Investcorp's US-based hedge fund business and Eyck Capital Management, a London-based investment manager led by Khing Oei, have formed a strategic relationship.
The tie-up will provide Eyck Capital acceleration capital while offering Investcorp and its investors access to a specialised event-driven and distressed credit strategy spanning the European opportunity set.
Founded in 2013, Eyck Capital is the latest asset manager backed by Investcorp, which has more than USD11bn in client and proprietary assets under management. Historically, Investcorp provides initial seed and acceleration capital ranging from USD50m to USD100m.
"We are pleased to announce this strategic relationship with Eyck, which will provide our investors with access to an experienced specialised European event-driven and distressed credit manager," says Nick Vamvakas, managing director, head of development for Investcorp's single manager business.
Eyck seeks to take advantage of opportunities within the capital structure of highly levered companies by investing in European special situations, distressed debt and stressed debt. The firm's focus is on fundamental research-driven investments, long or short, at the liquid end of the European opportunity set, including bonds, CDS, loans and equities, principally with an event-driven approach.
Lionel Erdely, head and chief investment officer of the hedge funds group at Investcorp, says: "The market conditions in Europe provide significant opportunities for a manager with Eyck's expertise and strategy. Eyck has the ability to allocate capital in multiple European jurisdictions, across the entire capital structure and in varying market environments."
Prior to founding Eyck Capital Management, Oei was a managing principal and portfolio manager at Halcyon, a USD13bn multi-strategy hedge fund. Based in London, he also served as an investment committee member of the firm's European credit platform, which he built and co-managed. Oei previously worked at Fortress and in Goldman Sachs' European special situations group.
"Investcorp has an excellent track record of identifying high quality emerging managers. Their support is a strong validator of our investment approach to European opportunities," says Oei. "Investcorp's experience as a principal investor and seeder will allow us to deliver our strategy to a broader base of investors."