Mark Gold, formerly managing director and portfolio manager at Trust Company of the West, and Hillel Weinberger, formerly a portfolio manager at Loews Corp., have opened their new firm, Hillmark Capital Management and are expected to price their first collateralized loan obligation as early as this month. Gold, who left TCW in March (CIN 2/13), declined to comment about any potential funds.
Hillmark's first CLO, which has yet to be named, is expected to be about $500 million and led by JPMorgan. It is expected to be a plain vanilla structure with traditional baskets. One market player said he heard the firm has sold most of the equity for the CLO.
The firm has been simultaneously raising a second CLO, another plain vanilla structure, also led by JPMorgan that is expected to also be about $500 million. It will also be releasing a smaller credit opportunity fund by the end of the year. Gold, Weinberger and Kevin Cuskley, senior portfolio manager and partner, will be managing the funds.
