Valcia Asset Management, a new specialist European credit investment manager, has launched with the backing of Värde Partners.

Subject to regulatory approval, Valcia will be fully operational from 1 January 2027 and will take over management of the Värde Liquid Credit Fund, which launched in 2023.

It will be headed by Carlos Sanz Esteve as partner and chief investment officer.

Sanz Esteve has spun out the new credit manager from global investment firm Värde, which manages $15bn (£11.3bn) of assets, most recently being head of European corporate and traded credit at the firm.

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“This is an exciting opportunity to build a focused specialist manager around a strategy and team in which we have strong conviction,” said Sanz Esteve.

“European credit markets have evolved considerably in recent years. We believe many of the most attractive opportunities now emerge from situations that require a combination of fundamental credit analysis, restructuring expertise, legal knowledge and active portfolio management.”

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The firm said its team is made up of experienced European credit investors working across the full range of traded credit markets, with expertise in process-driven situations, capital structure arbitrage and relative value investing.

“The advantage of launching with an existing vehicle, established investors and a long-standing research platform is that it allows us to remain focused on what matters most: investing capital and delivering results for clients,” said Hamish Goar, a partner at Valcia.

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