CLO strategic partnership inked
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Global alternative asset manager Sagard has begun laying the groundwork to expand its presence in the US CLO market through a new strategic partnership with US CLO manager HalseyPoint. As part of this partnership, Sagard will acquire a 40% stake in the HalseyPoint CLO platform, which will now go by new co-branded platform name Sagard|HalseyPoint.
Upon completion of the transaction, HalseyPoint co-founders and managing partners will hold equal equity ownership stakes alongside Sagard. The remaining minority stake will continue to be held by A-CAP.
Having raised a total of US$3.2bn across seven CLOs since its launch in 2019, the new partnership hopes to turn the HalseyPoint platform into a leading CLO manager and leverage each firm’s expertise to provide Sagard’s investors with broader and more diverse exposures to corporate credit opportunities.
In other news…
Obra launches real estate platform
Obra Capital has hired Pangea Mortgage Capital’s (PMC) real estate origination and servicing team and launched Obra Real Estate. PMC was founded in 2017 as a wholly owned subsidiary of Pangea Properties, a large private REIT.
The team brings with it deep operational and underwriting expertise that will support Obra Real Estate’s investment strategy for insurance and institutional accounts. Over the last seven years, the team has collectively originated in excess of US$780m in commercial real estate loans across over 100 transactions.
Obra Real Estate will be led by Scott Larson, who joins as md, reporting to Blair Wallace, president and ceo of Obra. Larson brings extensive industry experience and most recently spent 13 years at Pangea Properties, where he launched its institutional lending platform.
Michael Bachenheimer also joins as md and will be responsible for deal origination. Bachenheimer spent the last five years at PMC in deal origination and has a 25-year tenure in the real estate industry, including experience as lender, real estate consultant, appraiser and asset manager.