French Seeder Emergence Backs Eiffel Investment

May 4 2012 | 7:33am ET

The new French seeding platform, Emergence, has inked a deal (its first) to give the Paris-based European long/short credit fund Eiffel Investment Group $40 million.

The seeding partnership will bring Eiffel’s assets to $100 million.

Emergence was created in 2012 with the backing of seven major French institutional investors with collective assets of $1.5 trillion. It is managed by NewAlpha Asset Management, an emerging market seeding specialist.

Eiffel Investment Group was spun out of the commodity merchant Louis Dreyfus in 2011. It is now owned by the former chairman and CEO of the Louis Dreyfus Group, Jacques Veyrat, and manages about €300 million in credit, equities and derivatives.

The Eiffel Credit Opportunities Fund focuses on the credit instruments of European corporate issuers and financial institutions. As of December 1, 2011, the fund had returned 17% and Emergence believes the fund is well placed to exploit coming regulatory changes that will affect banks, the main providers of financing to European companies, creating a need for alternative funding sources.

Fund manager Emmanuel Weyd came to Eiffel from JP Morgan in London where he was a managing director on the credit desk. He has been head of credit strategies at Eiffel since 2009.

 


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