Bain veteran to launch European credit fund
Former Bain Capital partner Sandro Patti is set to launch a fund specialising in alternative credit across Europe.
Patti left Bain in October after six years at the alternative investment firm, where he was a partner in the European corporate distressed team.
The new fund is named Valiant Asset Management, and will have a remit to invest in event-driven public bonds, syndicated loans and credit default swaps, Bloomberg News reported.
It will also look to provide liquidity to public and private companies in distress as well as growth and alternative financing, and it is targeting a size of €250m (£215m) to €300m in year one.
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Former Permira Credit investment director Sandy Clark is believed to be joining Valiant as a senior investment professional. Meanwhile, Kieran Glennon – formerly of Alcentra – will be chief operating officer.
Patti’s new fund will join a glut of new ventures seeking to capitalise on the opportunities in European credit at present.
Last month, M&G Investments unveiled its first European Long-Term Investment Fund (ELTIF) focusing on European private credit, with £500m committed ahead of the launch.
More recently, French alternative asset manager Eurazeo closed its sixth direct lending fund, raising €2.3bn in capital, surpassing its initial target of €2bn.
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