Sycamore Tree Capital Partners Closes Second CLO Totaling $404.5 Million

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Sycamore Tree Capital Partners (“Sycamore Tree”), a specialist asset manager with private and alternative credit investment expertise, announced today the closing of STCP CLO 2023-2, Ltd. (“STCP CLO 2” or “the Fund”), the Firm’s second collateralized loan obligation fund.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, February 22, 2023
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Tags: 
Banking, Asset Management, Professional Services, Finance, CLO, Insurance, LLP, NA, Fund, STCP, AUM, Dechert, Sycamore, Security (finance), Bank
Geotags: 
UNITED STATES, NORTH AMERICA, CANADA, TEXAS
Organisation: 
SYCAMORE TREE CAPITAL PARTNERS
Summary
Key Points: 
  • Sycamore Tree Capital Partners (“Sycamore Tree”), a specialist asset manager with private and alternative credit investment expertise, announced today the closing of STCP CLO 2023-2, Ltd. (“STCP CLO 2” or “the Fund”), the Firm’s second collateralized loan obligation fund.
  • STCP CLO 2 totals $404.45 million and received broad support from the investor community including banks, insurance companies, and asset management firms.
  • Citibank Securities, NA acted as the Fund’s underwriter, and Dechert, LLP acted as counsel to Sycamore Tree.
  • Sycamore Tree closed its first CLO , Sycamore Tree CLO 2021-1, Ltd., in November 2021.


Sycamore Tree Capital Partners (“Sycamore Tree”), a specialist asset manager with private and alternative credit investment expertise, announced today the closing of STCP CLO 2023-2, Ltd. (“STCP CLO 2” or “the Fund”), the Firm’s second collateralized loan obligation fund.

STCP CLO 2 totals $404.45 million and received broad support from the investor community including banks, insurance companies, and asset management firms. The Fund has a three-year reinvestment period and a one-year non-call period. Citibank Securities, NA acted as the Fund’s underwriter, and Dechert, LLP acted as counsel to Sycamore Tree.

“Consistent with Sycamore Tree’s first CLO, we continue to pursue capital preservation by focusing on higher quality, more liquid, broadly syndicated US loans across a wide range of industries,” said Paul Travers, Managing Director and Portfolio Manager. “This all-weather approach has been very resilient, notwithstanding the macroeconomic and market volatility of the past year.”

Scott Farrell, Managing Director and Head of Structured Credit, added: “We greatly appreciate such broad participation from the debt investor community for our second offering. Given our access to committed CLO equity capital, we expect to be a disciplined, repeat new issuer.”

This closing of STCP CLO 2 brings Sycamore Tree’s total AUM to approximately $1.3 billion across its various credit strategies. Sycamore Tree closed its first CLO, Sycamore Tree CLO 2021-1, Ltd., in November 2021.

About Sycamore Tree Capital Partners

Sycamore Tree Capital Partners is a value-oriented, durable-alpha investment firm specializing in alternative credit. Founded by industry veterans Mark Okada, Trey Parker and Jack Yang, the firm has deep experience across economic and market cycles. Headquartered in Dallas, TX with an office in New York City, the firm’s investment expertise includes bank loans, high yield bonds, structured credit, and special situations. For additional information, please visit our website at www.sycamorelp.com.

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