first such transaction by Mariner’s newly created CLO business. This past November Mariner hired the 13-member corporate credit team from Mariner’s strategic partner, ORIX USA, to lead the effort.

The business is co-led by David Martin and Erik Gunnerson, who were co-heads of the leveraged loan and high-yield bond business at ORIX USAsince 2009.The proven investment team enhances Mariner’s ability to capture what it believes is an ongoing opportunity in the CLO market and further deepens the ties between Mariner and ORIX USA. ORIX USA acquired a majority interest in Mariner in 2010.

“We were pleased to see strong investor interest in this offering, which reflects the strong capabilities of our new CLO team and favorable market dynamics for these types of investments,” said Basil Williams, Mariner’s co-CIO. “We believe that CLOs represent a compelling investment opportunity in a marketwhere senior lending opportunities will continue to offer superior risk-adjusted returns, and the floating-rate nature of these products acts as an effective hedge if interest rates rise.”

“Mariner’s alliance with ORIX USA continues to enhance our ability to provide institutional clients with a broad array of high quality investment options,” said Bracebridge Young, Mariner’s Chief Executive Officer. “The ORIX USA team enables us to enter the market with a turnkey CLO business of the first order, and we are excited to welcome such an established, high-performing team to Mariner.”

The new Mariner CLO investment team brings more than 100 years of combined investment expertise. Martin joins Mariner with 16 years of relevant investment experience. Prior to joining ORIX in 2009, Martin was a senior VP at Imperial Capital, LLC, where he worked in loan trading desk analytics. Prior to that, Martin was a portfolio manager at Highland Capital Management, L.P. While at Highland, Martin managed a portfolio consisting primarily of leveraged loans and high yield securities. Before joining Highland, Martin was a vice president at Newcastle Partners, a Dallas-based hedge fund,and prior to Newcastle, Martin worked at Imperial Capital, LLC,both on their trading desk and in their investment banking group.

Gunnerson joins Mariner with over 12 years of financial services experience. Prior to joining ORIX in 2009, he was a portfolio manager covering financial institutions at Highland Capital Management, L.P., and made investments across the capital structure. Previously, he worked as an Associate for Citigroup in the Global Capital Markets division. Before joining Citigroup, Gunnerson worked at Deutsche Bank Securities in their investment banking group covering the chemicals industry.

(press release)
km

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
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. Study: Small endowments and foundations fall behind in the pandemic, Covid-19 could be trigger for widespread mandate losses[more]

    Small endowments and foundations fall behind in the pandemic From Institutional Investor: Bigger allocations to alternative assets may be benefiting their larger peers - for now. Large endowments and foundations in the U.S. beat smaller ones in the first quarter, reversing last year's per

  2. GCM Grosvenor to merge with Cantor Fitzgerald SPAC, to go public[more]

    Laxman Pai, Opalesque Asia: GCM Grosvenor, a global alternative asset management solutions provider with approximately $57 billion in assets under management, is planning to go public by merging with a special purpose acquisition company backed by the financial-services firm Cantor Fitzgerald in

  3. Ocean Avenue Capital Partners wraps up the fourth fund at $350m[more]

    Laxman Pai, Opalesque Asia: California-based lower-middle market private equity firm Ocean Avenue Capital Partners (OACP) has closed its fourth fund at a hard cap of $350 million, beating its $300 million target. OACP, which manages approximately $1.3 billion of capital, expects that represe

  4. New Launches: Hedge-fund launches pick up despite Covid-19 pandemic, Taconic launches new credit fund, Deerfield raises another $2.5bn as investors flock to health care investments, Blackstone's second fund targeting GP stakes raises $3.5bn so far, Morgan Stanley IM targets greener recovery with Euro sustainable funds, UCL hits $131m first close for sophomore venture capital fund, Fulcrum launches climate change fund, Blackbird raises $356m fund, Crypto venture fund raises $110m from universities, Prime Capital launches Liquid Alternatives Credit fund of funds[more]

    Hedge-fund launches pick up despite Covid-19 pandemic From WSJ: Raising money for a new hedge fund long was contingent on a host of in-person meetings. But a slate of managers are launching sizable startup funds despite complications wrought by the new coronavirus. Hedge-fund man

  5. Private real estate fundraising plummets 28% with 58 funds closed in Q2 2020[more]

    Laxman Pai, Opalesque Asia: The number of private real estate funds reaching a final close has plummeted so far this year. Just 58 private real estate funds reached a final close in Q2 2020, down 28% from 81 funds closed in Q1 2020 and 47% from Q2 2019 (110), said a report by Preqin. That said