3i Debt Management appoints head of Credit Opportunity Fund
3i Debt Management (“3iDM”) is pleased to announce the recruitment of Rob Reynolds as the Head of its new Credit Opportunity Fund (“COF”).
Rob, who will report to Andrew Golding, 3iDM Managing Director, was previously Managing Director and Chief Investment Officer of Resource Europe, a top-performing European CLO fund manager.
The COF, seeded by 3i Group with €50m, will form the foundation of a new fund initiative by 3iDM, targeting flexible investment in credit (loans, bonds and floating rate notes), primarily in Europe. The fund will be open to other investors at a later date.
The COF will build on 3iDM''s highly successful debut debt fund launched in October 2007 and exited in March 2011. The 2007 fund invested primarily in Senior and Junior secured loans and delivered an IRR of 13.6%, and a cash to cash profit of 1.4x, representing a top performing return for a fund of its vintage.
Jeremy Ghose, Managing Partner and CEO of 3iDM commented: "The COF is key to 3iDM’s strategy of new product development, allied to meeting the needs of our investors. We welcome Rob to the team and value highly the track record and experience he brings."
3iDM is the credit platform of 3i Group and has ca. €4.2bn of AUM across 5 CLOs, managed accounts, a mezzanine fund and private equity fund of funds.
3i is an international investor focused on Private Equity, Infrastructure andDebt Management, investing across Europe, Asia and the Americas. Our competitive advantage comes from our international network and the strength and breadth of our business relationships. These underpin the value that we deliver to our portfolio, shareholders and fund investors.
For further information please contact:
Kathryn van der Kroft
tel. +44 207 975 3021