A team spun out of recently overhauled hedge fund Taconic Capital Advisors’ European credit platform has launched Dolomite Capital, an independent firm with $1.3bn in assets under management, according to a report by Bloomberg.
The spinout combines $1.1bn of assets transferred from Taconic’s European credit dislocation funds with an additional $200m in seed capital from Stable Asset Management, which will support the launch of an evergreen private credit fund. Dolomite will focus on opportunistic lending and distressed debt across Europe, with the seed capital allocated to the evergreen vehicle and the Taconic legacy assets held in fixed-life funds.
Keith Magliana, who led Taconic’s European credit business since 2011, has been appointed managing partner and chief investment officer of Dolomite. Teams from Taconic’s London and Luxembourg offices have moved to the new firm as part of the spinout.
The move follows Taconic’s strategic overhaul, which included the closure of its $1.8bn flagship multi-strategy hedge fund last year to focus on North American credit and merger arbitrage, its strongest performing areas.
