Tages Capital Seeds Relative Value Credit Manager Nara Capital

Oct 6 2017 | 6:16pm ET

Hedge fund seeder Tages Capital has entered into a strategic partnership with New York-based Nara Capital, an investment manager launched in 2016 by former Structured Portfolio Management executives Charles Smart and Alex de Calice focusing on a relative value credit strategy.

Nara’s master fund launched in April 2017, according a statement, and seeks to derive returns through identifying relative value opportunities in mortgage and asset-backed securities. Portfolio construction relies heavily on integrated risk management and on the fundamental negative correlation between pre-payment and credit risk premia to target high current income generation relative to anticipated return volatility. 

The size of Tages’ involvement was not disclosed, although the statement noted that Nara has raised $100 million for its new fund. 

"Nara is excited to partner with Tages, and to access their expertise and guidance in launching our fund,” said Smart in the statement. . Nara's analytical, risk-focused strategy is positioned for significant opportunities in a shifting environment for specific structured products. With the support of Tages, Nara's team of experienced investment professionals can deliver to investors the rewards of our established, successful strategy with the benefits of an emerging manager's focus and vigor."

“As one of Europe's most active seed investors, we are always on the lookout for strategies which fit well into our institutional client portfolios,” added Mark de Klerk, head of seeding strategies at Tages Capital. “In this case, we have seen particular interest from insurance clients who appreciate that this specialist role can harvest attractive risk adjusted returns through the cycle."

Tages Capital is a leading alternative asset management business with approximately  $2.4 billion in assets under management. Representing the asset management arm of Tages Group, Tages Capital manages alternative multi-manager and single manager portfolios as well as investment strategies, including UCITS and renewable energy funds. 

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