Sycamore Tree Capital Partners (Sycamore Tree), an asset manager specialising in private and alternative credit investments, has closed its inaugural collateralised loan obligation (CLO), Sycamore Tree CLO 2021-1, Ltd (STCP CLO 1).
The CLO totals USD403.3 million, with Citibank Securities serving as the underwriter and Dechert LLP acting as legal counsel to Sycamore Tree.
STCP CLO 1 has a five-year investment period and invests in an actively managed portfolio of syndicated loans issued by US companies across a broad range of industries. It is co-managed by Scott Farrell and Paul Travers, industry veterans and Managing Directors at Sycamore Tree. STCP CLO 1 investors include banks, insurance companies and investment managers.
“We appreciate the market’s reception to Sycamore Tree and our inaugural CLO,” says Mark Okada, Chief Executive Officer. “Our team brings several decades of combined experience managing CLOs, and we look forward to being a consistent issuer and strong steward of investor capital over time. In our view, the positive outlook for corporate credit and interest rate volatility make this a particularly attractive time to issue CLOs”
“Sycamore Tree’s talented investment team, robust credit process and institutional quality infrastructure provide a strong foundation for managing risk and creating alpha,” adds Trey Parker, Chief Investment Officer. “We look forward to expanding our strong relationships within the investor and underwriting communities.”
