Evolution Credit Partners Management, a Boston-based alternatives asset manager, now has approximately $3 billion in assets under management with the final close of Evolution Credit Opportunity Fund II (ECO II) at $1.05 billion, well above its target of $635.26 million.
According to a statement 13 March by Atlantic-Pacific Capital, the $1.05 billion figure includes investor commitments to the fund, leverage and separately managed accounts. APC is the exclusive placement agent for the fund.
APC said that ECO II has “taken advantage of attractive tactical opportunities in the second half of 2022, investing over $700 million to date”.
“Closing the fund amid a historically challenging capital raising market is a strong validation of our differentiation and approach,” said Michael Guarnieri in the statement. Guarnieri, co-founder and managing partner of Evolution, also expressed gratitude for “the strong support from our existing investors as well as our new capital partners”.
ECO II invests opportunistically across Evolution’s platform, including leveraged finance and trade finance strategies. It focuses (according to Private Debt Investor’s data) on senior debt of North American, and specifically of US, corporations. Its investments thus far include nearly $300 million of contingent credit transactions.
The investor base, a diverse one, includes pension plans, endowments, foundations, asset managers, fund of funds and family offices. It is also geographical wide-ranging: US, Canada, Europe, Central and South America, and the Middle East.
Evolution spun off from Harvard Management Company nearly five years ago, in April 2018. According to the statement, it now has four commingled fund offerings, all of which are now closed to new investors.