Kartesia is pleased to announce that the investment of the KCO III fund into the B Notes of the CLO vehicle AVOCA XIV have been fully repaid at par.
Kartesia announced today that its two funds KCO III and KCO IV invested the subordinated notes of Oak Hill European Credit Partners VI as a meaningful minority investor. Oak Hill European Credit Partners is originally a US manager set up in 1991 focused on credit instruments, which currently manages over 30 bn$ of assets of which 13 bn$ in the performing loan space. More specifically, they raised a total of 26 CLO since inception of which 5 were issued in Europe (including 3 “2.0” CLOs).
Kartesia is pursuing its strategy of investing opportunistically in the collateralised loan obligation (CLO) market, thereby continuing KCO III investment thesis. In July, KCO IV closed its first CLO deal by acquiring the majority of the subordinated notes of BNP Paribas AM 2017 CLO, a new European CLO vehicle.
Finding the best deal on a favourable CLO market
In December 2016, Kartesia became one of the first European collateralised loan obligation (CLO) investors to lead a full reset of one of its majority-held CLOs, Euro-Galaxy III. The deal illustrates the appropriateness of Kartesia’s investment strategy for the CLO market, which is based around being a proactive and opportunistic investor.
Kartesia is pleased to announce the successful reset of the Eurogalaxy III CLO managed by PineBridge Investments Europe Limited (Pinebridge) - one of the very first transaction of its kind in Europe. Given the majority stake in the Subordinated Notes that KCO III acquired in March 2016, Kartesia actively participated in that process, alongside arranger JP Morgan and Pinebridge.
Since June 2015 and its first investment in a collateralised loan obligation (CLO) vehicle, Kartesia has come a long way. Read on for an update on Kartesia’s achievements and latest strategy.
Over €70 million invested in the space of a year