Värde Partners brings CIO total to three

Värde appointed Ilfryn Carstairs and Jeremy Hedberg to be joint CIOs alongside current CIO and chief executive George Hicks.

Minneapolis-based alternative investment firm Värde Partners has added two more chief investment officer, according to a statement released by the firm.

Värde appointed Ilfryn Carstairs and Jeremy Hedberg to be joint CIOs alongside current CIO and chief executive George Hicks, as part of the firm’s long-term succession plan, the statement said. They will begin their new roles on 1 January 2017. A year later, on 1 January 2018, Hedberg and Carstairs will remain CIOs while Hicks will focus on his role as CEO, according to the statement.

A spokeswoman for the firm was not available to comment.

Both Carstairs and Hedberg mostly recently served as partners in corporate and traded credit at the firm, where they managed a global liquid investments portfolio. Carstairs joined Värde in 2006 from Deutsche Bank’s financial sponsors group in London, and was named partner in 2011, according to the firm’s website. Hedberg made partner in 2003, after having joined the firm in 1997 from mid-market firm Goldner Hawn Johnson & Morrison.

“They both have played key roles in our investment strategies across time and geographies – with Ilfryn based in Europe and Jeremy based in the United States,” Hicks said in the statement.

Värde manages $11 billion in assets, and has regional headquarters in Minneapolis, London and Singapore, as well as eight satellite offices.

The firm employs a credit-oriented approach to invest in corporate assets, sovereign debt, residential mortgages, real estate, specialty finance, transportation, infrastructure, and logistics, according to PEI data.

Earlier this year, Värde launched its twelfth fund, Värde Fund XII, targeting $200 million.