Wednesday, June 12, 2024

Polus closes second European CLO vehicle

Polus Capital Management, a $9bn alternative credit manager, has closed its second CLO equity vehicle, Cairn Loan Investments II, at €228m ($238.1m). 

The London-based firm rebranded this year after forming through Cairn Capital’s merger with Bybrook Capital.

A US public pension fund and one of Sweden’s largest pension funds were among the investors in its latest fundraise, according to a statement from the firm.

Investing in the equity tranche of European CLOs, it can support up to €4.5bn of European CLO issuance.

“The closing of CLI II marks an important milestone, particularly in the context of the current macroeconomic environment,” said Loic Prevot, head of European leveraged credit at Polus.

David Kim was hired as head of US leveraged credit this year after 16 years at Goldman Sachs and tasked with launching a US CLO/loan platform.

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Polus is an independently-managed unit of Italian group Mediobanca.

The firm focuses on leveraged credit, special situations and structured credit. It has a team of over 30 investment professionals and a New York office.

Its leadership ranks include Nicholas Chalmers, previously CEO and president at event-driven firm Oceanwood; Andrew Burke, who has been with Cairn 16 years; Robert Dafforn, who founded Bybrook and previously worked at Eton Park and Millennium; and Glen Mifsud, previously co-president at Capula Investment Management and a managing director at Credit Suisse.