Electra Partners is pleased to announce that, on behalf of Electra Private Equity PLC ("Electra"), it has invested £13 million in Tymon Park CLO Limited ("Tymon Park"), a new collateralised loan obligation ("CLO") fund managed by Blackstone / GSO Debt Funds Management Europe Limited, an affiliate of GSO Capital Partners LP ("GSO"), the credit investment platform of The Blackstone Group L.P. and one of the world's largest credit-oriented alternative asset managers. Blackstone / GSO Debt Funds Management Europe Limited are responsible for the investment selection and management of Tymon Park.
Tymon Park is a €414 million CLO which invests in leveraged loans issued by predominantly private equity-backed companies in the US and Europe. The CLO has a 13-year life and is invested in more than eighty individual credits. Electra's investment is in the CLO's equity alongside Blackstone / GSO Corporate Funding Limited ('BGCF'), which is funded by Blackstone/GSO Loan Financing Limited, a London-listed investment vehicle.
Alex Fortescue, Chief Investment Partner at Electra Partners, said:
"Our investment strategy focuses on buyouts, secondaries and debt investments. Within this latter category, the CLO market offers an exciting opportunity for us to use our flexible mandate to earn attractive risk-adjusted returns by investing in the debt component of private equity deals.
"We have performed extensive analysis of the CLO market opportunity. Well-structured and well-invested CLOs should make money for investors across the cycle. We are delighted to have been able to partner with GSO to conclude this investment."
Alex Fortescue and Owen Wilson are responsible for Electra's investment in Tymon Park.
This continues a busy start to Electra's financial year, which since October has included the realisations of Zensar Technologies and of MIMS and MRO from AXIO Data Group; the announcement of an £89 million investment in the acquisition of Photobox Group; the completion of the merger of Park Resorts Group with Parkdean Holidays; and bolt-on acquisitions for Elian and The Original Bowling Company.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
Ends
For further information please contact:
Andrew Honnor and Matthieu Roussellier, Greenbrook Communications
+44 (0)20 7952 2000
Andrew Kenny and Nicholas Board, Electra Partners
+44 (0)20 7306 3902
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years' experience in the mid-market. During the last 25 years it has invested in excess of £4.5 billion in over 200 deals. As at
30 September 2015, the firm had funds under management of over £1.8 billion including capital available for investment of nearly £350 million.
Electra Partners' flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.
The firm's major client is Electra Private Equity PLC ("Electra"), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 30 September 2015, Electra has seen diluted NAV per share growth of 244%. This is seven times the NAV per share return of the Morningstar Private Equity Index (ex. Electra). It is also equivalent to a ten-year annualised return of 13%, at the upper end of Electra's target range of 10-15% over the long-term.
For further information please visit www.electrapartners.com
Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.