The Alcentra Group is expanding its efforts in both the U.S. and Europe with a new European collateralized loan obligation and a recently raised U.S. hedge fund. The firm is said to be in the market with a E300 million collateralized loan obligation, called Jubilee III. The CLO will be underwritten by Deutsche Bank, according to a source. Alcentra's European group also manages three other CDO funds--Blue Eagle CDO I, Jubilee CDO I, and Jubilee CDO II for a total of E1.5 billion under management. David Forbes-Nixon, chief investment officer and head of European operations, declined comment.
Meanwhile, earlier this month, Alcentra launched a new hedge fund called Avila Fund. This will be managed by the U.S. team and has been targeted to invest 70% of its capital in leveraged senior loans. The remaining 30% of the fund will be available for investments in stressed bank loans, bonds and notes. The Los Angeles-based team also manages the $500 million Pacifica I CDO, and the $300 million Pacifica II CDO. Steve Bruce, Alcentra's U.S. head of operations and chief investment officer, could not be reached for comment by press time.
Alcentra was formed in March 2002 with the acquisition of Imperial Credit Asset Management in the U.S. and Barclays Capital Asset Management in Europe. The firm is owned by Alchemy Investment Plan, a private equity investment plan, and Alcentra's management team.
Separately, Faith Bartlett, formerly a global head of structuring and marketing and CDO portfolio manager for Alcentra, has left the firm to join Deutsche Bank, where she is working within the CDO marketing team. At Alcentra, Bartlett had been working with the firm's CEO Christopher Damico, in the marketing efforts. Damico will continue Alcentra's marketing efforts. Bartlett was traveling and could not be reached. A Deutsche Bank spokeswoman could not confirm Bartlett's arrival by press time.