Hi all,
I was wondering if anyone has a comprehensive list of firms with offices in London which invest in private pools of loans backed by assets? There isn’t even a term for such funds, I’ve heard of Structured Credit funds, Private Credit funds, and more.
The ones I know that do, are:
- Chenavari
- HPS (European Asset Value)
- ICG
- Pollen Street Capital
- Arrow Global
- AnaCap
- Cabot Square
- CarVal
- M&G
- Cerberus
- PIMCO
- Davidson Kempner
- Chorus Capital
- Ellington Capital
- Cheyne Capital (Strategic Value Credit)
- Fortress
cheers!
to be clear, you're talking about securitized products right? If so, that's synonomous with structured credit, though structured credit can include more bespoke mezz type of credit as well.
Exactly
yeah you won't hear of a firm like Ellington or WAM being referred to as structured credit funds, but that's what they are. Sadly, structured credit doesn't get the same respect as like distressed debt, though they're the most interesting products on the street imo. I can't tell you why. Likely bc there's not as many players outside of Pensions/endowments/treasury teams (who mostly invest in the seniors that usually take up 80-90% of the stack). I just refer to these kind of funds as structured credit-focused funds.
I think that pretty much covers it.
I can tell you right now there are a lot more players than this, it’s hard to find a list but trust me do some more digging and you’ll find a whole lot more than this. Honestly can name 5 funds off the top of my head that are in this space that you haven’t named here
i doubt he was naming a total list. and anyways he's referring to firms active in London
I think you are missing quite some of the currently more active players in Europe, especially on the asset backed front. The Deloitte deleveraging reports are a good source to get up to speed. Otherwise, follow the news on latest transactions, eg for the UK project Mercatus comes to mind.
In no particular order / focus:
Elliott
Attestor Capital
Marathon AM
Centerbridge
Cross Ocean
Octane Capital
Lone Star
Bain Cap Credit
BAML SSG - former GLSSG
GS Asset Investing (former group within ESSG now in AM)
KKR
York from time to time
SVP
They all have a different focus and size appetite with some being more focused on the real estate / Aircraft / Ships / etc. itself vs. large chunky portfolios,
Happy to elaborate on some specific ones in case you have any questions.
Bumb - any info on Arrow Global? They’re second opportunistic credit fund raised €2.75bn vs. the previous at €1.7bn.
Does anyone have any datapoints on associate salaries at the above funds?
I think £90-110k base & ~ 100% bonus.
that’s what I’ve heard from headhunters
Thanks!
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