Sector developments and company hires

CIFC Asset Management has unveiled the second annual donation made on behalf of the CLO Initiative for Change, its philanthropic programme in connection with CLOs issued by CIFC. In support of educating and empowering students to reach their full potential regardless of financial means, CIFC has partnered with the deal parties of its latest CLO - CIFC Funding 2022-II – (including RBC, Appleby, Allen & Overy, Milbank, BNY Mellon and Locke Lord) to make a collective contribution of over US$225,000 to the TEAK Fellowship.

Founded in 1998 by Justine Stamen Arrillaga, TEAK is a free, 10-year college prep, access and success programme for middle school, high school and college students located in New York City. Beginning the summer after sixth grade, TEAK accompanies high-achieving, low-income students on journeys of academic and emotional preparation and mentorship. In addition to helping these students achieve entry into the nation's most prestigious high schools and colleges, TEAK provides its fellows with access to internships and professional coaches, ultimately helping to create career opportunities to which these individuals may not have otherwise been aware.

In addition to the financial contribution, CIFC team members will partner with TEAK to provide mentorship and/or educational support this year and potentially thereafter.

In other news…

EMEA

Mount Street has promoted co-ceo, Ravi Joseph, to the position of executive chairman, with fellow co-ceo, Paul Lloyd, taking over as solo ceo for the firm. Going forward, Lloyd will assume responsibility for all management duties at the firm. Joseph will maintain involvement with some investment management activities, however, will be primarily focused on strategic operations in his new role. Mount Street hopes this leadership transition will better place the ever-growing firm to meet the demands of future development and expansion.

North America

GoldenTree has announced the hire of new partner and head of private credit origination, Grady Frank. He will join the firm from Goldman Sachs where he served as md, having also recently worked as a senior member of the Financial and Strategic Investors Group. With more than 20 years of leveraged finance experience, Frank will lead GoldenTree’s expansion into the private credit space as the firm seizes rising opportunity within the market.