Kratzman Joins Katonah To Crank Up New Biz
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Kratzman Joins Katonah To Crank Up New Biz

EA Kratzman has joined Katonah Capital from Rabobank to manage new funds the firm will be raising.

EA Kratzman has joined Katonah Capital from Rabobank to manage new funds the firm will be raising. As first reported on Loan Market Week's Web site last week, Chris Lacovara, a principal at Kohlberg & Co., confirmed the hire but declined to comment further on Kratzman's mandate. The hire caught some market players by surprise. Katonah was forced to find replacements for its six funds after Joyce DeLucca left to form Kingsland Capital, triggering key man provisions in most of the funds. Kolhberg had been trying to sell Katonah to Allied Capital, but that deal had been nixed when DeLucca left with a significant portion of her staff. One buysider noted that the general feeling was that Kolhberg was done with the business once the funds had been farmed out.

At the end of April Katonah replaced the portfolio managers for funds Katonah II, Katonah III, Katonah IV and Katonah V after receiving approvals from the funds' shareholders and noteholders. "We expect to complete arrangements for existing funds," Lacovara said.

Sankaty Advisors will take over the second, third and fourth deals, INVESCO Senior Secured Management has become the replacement for the fifth and Katonah was expected to enter into a sub-advisory with Blackstone Debt Advisors for the first and sixth deals. It could not be determined if that had closed.

Before joining Katonah, Kratzman was head of CLO management at Rabobank. He could not be reached for comment.

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