Alcentra, the alternative fixed income specialist for BNY Mellon Investment Management (IM), has held the final close of Clareant Structured Credit Opportunities Fund III at USD513 million, surpassing its fundraising target of USD300 million.
This fundraising brings assets under management for Alcentra’s structured credit platform to over USD4.5 billion across a combination of open and closed end funds and separately managed accounts, and firm AUM to USD37.4 billion.
The Fund’s objective is to generate attractive absolute and risk-adjusted returns through opportunistic investing in structured credit debt and equity securities in the US and Europe. The Fund’s investors include leading sovereign wealth, public and corporate pension funds from Asia, Europe, the US and the Middle East.
Launched in 2009, Alcentra’s structured credit platform consists of dedicated pools of capital for each of CLO debt, mezzanine and equity investing in US and Europe, and is a leading manager in warehouse, new issue and secondary market investing. The team consists of eight highly experienced specialists located in London and New York. Alcentra’s structured credit team has been widely recognised as a leading manager, having received numerous awards from HFM Global, Hedge Fund Review, Barron’s, and Creditflux based on absolute and, or risk-adjusted performance.
Hiram Hamilton (pictured), Senior Portfolio Manager and Global Head of Structured Credit at Alcentra, says: “We are excited about the opportunity to build upon our success investing opportunistically in the markets, with the additional benefit of long term, stable capital. The global structured credit markets have significant inefficiencies, where we have been able to consistently generate superior returns.”
David Forbes-Nixon, Chairman and CEO of Alcentra, says: “Oversubscribing the Fund’s hard cap with participation from highly sophisticated and prestigious organisations from around the world, is indicative of the growing popularity of structured credit as an asset class and is a strong endorsement of Alcentra’s leadership.”
