Cheyne Strategic Value Credit has raised €1bn for its Cheyne European Strategic Value Credit Fund II (SVC II), reaching its capacity less than six months following its first close.
Funding came from existing investors and significant excess demand from new investors, it added.
Cheyne said the investment fund “enjoyed broad investor representation and strong institutional support, with approximately 80% represented by pension and insurance companies predominantly in Europe and North America.”
According to the Texas County & District Retirement System’s website, the US pension fund committed $22.5m to the fund this summer – an additional investment to the $150m invested last December.
The firm – established in 2017 as a new investment division within alternative asset manager Cheyne Capital – launched its inaugural European Strategic Value Credit Fund which was substantially oversubscribed and closed at its hard capacity limit of €1bn in June 2019.
SVC II continues the same investment strategy as its predecessor fund, providing constructive capital solutions to mid-market corporates facing liquidity and other complex financial challenges, working on a consensual basis with management teams and shareholders to provide a positive turnaround, it said.
The new fund has already initiated seven investments, in five different European countries and across a range of industries including business process outsourcing, ground & cargo handling services, security solutions and food products.
Managers partner to accelerate development of Iceberg Data Lab
AXA Investment Managers, Natixis Investment Managers and its affiliate Mirova, Sienna Investment Managers and Solactive have entered into an agreement with Iceberg Data Lab to participate in its series A fund raise.
Following this minority investment, each investor will also be represented on Iceberg Data Lab’s supervisory board in order to support the development of the company.
With increased demand from both financial institutions and their stakeholders for better transparency on the impact of portfolios on climate and the environment, the partner firms plan to support Iceberg Data Lab’s global expansion and product development which includes data coverage enlargement, automated machine learning and autonomous AI.
Iceberg Data Lab is a fintech company leveraging data treatment tools and science-based models allowing financial institutions to assess the impact of their portfolios on the environment.
The company has developed methodologies to calculate the various environmental impacts of issuers and assets throughout their value chain (supply chain to end use).