Yield/Capital Appreciation Partners (Y/CAP) is gearing up to launch its first fund, a total return debt and equity portfolio which is configured to generate regular cash distributions and long term growth.
According to the firm, which is headed by long-time industry veteran Richard Haydon, Y/CAP will build a concentrated portfolio of investment grade debt, high yield, convertible bonds, preferred and distressed securities and equities in large-, mid- and small-cap companies.
Prior to founding Y/CAP in May 2009, Haydon was a senior portfolio manager and managing director at Neuberger Berman’s Straus Group. From 2001 to 2006 he was a managing general partner of Strategic Restructuring Partnership, a firm he founded in 1988. By that time, he was already well known in the industry after serving as president of Gabelli & Co.’s broker-dealer operations and head of the leveraged buyout effort for five years, a position he assumed after more than a decade at Goldman Sachs & Co.
Haydon has selected Conifer Securities to serve as the new fund’s administrator. Y/CAP is also using Conifer’s IT and middle office services, as well as its furnished office space.
“Conifer has made everything so easy for us,” said Haydon. “All of the activities that would have significantly delayed the launch of Y/CAP have been taken care of efficiently and economically. Conifer has built a customized solution to provide exactly what we need and far surpassed any capabilities that we could have had in-house.”