Cheyne Capital

Carl Tohme, Cheyne's EMEA Equity Portfolio Manager, recently spoke to Bloomberg about the reasons behind his strategy's return of +13.1% last year and net annualised return of +9.3% since inception in 2008 versus just +0.7% for the MSCI EMEA index over the same period (to end-2024). Read the full article here 👉 https://lnkd.in/eYuvJQHq #emea #mena #equities

Stuart Fiertz hugely enjoyed Navigating the Future of Private Credit at a packed event co-hosted by Cheyne Capital and CAIA Association along with expert panellists: 🎤 Jack Edwards, Head of Structured Credit & Alternatives at Phoenix Group, 🎤 Matthieu Le Bret, FRM, CAIA, Managing Director & Global Head, Structured Credit Distribution at NORD/LB, and 🎤 Elena Koycheva, CFA, CAIA, CIPM who was an excellent moderator Stuart set the scene of European banks' longstanding focus on de-risking since 2008 and the opportunity that presents for private credit specialists with an established, local presence to lend into the consequent funding gap. Europe's desperate lack of risk-taking capital was illustrated with some fascinating statistics, including: 👉 47% of household financial holdings being in liquid and guaranteed life insurance funds versus just 14% in the US 👉 40% productivity gap between Europe and the US 👉 $54 trillion equity market in the US versus $8 trillion in Europe, despite a 15% larger GDP 👉 99% less investment in venture capital by European pension funds than US pension funds The panel then proceeded to discuss less crowded areas of opportunity in European Private Credit, including: ⭐ Real Estate Lending ⭐ Non-Sponsored Lending ⭐ Stressed Situations ⭐ Significant Risk Transfer Many thanks to all who attended and made it such a productive and interactive event. #CAIALondon #privatecredit #privatedebt #realestatedebt #nonsponsoredlending #sponsorlesslending #significantrisktransfer #srt

Frank Benhamou, risk transfer portfolio manager at Cheyne Capital, very much enjoyed joining Paul Horvath, CEO of Orchard Global in a masterclass on Significant Risk Transfer (#SRT) at the Alternative Credit Council Private Credit Investor Forum in Miami. With both Cheyne and Orchard having been early investors in SRT - and Frank playing a leadership role in the SRT platform at Barclays - they were able to dive deeply into the evolution of the SRT market; the motivations for banks and investors to enter into SRT transactions; and the market outlook. #significantrisktransfer #risktransfer #risksharing #creditrisksharing #crt

Cheyne Impact Real Estate is proud to announce the completion of Sandstone Brook in Shropshire, Cheyne's second state-of-the-art care home in partnership with Liberty Care Developments and with Anavo providing the highest quality care. With 35% of the rooms allocated to publicly-funded residents at significantly reduced rates, Sandstone Brook continues Cheyne Impact Real Estate's thesis of making high quality and tenure blind accommodation available to everyone. #impactinvesting #pbii #affordablehousing #affordablecare

Duncan Sankey enjoyed presenting on "Private Credit...But Not As You Know It" at SG Pensions Enterprise's excellent Private Markets Pensions Investment Forum. Duncan discussed Significant Risk Transfers (SRTs), formerly known as Regulatory Capital transactions, which allow banks to buy credit protection on loan portfolios in order to release regulatory capital. The loans remain on the banks’ balance sheets, providing an alignment of interest and giving investors exposure to loans they would not otherwise be able to access since these are the loans that the banks want to retain. SRT strategies offer attractive returns to investors with considerable downside robustness, low volatility, low correlation to other asset classes and highly predictable cashflows. Duncan also discussed how a version referencing UK SME loan portfolios could release capital for UK banks to increase their UK lending. This would facilitate an attractive multiplier effect for credit transmission to the UK economy. #ukproductivefinance #srt #crt #significantrisktransfer #risktransfer #creditrisksharing #privatecredit #privatedebt

Duncan Sankey, Cheyne's Head of Credit Research, and Nicole von Westenholz, Head of Strategic Business Development, shared their views with Room151 on Three Compelling Ways to Invest in UK Productive Finance Through Private Debt. They argue that the market for direct lending to the corporate middle market (typically backed by private equity, aka financial sponsors) has become over-crowded, resulting in unfavourable developments such as manager concentration, erosion of creditor defences and lender-on-lender violence. However, there are alternatives which offer compelling returns and robust downside protection. These include: ▪️ Non-Sponsor-Backed Corporate Lending : around 85 - 90% of direct lending in the UK is focused on 'sponsor-backed' businesses but these only account for a fraction of total businesses in the UK ▪️ Real Estate Debt : a dearth of competition and high barriers to entry lead to yields which have long persisted at compelling levels in UK and European real estate lending ▪️ Significant Risk Transfer (formerly known as Regulatory Capital transactions) : give investors exposure to loans they would not otherwise be able to access at returns superior to those offered by bank capital instruments Read the full piece here 👉 https://lnkd.in/evJBJCpt #ukproductivefinance #privatedebt #privatecredit

Stuart Fiertz enjoyed a fireside chat with Guillermo Pérez Molina from AIMA - The Alternative Investment Management Association at the DealCatalyst European Private Credit Conference on Direct Lending. Stuart discussed the outlook for European Real Estate Debt : why the current opportunity set is so compelling; how real estate debt compares to other private credit strategies; Europe versus the US; sectors to focus on and sectors to avoid; and what lessons can be learned from the past. #privatecredit #privatedebt #realestatedebt #directlending

Arron Taggart, Head of UK Investment at Cheyne Real Estate, spoke to Daniel Cunningham about the rationale for Cheyne's £500 million loan for the redevelopment of 75 London Wall (formerly known as Winchester House and Deutsche Bank's UK headquarters). They also discussed the use of back leverage and the use of a loan margin ratchet mechanism to incentivise the borrowers to achieve the highest sustainability standards. The owners are targeting for the building to be Net Zero Carbon in operation, as well as BREEAM Outstanding, Well Platinum and NABERS 5 Star. https://lnkd.in/eiEbD9YR #realestatedebt #realestatecredit #privatecredit #sustainability

Duncan Sankey, Cheyne's Head of Credit Research, looks forward to presenting on "Private Credit...But Not As You Know It" at SG Pensions Enterprise's Private Markets Pensions Investment Forum on Tuesday 28th January at Ironmongers' Hall, London. See the full agenda here 👉 https://lnkd.in/enn2Z8qE #privatemarkets #privatecredit #privatedebt #ukpensions #ukgrowth

Stuart Fiertz looks forward to speaking at The European Private Credit Conference on Direct Lending at The Landmark, London on Monday 27th January, where he'll be engaging in a fireside chat on Real Estate Debt including the current opportunity set, Europe vs the US, sectors to focus on and sectors to avoid...and much more. Check out the full agenda here for more details 👉 https://lnkd.in/epPwAQfh #DealCatalyst #PrivateCredit #DirectLending #PCDL #RealEstateDebt