Deutsche Bank and Schroder Investment Management are planning a second close late this month of two hybrid cash and synthetic credit funds. Navigator, an investment-grade and crossover constant proportion portfolio insurance-wrapped fund (DW, 9/22), and Atlas, a low-levered predominantly investment-grade fund (DW, 11/23), closed last month at about USD180 million equivalent in U.S. dollars and euros.
Officials familiar with the deals said the notes were well received and the second close is expected to double the size. Navigator accounted for about 80% of the first close and Atlas will account for a greater percentage as it is retapped.
Neil Servis, global head of collateralized debt obligation origination and distribution in London, declined all comment.
