Fri, 11/01/2008 - 06:00
Independent credit markets group Cairn Capital has announces the first closing for its Loan Opportunities Fund, which will focus on the European leveraged loan market and has wide investment criteria including the use of both long and short loan-only credit default swaps. The fund has an open-ended structure and has attracted both US dollar and euro-denominated investors.
Cairn's leveraged loan business was formally established at the beginning of 2006 and invests throughout the debt capital structure in leveraged buyouts, the main focus to date having been on developing its collateralised loan obligation business. The seven-strong portfolio management and research team in London is supported by an independent research team of five based in Mumbai.
'Given the difficulties in the credit markets and the issues over liquidity, we are delighted by the support shown by our investors, and we will initially deploy the fund to take advantage of the dislocation in the secondary market,' says Andrew Burke, head of Cairn Capital's leveraged loan business.
Established in August 2004, London-based Cairn delivers services in either a specific area of the credit market or across its entire spectrum to clients and investors who approach the firm directly or are referred by major investment banks.
Its principal areas of operation include the management of portfolios of asset-backed securities, investment grade and crossover corporate credit and leveraged loans in cash and synthetic form, either directly for clients or as collateral pools for public and private transactions, as well as management of the structured credit fund.
Cairn also undertakes third-party structuring and advisory mandates, generally where it will continue to manage the completed transactions post-execution, and arranges, structures and advises on real estate development finance.
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