CIFC, TRS launch leveraged loan partnership

CIFC, TRS launch leveraged loan partnership

Category: ABS CLOs CMBS

Monday 4 October 2021 17:20 London/ 12.20 New York/ 01.20 (+ 1 day) Tokyo

Sector developments and company hires

CIFC, TRS launch leveraged loan partnership
Teacher Retirement System of Texas (TRS) and CIFC Asset Management have established a new leveraged loan investment fund platform known as Texas Debt Capital (TDC). A CIFC affiliate is the general partner and investment manager of TDC, while TRS is the anchor investor limited partner and has committed significant equity to the fund. The fund will initially provide for up to US$2bn loan purchasing capacity in the US and Europe.

TDC will invest in high quality senior secured loans, including loans issued by TRS’s private equity investment partners and other sponsors. Returns are expected to be enhanced by term and non-mark-to-market leverage, including through the opportunistic issuance of CLOs.

North America
Dechert has named global finance partner Ralph Mazzeo as lead of its asset finance and securitisation (AFS) team. Mazzeo’s appointment reinforces the team’s strategic vision to provide cross-disciplinary service to clients with innovative deal structuring, creative financing strategies and efficient execution.

Mazzeo has 25 years of experience, with a particular emphasis on structured finance, including RMBS, CMBS, single-family rental properties and CRE CLOs. He joined Dechert in January 2005, having previously been an associate at Morgan Lewis & Bockius.

Spanish loan disposals inked
AnaCap Financial Partners has closed two performing loan transactions in Spain via its fourth credit opportunities fund, including what is believed to be the first non-core bank disposal of performing auto loans in the Spanish market. One investment is a portfolio comprised of around 55,000 point-of-sale originated consumer loans, with a significant portion originating from the health and dental sector. The other investment is the non-core disposal of point-of-sale-originated auto and consumer loans from one of Spain’s largest banks.

Both deals represent about €200m face value in seasoned, granular performing portfolios. AnaCap is leveraging a relationship with a best-in-class European consumer debt servicer which dates back to its first credit fund in 2009.

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