Investcorp brings on former Medley exec to lead US credit operations

Investcorp Credit Management’s head of US operations is stepping down and will be replaced by Medley Management’s former head of credit and structured credit.

John Fraser, the top US debt investing official for Bahrain-based Investcorp to have joined the firm from its 2017 acquisition of the 3i Debt Management (3iDM) from 3i Group, will be replaced by Jim Feeley, the firm said in a statement. To aid in the transition, Fraser will stay on as a senior advisor to Investcorp for one year.

Feeley’s work at Medley, where he worked from January 2014 to June 2017, included building out the firm’s tradable credit and collateralised loan obligation investment businesses.

Prior to Medley, he was a managing partner at WhiteSquall Capital Partners, and founded several firms pre-global financial crisis: Friedberg Milstein Credit Strategies, a credit manager that GSO Capital Partners bought in 2007, and CastleHill Investment Management, a credit firm that was owned in partnership with former investment bank Bear Stearns.

Investcorp announced its $271 million purchase of 3iDM in October 2016, a transaction that closed five months later and led to the creation of the former’s current credit offering. The addition of 3iDM added $11 billion to Investcorp’s assets under management, a significant boost in its quest to reach the $25 billion mark.

3iDM managed CLOs, which Investcorp’s credit group took over upon the merger’s closing, consisting of the Harvest and Jamestown series. The Harvest CLO XXI, a €409.6 million deal, had its notes rated by Moody’s Investor Services last week. The $450 million Jamestown CLO XII also had its notes rated by Moody’s earlier this month.