Sector developments and company hires

Voya Investment Management has signed a definitive agreement to acquire private credit asset manager dedicated to the US middle market, Czech Asset Management (CAM). The transaction reflects Voya IM’s commitment to the expansion of its private and alternative credit capabilities, and the firm hopes the acquisition will complement its existing fixed income platform and boost the expansion of its private and leveraged credit franchise across multiple channels. CAM’s founder, managing partner, and cio Stephen Czech, along with its current investment and operations teams will join Voya IM following the close of the transaction. The CAM team will continue to manage existing CAM funds at Voya IM and will remain in Connecticut where it will become a part of its fixed income team.

In other news….

APAC

Waterfall Asset Management has named Alistair Ho head of Asia-Pacific, based in Hong Kong. In his new role, Ho is tasked with leveraging the firm’s securitised markets capabilities to provide private debt solutions for APAC non-bank financial institutions, middle market corporates and real estate-related borrowers. He was formerly head of Natixis Investment Managers International Hong Kong, having previously worked at Ostrum Asset Management, Mizuho, Natixis, Credit Suisse and Citi in predominantly structured credit-related roles.

North America

Carlyle Global Credit has closed on its first two debt financings with decarbonisation-linked terms as it launches its new decarbonisation-linked financing programme. The programme seeks to incentivise borrowers to reduce greenhouse gas emissions and other climate-related efforts and offers a pricing benefit tied to borrower achievement in these climate-tied targets. The first two debt financings with decarbonisation-linked terms supported Morgan Stanley’s buyout of Fairway Lawns, and American Industrial Partners’ refinancing in support of its portfolio company, The Carlstar Group. The programme marks the latest step in Carlyle’s mission to drive progress in the energy transition and is one of the first decarbonisation-linked financing programmes in the US private credit market.

Two Harbours Investment Corporation has entered into a definitive agreement to acquire RoundPoint Mortgage Servicing. The agency and MSR mortgage real estate investment trust’s wholly owned subsidiary, Matrix Financial Services, has entered into a stock purchase agreement to acquire the firm from Freedom Mortgage Corporation. In addition, Matrix will pay a primary purchase price on closing equal to the net book value of RoundPoint, along with a premium amount of US$10.5m. The transaction is expected to close in 2023, with Matrix agreeing to engage RoundPoint as a subservicer until the closing date and aiming to start transferring loans to RoundPoint in 4Q22.

Vida Capital welcomes new structured credit md, Matthew Roesler, to the firm’s New York office in its latest bid to grow its global credit platform. Roesler will report to head of structured credit, Peter Polanskyj, who he will work alongside to support the firm’s structured finance portfolios. He joins the firm from Apollo Global where he served as a partner and portfolio manager and maintained responsibility for synthetic structured credit investing, solutions, capital relief transactions, and secured financing.