Dubai: Bahrain’s Investcorp has done the closing of its Mount Row (Levered) Credit Fund with capital commitments of 318 million euros, exceeding its target of 300 million euros.
Mount Row attracted a broad and diverse group of existing and new investors, including institutional, family offices and private clients from Europe, Asia and the Gulf.
Through this Fund, Investcorp’s credit management business will continue executing its investment strategy to actively manage - and construct - a portfolio of large-cap European secured loans. It focuses on targeting the largest and most liquid European issuers with average EBITDA of more than €200 million per annum.
Pick the under performers
“The loan market has dislocated and performing senior secured loans are trading at levels not experienced since the Global Financial Crisis (GFC) in 2008,” said Jeremy Ghose, Global Head of Investcorp Credit Management. “We believe that these conditions have created attractive investment opportunities that we are strongly positioned to capitalize on.”
The Fund’s current portfolio has been assembled with “defensive characteristics and knowledge of Covid-19 and seeks to take advantage of market dislocations to acquire high performing loans at discounted levels,” the company said in a statement.
Mount Row has already deployed approximately 35 per cent of committed capital and focuses on sectors and businesses Investcorp believes are less likely to be impacted by COVID-19.
Investcorp’s Credit Management business has approximately $13 billion assets under management (AUM). It is among the largest leveraged loan credit managers in Europe with more than 7 billion euros in European AUM.