Hayfin today announces the pricing of Hayfin Emerald CLO VI (“Emerald VI”), a €403.8 million Collateralised Loan Obligation (“CLO”). The transaction extends Hayfin’s recent track record of European CLO issuance activity, following the reset of the €422m Hayfin Emerald I CLO in February.

Hayfin has successfully developed its European CLO platform over the past nine months against a backdrop of volatile market conditions. This latest transaction marks the firm’s third new-issue deal since the onset of the COVID-19 pandemic and brings Hayfin’s total European CLO issuance in this period to over €1.5 billion. The strong performance of its previous European CLOs drove high investor demand for Emerald VI, allowing Hayfin to pre-place the structure’s equity tranche. The deal is Hayfin’s sixth European CLO backed by broadly syndicated loans.

Tim Flynn, Chief Executive Officer of Hayfin, said: “We’re pleased to have priced our sixth European broadly syndicated CLO. The investor demand for Emerald VI reflects our trusted status as one of Europe’s leading CLO managers. As market conditions become increasingly favourable, we are well placed to continue growing our platform.”

Goldman Sachs acted as arranger for the transaction.

Hayfin today announces the reset of Hayfin Emerald I CLO (“Emerald I”), a Collateralised Loan Obligation (“CLO”) which was first issued in a €412.8m deal in August 2018 and has now been upsized to €422.5m. The transaction marks Hayfin’s first reset within the Emerald CLO series and follows on from the printing of two new-issue European CLOs, Emerald IV and Emerald V, in H2 2020.

The reset is a response to favourable market conditions for top-tier European CLO managers and has been characterised by strong demand from investors throughout the capital stack, reflecting the firm’s proven track record of successful credit selection and portfolio construction. The structure will continue to invest in a diversified portfolio of European senior-secured loans and bonds.

Tim Flynn, Chief Executive Officer of Hayfin, said: “The reset of Emerald I underlines the strength of Hayfin’s established European CLO business. The robust investor demand and tightened pricing that we achieved are testament to our status as one of Europe’s leading CLO managers.”

Sponsors for Educational Opportunity, Ltd. (SEO London), a registered UK charity focused on promoting ethnic, gender and socioeconomic diversity and inclusion (D&I) across a range of industries, announces the launch of its EMEA-focused Alternative Investment Programme (AIP). The AIP has been developed alongside a range of leading European and global private equity and asset management firms. The alternative investment industry recognises the need for diversity across its professional teams and the programme is dedicated to supporting that process by helping under-represented groups access and develop career opportunities to transform D&I outcomes.

The AIP will identify, train and mentor a new generation of diverse talent for the alternatives industry, thus expanding the pool of talent capable of competing successfully for roles in the sector. This will empower alternatives managers to build diverse teams, deliver against broader diversity objectives and ultimately drive higher returns. With an initial focus on private equity and credit, SEO London’s AIP aims to expand into the hedge fund, real estate, infrastructure and other alternatives sectors. With time the AIP hopes to facilitate a common industry framework of best practices around D&I.

The AIP targets talented students and young professionals from underrepresented Black, Asian and Minority Ethnic and underprivileged backgrounds, at all stages of their education and career. Through ten comprehensive workstreams, the AIP will provide intensive training, mentoring, job opportunities and ongoing career support. High priority actions are already underway relating to secondary school engagement and training of junior associates through the AIP’s flagship Fellowship programme. The Fellowship builds on the outstanding success of a similar programme established in 2009 by SEO London’s predecessor entity in the United States. The US programme has developed into an industry-wide community and has successfully placed over 90% of its Fellowship programme participants into permanent positions within private equity and alternative asset managers.

Andrew Fairbairn, Chief Executive and Founder of SEO London, said: “The alternatives sector has undoubtedly made progress on D&I, but there is much further to go. Evidence shows that diverse teams deliver stronger investment performance and benefit society at the same time. We know D&I is top of mind for limited partners as they try to create standard frameworks and a more systematic approach to socially responsible investing. Therefore we’ve launched the AIP with leading investment firms to help rising professionals achieve their career dreams, to help those firms make their D&I plans come to life and to yield tangible, lasting results in terms of diverse employee recruitment and retention across the entire industry. We look forward to empowering a new generation of leaders.”

The Alternative Investment Programme’s initial Steering Group consists of some of the industry’s most high-profile names, including Advent, Apax Partners, Blackstone, Carlyle, CD&R, Cinven, CVC, Goldman Sachs Asset Management Division, Hayfin Capital Management, KKR, Permira, Providence Equity Partners, TA Associates and Universities Superannuation Scheme (USS). These firms provide grant funding, strategic guidance and a broad range of in-kind support.

“We couldn’t be prouder to support the launch of this programme with such an important goal,” said Tim Flynn, CEO of Hayfin Capital Management. “The private credit industry still has meaningful distance to go in terms of promoting greater diversity, and SEO London’s dedication to tackling this challenge in the alternatives space and creating the framework for market participants to enact real change has been admirable. We’re excited to play our part.”

Hayfin Capital Management today announces the appointment of Daniel Bird as a Portfolio Manager for Private Credit.

Daniel was previously a Managing Director at Bank of America where he successfully built and grew a global credit and special situations group in EMEA.

At Hayfin, Daniel will be based in London and will focus on sourcing and analysing investment opportunities and providing portfolio management across the private credit strategies.

He joins the other Portfolio Managers for Hayfin’s private credit business, who include Mark Bickerstaffe, Mikhael Botbol, Fabrice Damien, Cecile Ferrie-Davies, Olaf Hartmann, Kamran Hussain, Carlos Pla and Stefano Questa.

Tim Flynn, CEO of Hayfin, said: “We are delighted that Daniel has joined Hayfin as a Portfolio Manager in the private credit team. Daniel brings deep expertise and an extensive track record across European credit markets. His appointment will assist the continued growth of our established private credit business by adding to our team’s sourcing relationships, investment expertise and portfolio management capabilities.”

Daniel said: “I am excited to join a firm with such an established presence and future growth potential in private credit. I have long known and worked alongside the Hayfin team as a partner on investments and admired their commitment to delivering value for investors. I look forward to helping identify and manage further investment opportunities across Europe for the private credit team.”

Hayfin Capital Management today announces that it has established a local presence in the Asia-Pacific region with the opening of a new office in Singapore.

The office will help better serve Hayfin’s substantial investor base in Asia-Pacific, as well as allowing Hayfin to explore regionally focused investment offerings. Glenn Clarke will lead the Hayfin team in Singapore as Head of Asia-Pacific, with a focus on building the firm’s Asian franchise while retaining the client-facing responsibilities of his Institutional Portfolio Manager role.

Tim Flynn, CEO of Hayfin, said: “We are pleased to be bolstering our global client coverage and our local investment and sourcing capabilities with this new office. We have always supplemented our established footprint in European private credit and our extensive local borrower relationships with exposure and related expertise, whether regionally or industry-focused, to complementary market opportunities with compelling supply-demand characteristics. Our growing presence in Asia-Pacific will enable Hayfin to provide enhanced client service and to take advantage of attractive investment opportunities in the region.”

Glenn Clarke, Head of Asia-Pacific at Hayfin, said: “We are excited to explore avenues for building our franchise as a specialist investor in this region and will be scaling our team to better cover our investor relationships and assess possible investment opportunities.”

The opening of the Singapore office increases Hayfin’s total number of locations globally to nine, alongside the firm’s headquarters in London and offices in Frankfurt, Luxembourg, Madrid, Milan, New York, Paris and Tel Aviv.

Hayfin Capital Management today announces the pricing of Hayfin Emerald CLO V (“Emerald V”), a €345.6-million Collateralised Loan Obligation (“CLO”). The transaction is one of Europe’s largest CLO issuances since the outbreak of the Covid-19 pandemic and is the second European CLO Hayfin has printed since July, following the issuance of the €343-million Emerald CLO IV. The pricing makes Hayfin one of the few managers to have printed multiple European CLOs since the beginning of the coronavirus pandemic.

Despite these challenging and volatile market conditions, Emerald V attracted investor demand for all classes of rated notes, having preplaced the equity. The particularly high demand for the €208-million AAA tranche was reflected in Hayfin achieving the tightest pricing of AAA notes out of all managed European CLOs issued during the pandemic to date.

The structure will invest in a diversified portfolio of European senior-secured loans and bonds. Hayfin Emerald CLO V is Hayfin’s fifth European CLO backed by broadly syndicated loans, bringing the firm’s total European CLO new issuance to over €1.9 billion in the past two years.

Tim Flynn, Chief Executive Officer of Hayfin, said: “We’re delighted to have priced our fifth European broadly syndicated CLO despite the uncertainty currently affecting markets, and are particularly pleased with the strength of demand for the AAA notes, the pricing of which is the tightest in Europe since the outbreak of Covid-19. This pricing demonstrates Hayfin’s growing reputation as one of Europe’s leading CLO managers.”

Hayfin Capital Management (“Hayfin”) today announces the appointment of Alexander Wolfman as its Managing Director and Global Head of Business Development.

Alex has over 20 years of experience in the alternative investment sector. He joins from Avenue Capital Group, where, in his role as a Senior Managing Director and a member of the firm’s Management Committee, he was responsible for institutional fundraising and investor relations across the global investment firm, as well as product and strategic development.

Prior to joining Avenue in 2004, Alex worked as an investment banker at Citigroup/Salomon Smith Barney, where he focused primarily on capital raising initiatives for private equity firms. He began his career as a corporate attorney with Schulte Roth & Zabel, where he focused on structuring and advisory work for the firm’s hedge fund and private equity clients.

Tim Flynn, CEO of Hayfin, said: “We are delighted to welcome Alex to the firm, who is highly respected in the sector and brings a wealth of talent and experience. Alex’s demonstrated commitment to client service, based on mutual trust and respect, as well as his thoughtful approach to business development, are in line with Hayfin’s core values. We very much look forward to him spearheading the new phase in our growth and development.”

Alex said: “I’m excited to join Hayfin, a world-class investment firm that is uniquely positioned to continue to successfully navigate a challenging market landscape. I’m extremely grateful for the opportunity to work with such a high-quality group of professionals, including a leadership team with a clear vision for future development based on shared principles including an unwavering focus on institutional integrity, close collaboration and partnership with investors, and overall investment excellence.”

About Hayfin Capital Management

Founded in 2009, Hayfin Capital Management (“Hayfin”) is a leading alternative asset management firm with approximately €17 billion of assets under management. Hayfin focuses on delivering best-in-class risk-adjusted returns for its investors across private debt, liquid credit and private equity.

Hayfin has a diverse international team of over 150 experienced industry professionals with offices globally, including headquarters in London and offices in New York, Frankfurt, Luxembourg, Madrid, Milan, Paris, and Tel Aviv.

Hayfin is authorised and regulated by the Financial Conduct Authority. Further information can be found at hayfin.com.

Contacts:

Hawthorn Advisors:                                                      (+44) 20 3745 4960

Dominic Tonner                                                hayfin@hawthornadvisors.com

James Davey

Ryan Smith

Hayfin Capital Management today announces the pricing of Hayfin Emerald CLO IV (“Emerald IV”), a €343-million Collateralised Loan Obligation (“CLO”). The transaction is one of Europe’s largest CLO issuances since the outbreak of Covid-19.

Emerald IV attracted strong investor demand for its €199.5-million senior tranche of AAA-rated notes down to its single-B tranche, its most junior class of rated note. The structure will invest in a diversified portfolio of European senior-secured loans and bonds and is Hayfin’s fourth European CLO backed by broadly syndicated loans, bringing the firm’s total European CLO new issuance to over €1.55 billion in the past two years.

Tim Flynn, Chief Executive Officer of Hayfin, said: “We’re pleased to have successfully issued and fully syndicated one of the largest CLOs in Europe post-Covid-19, capitalising on attractive underlying collateral pricing. The strength of investor demand for Emerald IV is demonstrated by the competitive pricing of the AAA notes – amongst the tightest in Europe during the pandemic. This reflects our team’s success to date in building Hayfin’s European CLO business, alongside the other, liquid offerings and the separately managed account strategies within our High Yield and Syndicated Loans platform.”

Goldman Sachs acted as arranger for the transaction.

Hayfin founder and Chief Executive Officer Tim Flynn marked the tenth anniversary of Hayfin Capital Management (“Hayfin” or “the firm”) by sitting down for an in-depth interview with the Fund Shack podcast.

The wide-ranging conversation covered the founding of Hayfin in 2009, Tim’s experiences before and during Hayfin, and his expectations for the future of the private credit market and the firm.

You can watch the full interview below or on the Fund Shack website.

Watch on the Fund Shack website