July 4, 2017 / 11:00 AM / 3 months ago

LPC-Hayfin raises €2.2bn for special ops

LONDON, July 4 (Reuters) - European credit platform Hayfin Capital Management has successfully raised €2.2bn in commitments to invest in special opportunities, it announced.

Credit Suisse Private Fund Group advised Hayfin on the €2.2bn eight-year, closed-end special opportunities capital raise, which comprises a €1.7bn co-mingled fund and €500m of managed accounts.

The fund raising kicked off in 2016 and attracted commitments from new and existing institutional investors, with around 85% coming from public and private pension funds and the rest coming from sovereign wealth funds, insurance companies and endowments.

The investor base was split evenly between Europe, North America and Australasia.

The strategy has targeted a 15%-20% gross internal rate of return and will invest across a range of sectors in illiquid assets and corporate debt, including rescue financings and debt restructurings.

It will also provide asset-back financing for inventory and equipment of distressed companies in sectors including healthcare, retail, shipping and oil & gas. Other areas of interest include real estate non-performing loans.

Investments have already been made in assets including troubled Spanish renewable energy and engineering firm Abengoa.

This is the second special opportunities credit strategy for Hayfin, which raised €2bn in 2013 comprising €1.4bn in a co-mingled fund and the rest from managed accounts. That is fully invested.

Hayfin has been on a fundraising spree, having raised €3.6bn for its European direct lending strategy earlier this year.

Hayfin has grown to a team of 78 people, 73 of which are based across Europe, sourcing opportunities locally to originate deals.

Hayfin’s deep sector expertise, local reach and scale have been instrumental in building our strong track record of sourcing and managing a diverse portfolio of illiquid credit investments across Europe and generating strong risk adjusted returns for our investors throughout the cycle,” said Tim Flynn, CEO of Hayfin. (Editing by Christopher Mangham)

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