CIFC, a US private debt investment manager specialising in US corporate and structured credit strategies, has entered into a strategic partnership with the Healthcare of Ontario Pension Plan (HOOPP) to form CIFC CLO Strategic Partners II, a new capitalised manager-owned affiliate of CIFC (CMOA II).
CMOA II intends to purchase the majority equity positions of CIFC’s future, new issue Collateralised Loan Obligations (CLOs) to comply with US and EU risk USD75 million. CIFC has issued a total of USD2.9 billion in new CLOs, making the Firm the largest issuer by assets this year. CMOA II is expected to support approximately USD7.5 billion of CIFC’s incremental new issuance over the next several years.
Oliver Wriedt (pictured), Co-CEO of CIFC, says: “We are thrilled to partner with HOOPP, a well-recognised thought leader within the Canadian pension fund community and a long-standing, active participant in the CLO market. We are pleased that HOOPP has chosen CIFC to help it gain access to the new issue CLO opportunities that lie ahead and look forward to a mutually beneficial strategic relationship for years to come.”
David Long, Senior Vice President and CIO of HOOPP, adds: “CIFC has a strong and consistent track record, making the firm our choice with whom to partner to access new issue CLO opportunities. As we embark on this partnership, we look forward to leveraging CIFC’s deep expertise as one of the top CLO managers in the world.”
