Sector developments and company hires

Accunia Credit Management has launched a CLO equity fund called King’s Garden. The firm is targeting an IRR of at least 15% over the fund’s lifespan by investing in CLO equity tranches in the secondary market.

The new strategy completes Accunia’s credit product suite aimed at family offices and ultra high net-worth individuals. The firm says it will start deploying the capital raised over the coming months. 

In other news…..

Elliott snaps up Enra

Enra Specialist Finance shareholders have entered into a definitive agreement to sell the firm to Elliott Advisors (UK). Completion of the transaction is subject to customary conditions, including FCA approval.

Founded in 2002, Enra is a UK non-bank mortgage lender, with a diverse property-secured lending proposition. Exponent Private Equity acquired a majority stake in Enra in 2017, with the current management retaining a significant minority stake.