Ramirez Asset Administration (RAM) has acquired the personal credit score alternatives technique group and their belongings from hedge fund supervisor Avenue Capital Group.
The acquisition, which closed on 1 October, 2024, consists of 5 present funding funds with roughly $500m (£412m) in capital commitments. It’ll proceed to be led by William Maier, Patric Lager, and Frank Madden who’ve joined RAM as a part of the transaction.
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“As a credit-focused mounted revenue supervisor for a few of the largest institutional traders within the US, we’re thrilled to broaden our funding choices and experience with our new personal credit score alternatives group,” mentioned RAM president and chief government officer Samuel A. Ramirez, Jr. “The mixing onto RAM’s platform has been seamless and we stay up for launching a brand new fund in 2025.”
William Maier, senior portfolio supervisor and managing director, will lead the brand new group, supported by managing administrators, Patric Lager and Frank Madden. Maier and Lager will oversee the technique.
The group expects to launch its subsequent fund this 12 months, which is projected to focus on $300m in fairness capital and shut mid-year. The fund will primarily spend money on syndicated and mid-cap club-sponsored credit, primarily within the US, and may additionally spend money on European credit.
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The investments will likely be sourced via the group’s robust community of personal fairness relationships and organized by main monetary establishments. The group at the moment manages 5 funds – 4 of that are within the distribution interval and one in every of which is within the funding interval.
“We’re extremely energised to hitch RAM’s first-rate organisation and stay up for serving to the agency develop within the years forward,” mentioned Maier. “For greater than 20 years, I’ve recognized Sam as a trusted pal and colleague and I’m excited concerning the alternatives we now have along with our valued consumer base and shared trade expertise in funding banking and asset administration.”
Previous to becoming a member of RAM, Maier and Lager spent eight years at Avenue Capital Group, the place they have been answerable for the route of the funding actions of the Avenue Performing Loans Technique.
Maier additionally spent 26 years at Natixis and its predecessor banks, the place he was one of many founders of the financial institution’s leverage finance enterprise within the US. Earlier than Avenue Capital, Lager was head of personal fairness, asset administration and brokerage providers at Yaqeen Capital in Saudi Arabia and likewise labored at Natixis. Madden was with Avenue Capital Group for six years previous to becoming a member of RAM.
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