Market updates and sector developments

CIFC has launched a UCITS multi-strategy credit fund, combining sub-investment grade fixed income with structured finance, senior secured loans and liquid credit investments identified by its distressed team. The firm is looking to capitalise on growing sentiment that rates have peaked and on investors' resulting appetite for fixed-rate credit in order to "lock in the current high rates".

The fund, named CIFC Multi-Strategy Credit Fund, is domiciled in Dublin and dollar-denominated. It marks CIFC’s third UCITS vehicle and will be tailored to non-US investors seeking long-only exposure to selected sub-investment grade credit. 

The new vehicle will be led by CIFC’s head of US high yield bond investments, Jason Horowtiz, who will be supported by a team of portfolio managers in the US and Europe spanning a number of strategy specialisms. It will also have its own asset allocation committee including cio and ceo Steve Vaccaro, head of opportunistic credit Steven Gendal, head of structured credit investments Jay Huang, deputy cio Stan Sokolowski, and European senior investment analyst Rinse Terpstra.

Claudia Lewis