Hayfin Capital Management Raises €2.2B For Special Opportunities Strategy

Jul 6 2017 | 7:19pm ET

European credit specialist Hayfin Capital Management has raised €2.2 billion in capital commitments for its second closed-end special opportunities fund and associated parallel vehicles.

The new fund, named the Hayfin Special Opportunities Fund II, will invest in illiquid, undervalued hard assets and corporate debt structures across a number of sectors and asset profiles, the company said in a statement, including turnarounds, non-performing loans and debt restructurings. It will reportedly have an eight-year time span and target a 15%-20% gross IRR from investments across a range of sectors, as well as the provision of asset-back financing for inventory and equipment of distressed companies in sectors including healthcare, retail, shipping and oil & gas. 

Credit Suisse Private Fund Group advised Hayfin on the effort, according to a Reuters article, and spit between a €1.7 billion co-mingled fund and €500 million in managed accounts with identical investing periods and terms to the commingled fund. The fundraising was supported by a wide range of global pension funds, insurance companies, sovereign wealth funds and endowment funds. 

Hayfin’s first special opportunities credit fund raised €2 billion in 2013 and is fully invested. The company also closed on a new €3.6 billion European direct lending strategy earlier this year. 

Founded in 2009, London-based Hayfin Capital Management manages approximately €10 billion in AUM. A majority stake in the firm was bought from its institutional shareholders, including TowerBrook Capital, PSP Investments and Future Fund, by British Columbia Investment Management Corporation in January 2017.

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