London-based CORDET Capital is in pre-marketing with its debut direct lending fund, according to sources familiar with the situation. The vehicle will be focused on mid-market debt opportunities in Northern Europe.
Marketing will officially kick off in the second half of this year and CORDET is hoping to raise €600 million for the strategy, one of the sources said.
CORDET concentrates on senior loans but has the flexibility to lend across the capital structure. The firm started lending in July 2014 with a separately managed account and has executed three deals so far, the source added.
The lender has established teams in London and Stockholm. It has made several hires in the past few months including former Morgan Stanley banker, Robert Atkinson, who joined in February to concentrate on assessing mainly unrated corporate credits.
In March, the firm hired former vice chairman of global banking and markets at HSBC, Kevin Adeson, as a senior advisor and non-executive director. Adeson became the seventh member of CORDET’s investment and credit committee, as reported by PDI.
In 2013, CORDET was founded by its chief executive, Jakob Lindquist, who was a senior banker at Morgan Stanley for 22 years and was co-head of the bank’s global financial institutions group in EMEA before his departure in 2012.