Tuesday, 13 October 2015
Last updated 5 hours ago
May 21 2013 | 2:00pm ET
Moore Capital Management is getting into the mid-market lending business.
The hedge fund has committed approximately $200 million to the former Cyan Partners, which has been renamed MC Credit—after the hedge fund—and which will operate as an independent affiliate of Moore, Buyouts magazine reports.
Cyan became MC this month, and hopes to raise $750 million for a lower mid-market debt fund. Cyan, which was founded by Morgan Stanley and Citigroup leveraged finance veteran Ashok Nayyar in 2008, has sourced and invested in some $900 million in credit since its debut.
MC's strategy will not change along with its name, focusing on mid-market North American companies. It will offer growth capital through senior secured loans and second-lien loans, originating them and then syndicating them to hedge funds and banks.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…