Tetragon Credit
Income Partners Announces total Tetragon Credit Income III
commitments of $430 Million
LONDON, March 13, 2019 -- Tetragon Credit Income today
announces that its February 2019
final close of Tetragon Credit Income III L.P. (TCI III) brings
total commitments to approximately $430
million. TCI III is a private equity vehicle which
focuses on CLO investments, including majority stakes in CLO equity
tranches. Tetragon Credit Income's other most recent CLO
investment vehicle, Tetragon Credit Income II L.P. (TCI II), raised
just under $350 million through its
final close in 2017.
"The CLO market continues to be a dynamic space presenting many
interesting investment opportunities, both near and long-term and
across various credit and economic cycles," said Scott Snell, Portfolio Manager for Tetragon
Credit Income. "Today's announcement marks an important
milestone for the Tetragon Credit Income business, as TCI III is a
new, dedicated pool of capital that will enable us to continue to
make control equity investments in the primary market and to play
an active role in the structuring of these investments."
Tetragon Credit Income is one of the asset management businesses
that comprise TFG Asset Management, the diversified
alternative asset management business of Tetragon Financial Group
Limited. Tetragon Credit Income invests in both
externally-managed CLOs and in CLOs managed by TFG Asset
Management's LCM Asset Management. Assets under management
for TFG Asset Management as of 31 December
2018 totaled approximately $28.1
billion.[1]
Stephen Prince, Head of TFG Asset
Management, added: "Our aim is to partner with leading alternative
asset managers and provide a shared strategic direction and
operational support, with a view to them delivering attractive
returns to their investors, as well as to Tetragon which looks to
invest alongside them. Today's announcement underscores the
success of the approach."
Since 2005, Tetragon, directly and through Tetragon Credit
Income private equity vehicles, has invested over $2.3 billion in CLO equity, across 101 CLOs
managed by 32 managers. Snell added: "Since inception,
Tetragon has been a leader in taking majority equity stakes in CLO
transactions and forging deep relationships with CLO managers to
deliver strong risk-adjusted returns for its investors.
Tetragon Credit Income is seeking to continue this effort."
About Tetragon:
Tetragon is a closed-ended investment company that invests
in a broad range of assets, including bank loans, real estate,
equities, credit, convertible bonds, private equity, infrastructure
and TFG Asset Management, a diversified alternative asset
management business. Where appropriate, through TFG Asset
Management, Tetragon seeks to own all, or a portion, of asset
management companies with which it invests in order to enhance the
returns achieved on its capital. Tetragon's investment objective is
to generate distributable income and capital appreciation. It
aims to provide stable returns to investors across various credit,
equity, interest rate, inflation and real estate cycles. The
company is traded on Euronext in Amsterdam N.V. and on the
Specialist Fund Segment of the main market of the London Stock
Exchange. For more information please visit the company's website
at www.tetragoninv.com.
Tetragon:
Yuko Thomas
Investor Relations
ir@tetragoninv.com |
Press Inquiries:
Prosek Partners
Andy Merrill and Kate Sylvester
Pro-tetragon@prosek.com |
This release does not contain or constitute an
offer to sell or a solicitation of an offer to purchase
securities in the United States or any other
jurisdiction. The securities of Tetragon have not been and
will not be registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United
States or to U.S. persons unless they are registered under
applicable law or exempt from registration. Tetragon does not
intend to register any portion of its securities in the United States or to conduct a public offer
of securities in the United States. In addition, Tetragon has
not been and will not be registered under the U.S. Investment
Company Act of 1940, and investors will not be entitled to the
benefits of such Act. Tetragon is registered in the public
register of the Netherlands Authority for the Financial Markets
under Section 1:107 of the Financial Markets Supervision Act as a
collective investment scheme from a designated country.
[1] Includes GreenOak Real Estate, LP funds and advisory
assets, LCM, Polygon Recovery Fund LP, Polygon Convertible
Opportunity Master Fund, Polygon European Equity Opportunity Master
Fund and associated managed account, Polygon Global Equities Master
Fund, Equitix Holdings Limited, TCI II, TCI III and TCICM as
calculated by the applicable administrator for value date 31
December 2018. Includes, where relevant, investments by
Tetragon, TCI II and TCI III (in the case of LCM). TFG
Asset Management AUM includes the AUM of several investment
advisers, including TFG Asset Management L.P., and GreenOak, each
of which is an investment manager registered under the U.S.
Investment Advisers Act of 1940. Figures for GreenOak, TCI II
and TCI III may also include committed capital.