CCS Partners, a newly established credit management firm specialising in structured and private asset-based transactions, has raised $4bn in commitments since its launch earlier this month, according to a report by Bloomberg.
The report cites an unnamed source familiar with the matter as revealing that the firm, co-founded by industry veterans Randy Takian (President), and Rob Kinderman (Chief Investment Officer, officially launched on 1 Augustand is set to invest in a range of securities and loans, with a particular focus on risk transfer trades.
Kinderman, who spent over 20 years at credit focused hedge fund Ellington Management Group, departed the firm last year, according to Bloomberg to focus on CCS. Takian meanwhile, previously held the position of President of Avenue Capital’s performing and stressed credit division.
A representative for CCS Partners declined to provide any comments.
The launch of CCS comes as private credit firms and hedge funds increasingly venture into the asset-based finance market, filling the gap left by traditional banks as they scale back to comply with capital requirements. US banks are increasingly offloading risk through synthetic risk transfer transactions in anticipation of the upcoming Basel III capital rules.
The leadership team at CCS Partners also includes other notable industry professionals including: Dan Sikora, previously with Pretium Partners; Thomas Hasse, formerly of the Royal Bank of Canada; and Sienna Gough, who also hails from Ellington, according to the source.
