Och-Ziff raises €413m for debut European CLO vehicle

The close follows the departure of COO Joseph Brucchieri, who was recently replaced by Adrian Croxson, the firm’s head of European equities.

New York-headquartered firm Och-Ziff Capital Management has closed its first European CLO vehicle after raising €413 million in commitments.

Titled OZLME, the platform will predominantly target investments in senior secured loans. The CLO was arranged by Bank of America Merrill Lynch.

Adeel Shafiqullah, managing director at Och-Ziff, said: “We are very pleased to announce the closing of our first European CLO. We have a deep, experienced team of credit investment professionals in Europe with significant and broad expertise investing and managing CLO portfolios.”

The announcement follows a shift in personnel at Och-Ziff’s European credit investment operations. According to Companies House documents, Joseph Brucchieri, the chief operating officer, left early last month and was recently replaced by Adrian Croxson.

A source familiar with the situation confirmed Brucchieri’s departure and that Croxson’s role is chief executive of the firm’s London office. Croxson, who has been at the firm for 12 years, will also retain his role as head of European equities at the firm.

Och-Ziff declined to comment on Croxson’s appointment.

Och-Ziff’s Institutional Credit Strategies team manages the CLO, levered loans and private credit investment strategies. Established in 2012, the firm has issued 14 CLOs totalling $7.6 billion.

As of 1 December, Och-Ziff had $37.1 billion of assets under management. In addition to its New York and London offices, the firm is based in Hong Kong, Mumbai, Beijing, Dubai, Shanghai and Houston.