The NIR Group, LLC, a US-based specialist investment management firm, has successfully closed Norma CDO I, a USD 1.5 billion collateralized debt obligation (CDO) fund. The closing represents the consummation of NIR Group's third CDO transaction, bringing the firm's total assets under the strategy to approximately USD 5 billion.
The CDO is managed by an affiliate of NIR Group. Securities were underwritten by Merrill Lynch and sold to third-party investors. Collateral for Norma CDO I consists of a portfolio of investment grade quality structured finance securities.
"We are very pleased to have completed our third CDO," said Corey S. Ribotsky, chairman and chief executive officer of NIR Group. "We have focused on this structured finance investment since the first quarter of 2005 and the closing of this transaction validates that strategy and is indicative of its success. Our financing platform, combining structured finance investment experience with alternative asset management expertise, allows us to cover a broad spectrum of credit investment products within the growing structured finance market."
NIR Group plans to bolster its structured products investment strategy through continued growth and an ongoing program of additional CDO transactions.