CVC Capital

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The team sources and manages assets across the European sub-investment grade debt capital markets. Cordatus structures and manages tailored funds and vehicles to an agreed investment strategy depending on investor risk appetite and asset allocation preference.

Cordatus maintains a conservative approach to managing credit assets. The European market is largely a private market with detailed due diligence and documentation, in contrast to the highly liquid 'public' US market. Cordatus Funds have committed finance and equity in place which allows protection against market price movements and the forced sale of assets.

Related Information

Cordatus currently manages four Funds with AUM of €1.5 billion. 
The Funds have differing structures, varying degrees of leverage
and distinct investment strategies.

Cordatus manages three structured Funds and a Credit Vehicle: 

Year Raised Fund Commitment
2006 Cordatus Loan Fund I €450 million
  • €450 million European Loan Fund
  • 75% senior loans, 25% subordinated loans
  • Annualised returns of 20% (Aug 2011) 
   
2007 Cordatus Loan Fund II €450 million
  • €450 million European Loan Fund
  • 75% senior loans, 25% subordinated loans
  • Annualised returns of 23% (July 2011)
   
2008 Cordatus Recovery Partners I €436 million
  • €436 million European Loan Fund with c.€506 million of par value assets
  • 92% senior, 8% subordinated loans
   
2009 Cordatus Recovery Partners II €50m
  • Fund redeemed September 2011
  • MoM 1.6x
  • 23% IRR
   
2011  Cordatus Credit Partners €107m
  • Open ended credit vehicle (first close September 2011)
  • Targeted net returns 10-15% including cash yield of 5-7%
  • NAV as @ 31/10/2011 101.48
   
AUM   €1.45billion