Napier Park completes Citigroup’s USD2.4bn redemption
Alternative asset management firm Napier Park Global Capital has returned the last of the capital invested in the firm’s hedge funds by Citigroup.
The staggered USD2.4 billion redemption schedule began in March 2013 when Napier Park completed its spinout from Citi and became majority owned by its employees. As a result, Citi is no longer an investor in any of Napier Park’s hedge funds.
“We are very pleased to have completed the redemption of Citi’s fund investments on schedule and with no meaningful decline in our AUM,” said Jim O’Brien, senior managing partner of Napier Park. “Over the last 18 months, we have added over $3 billion of new AUM from both existing and new institutional investors. Our clients have shown us great support and we are grateful for their partnership as we continue to focus on building long-term investing relationships.”
“Our clients look to us for our expertise with complex assets,” says Jon Dorfman, senior managing partner and chief investment officer of Napier Park. “Over 80% of our client AUM is from large institutional investors and has a tenor of two years or longer, thereby enabling us to deliver attractive and appropriately risk-managed opportunities in the global credit markets.”
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