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HFM Week - August 2020

Updated: Aug 11


Credit HF CKC bolsters assets and team in H1 Posted By Thomas Duffell On August 6, 2020 @ 12:35 pm In News,US Credit hedge fund manager CKC Capital has added around $250m to its coffers in 2020 while continuing to grow its headcount. The New York-based firm was founded in 2012 by high-yield traders Christopher Yanney and Kevin Baer. The pair worked together at Barclays, Bank of America and Citigroup before starting CKC. CKC Capital has added to its assets this year as credit hedge funds saw increased investor demand for coronavirus-induced market opportunities. During the second quarter, consultants including Aksia [1], Albourne Partners [2], and Meketa Investment Group [3] were pushing credit dislocation and distressed debt opportunities as a means to exploit shell-shocked markets. Their clients responded with a pronounced shift into credit, tapping new and incumbent hedge funds managers along the way. CKC’s Credit Opportunity Fund received a $50m commitment [4] from the $76bn Massachusetts Pension Reserves Investment Management Board (MassPRIM) earlier this year and also had success in raising assets from university endowments. “We recently added our third university endowment investor,” said Anthony DeFeo, managing director of marketing and investor relations, who added that CKC had also “seen greater interest in separately managed accounts”. “Investors have been more fee-sensitive than they have in the past, and we have been offering an institutional share class with a discount on fees for bigger tickets, and that was well received,” he added. To help handle the extra operations work in running a larger asset base, CKC hired Joshua Frankel as vice-president of operations from credit hedge fund manager Column Park Asset Management. The firm’s headcount is now 11.

Taking advantage of favourable market conditions and positive investor sentiment, CKC also relaunched a former dormant fund with about $30m in July.

“It’s a version of our flagship with slightly more leverage. It’s not exactly the flagship but it’s pretty close and has 3x leverage,” explained DeFeo.

CKC’s flagship opportunity fund has returned around 2.5% net of fees year-to-date. HFM’s US credit index is currently in the red this year at -3% so far this year.

URL to article: https://hfm.global/hfmweek/news/credit-hf-ckc-bolsters-assets-and-team-in-h1/

URLs in this post:

[1] Aksia: https://hfm.global/hfminvesthedge/news/aksia-introducing-new-hf-investment-themes/

[2] Albourne Partners: https://hfm.global/hfminvesthedge/analysis/hedge-fund-hires-bounce-back-from-covid-19-slump/

[3] Meketa Investment Group: https://hfm.global/hfminvesthedge/news/meketas-crisis-game-plan-bets-on-distressed-debt/

[4] $50m commitment: https://hfm.global/hfminvesthedge/news/massprim-commits-to-credit-hfs-plans-consultant-rfp/

This document is for general information purposes only and does not constitute an offer to sell or solicit any offer to buy or sell any securities. Any such offer will be made solely to qualified investors by means of a confidential private placement

memorandum and related subscription materials.

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