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ICOF was launched to capitalise on the opportunity in European distressed credit assets caused by the end of the era of low-interest rates. The fund targets an IRR of 25%. ICOF has made its first investments and has partially called the capital.

The Fund's management comprises Ironshield's team of credit specialists, led by David Nazar, CIO and Founder, and Sunny Chhabra, Partner and Senior Analyst, who have a combined 40 years of experience in credit investing.

David Nazar, CIO and Founder at Ironshield Capital, said: "We are pleased to announce the successful first close of ICOF, which demonstrates investors' interest in the distressed opportunity and their confidence in Ironshield's ability to take advantage of it. ICOF's closed-end structure is ideally suited to the current environment and has been created to deliver compelling returns."

Sunny Chhabra, Partner and Senior Analyst at Ironshield Capital, added: "The core drivers in the distressed landscape - namely, higher interest rates and an ongoing tightening of financial conditions - have persisted this year and thus have created ample opportunity for us to identify and deliver value in the special situations and opportunistic credit landscape."

Ironshield was established in 2007 and manages a suite of complementary credit strategies of different liquidity and regulatory structures, now including a closed-ended vehicle. The flagship fund generated net returns of 31% in 2021 and 22% in 2022.

Press release (Bg)

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