BNY Mellon and CIFC have been working together for a decade, but a month ago expanded the partnership into private credit, to provide access to CIFC’s US direct lending strategy and to enhance product offerings specifically for US private markets.
In return, CIFC gets access to BNY’s investor relationship and capital pools, especially for “the next stage of international growth.”
CIFC, an alternative credit specialist, was founded in 2005 and has some $41 billion in assets across CLOs, corporate, structured, opportunistic credit and direct lending strategies.
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Our proprietary database IMD tracks companies, products and talent across global private markets (www.InvestmentManagementData.com
AUM reached $1.54 trillion, up 14.9% year on year, but CEO Rob Sharps cited “tailwinds from stronger-than-anticipated markets” for net outflows of $8 billion for the quarter (half the outflows from Q1/23). Only 8.5% of assets come from investors outside of the US.
Net revenues stood at $1.75 billion, up 13.8% year on year, mostly from equity ($950 million) and multi-asset ($430 million). Total comp and related costs were $709 million, up 8.5%.
CEO Rob Sharps, CFO Jen Dardis and Head of Global Distribution Dee Sawyer will discuss the details this morning on a webcast.
Tillman was founded in 2016 in NY, and it owns and manages over 2,000 macro tower sites.
It entered into a $500 million term loan facility with a syndicate of lenders arranged by JP Morgan, including Credit Agricole CIB, Banco Santander, MUFG Bank, and Sumitomo Mitsui.
It also received financing of $500 million from affiliates and managed funds of HPS Investment Partners, Apollo, and Oak Hill.
Lazard yesterday announced a strategic partnership with Elaia Partners, a European venture capital firm, supporting them in all stages of their development, from seed to their listing of public markets.
This involves the creation of a new Paris-based asset management company, Lazard Elaia Capital (LEC), which will be 75% owned by Lazard and 25% owned by Elaia.
Xavier Lazarus, co-founder and Managing Partner of Elaia Partners, will lead the effort with a newly hired investment team.
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Our proprietary database IMD tracks companies, products and talent across global private markets (www.InvestmentManagementData.com
Thomas Kiley III will lead RIA strategy and distribution at Calamos, in a newly created role. He joins from Blackrock where he spent 18 years in the RIA segment as Managing Director.
Calamos CEO Koudounis said “RIAs represent the fastest growing segment of today’s wealth market and a key strategic growth area for Calamos.”
Kiley will report to Robert Behan, Chief Distribution Officer.
Calamos focuses on alt ETFs, like the Calamos Aksia Alternative Credit & Income Fund, as asset allocation building blocks for advisors. …
Our proprietary database IMD tracks companies, products and talent across global private markets (www.InvestmentManagementData.com
DBS Private Bank and the Economist Intelligence Unit just published „the family office boom: contrasts between east and west“, with some interesting data points and anecdotes.
And since asset managers are focusing more and more on wealth management and service HNW and UHNW clients, we added some thoughts on how to tap into that family office boom.
EY suggests that the number of family offices worldwide has increased ten-fold since the GFC to around 10,000 in 2024.
As a rule of thumb, European fortunes are generally older and inherited, while in Asia they fall into new and entrepreneurial categories (esp in China).
Investments into private equity and private debt have increased over the last ten years – with a focus on portfolio diversification in Europe, and high-return in Asia.
Total holdings of HNWIs worldwide (defined as more than $50 million in assets), are estimated to be around $74 trillion by Capgemini.
The number of billionaires within that grouping stands around 2,500 to 3,000.
Asia Pacific leads the HNW AUM total with $22.2 trillion, next to North America with $21.7 trillion. Europe is third with $16.7 trillion, followed by LatAm with $8.8 trillion.
Four out of ten family offices globally have been created in the last decade, according to Tamarind Partners founder Kirby Rosplock.
Age and gender distribution of billionaires is : 88% male. 40% over 70 years old, 50% between 50 and 70, and 10% under 50.
In Asia, there are still patriarchal family systems, reverential to older generations. In the West, Rosplock sees more democratic thinking (and, sometimes, litigation).
Succession remains the top priority for wealthy families and their offices.
The FT this morning reported that Brookfield Asset Management is in advanced talks to buy a majority stake in Castlelake with an investment of over $1.5 billion, including a large investment in Castlelake‘s private credit funds.
Castlelake manages $22 billion in niche credit areas including speciality finance and aviation.
Rory O‘Neill and Evan Carruthers founded Castlelake in 2005, and have deployed $39 billion in over 70 countries together since then.
Strategies include:
– real assets (transitional real estate, infrastructure, renewables and power stability, and sub- and non-performing loans)
– specialty finance (consumer finance receivables, commercial and industrial loans)
– aviation (managing all aspects of the investing lifecycle)
Another day, another acquisition, stake or liftout in private credit. …
Our proprietary database IMD tracks companies, products and talent across global private markets (www.InvestmentManagementData.com
Blue Owl is continuing its buying spree, this time for Real Estate Finance.
The $165 billion multi-strategy alt manager (Credit, GP Strategic Capital, Real Estate), announced the acquisition of Prima Capital Advisors for the aggregate consideration of $170 million.
Prima manages $10 billion in AUM for institutional and HNW investors. It was founded in 1992 by Gregory White with a focus on commercial mortgage-backed securities. Prima is majority owned by Stone Point Capital and the acquisition will be funded through $157 million of equity and some $13 million in cash. In addition, there is potential for up to $35 million of earnout in the form of equity. Prima employees are expected to join Blue Owl, which is creating the Blue Owl Real Estate Finance strategy.
Blue Owl is putting Jesse Hom in charge of the new venture, reporting to Marc Zahr (Co-President of Blue Owl and Head of Real Estate). Jess was Global Head of Real Estate at GIC.
Co-CEOs Ostrover and Lipschultz commented Prima is „further diversifying our real estate platform. Today‘s announcements underscore how we think about strategic inorganic growth at the investment level.“
Zahr said „I have had the pleasure of knowing Jesse for years (…) he, along with the outstanding team at Prima who maintain a 30-year track record of success, will further bolster our Real Estate platform.“
Prima CEO Greg White added „I along with Primo CIO Nilesh Patel, CFO Julia Tcherkassove, and the rest of the of the Prima team, are excited to join Blue Owl.“ …
Our proprietary database IMD tracks companies, products and talent across global private markets (www.InvestmentManagementData.com
Blue Torch, a NY based private credit manager surpassed the $2B fundraising target with the closing of Blue Torch Credit Opportunities Fund III, raising $2.3 billion.
Similar to the other vintages, the fund will focus on bespoke credit solutions for middle market firms across various industries.
Blue Torch was founded in 2017 by Kevin Genda, and so far the platform deployed $8.2 billion across 127 portfolio companies.
Kevin prior to founding Blue Torch spent 21 years at Cerberus, as SMD and Chairman of Cerberus Business Finance. …
Our proprietary database IMD tracks companies, products and talent across global private markets (www.InvestmentManagementData.com)
Warren Enskat Group 
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