Chorus Capital has published a press release announcing the close of Chorus Capital Credit Fund IV, the firm's largest fund to date.
London (February 23, 2021) - Chorus Capital, an alternative credit manager specialised in risk-sharing transactions with banks, today announces that it has successfully concluded fundraising for Chorus Capital Credit Fund IV (the Fund). In connection with this fundraising, the firm has gathered $1.4 billion of capital commitments, well in excess of the Fund’s initial target of $1 billion.
The Fund represents Chorus Capital’s largest commingled investment vehicle to date and one of the largest private credit funds raised in Europe since the start of the Covid-19 crisis. Fundraising was concluded in just over 12 months, with about 80% of the Fund’s capital raised since the start of the pandemic. Whilst the Fund received strong support from existing limited partners, new investors represent about 70% of its capital commitments. This further diversifies Chorus Capital’s high-quality institutional investor base of pension funds, insurance companies and family offices across Europe, North America and Asia.
Over 60% invested already, the Fund allows Chorus Capital to further expand its scalable strategy of providing banks with capital relief through a hedge against losses on their core corporate loan portfolios. Although the loans remain on their balance sheets, capital relief is achieved through actual credit risk transfer, improving banks’ profitability and capacity for further lending to the economy. Risk-sharing is an effective, flexible capital management tool adopted by a fast-growing number of banks in Europe, and increasingly across North America and Asia.
Chorus Capital’s founder and CEO Gilles Marchesin said: “We are truly grateful for the support of our investors who have helped us significantly exceed our fundraising target in a relatively short period of time, against a challenging macro-economic backdrop. Ultimately, this success highlights investors’ appetite for our investment strategy. We are also looking forward to further developing our partnerships with banks across Europe and around the world. As economies emerge from the global pandemic, banks must ensure that they manage their capital efficiently for corporate clients and shareholders alike.”
Citigate Dewe Rogerson
About Chorus Capital
Founded in 2011, Chorus Capital is an alternative credit manager whose investment strategy is exclusively focused on risk-sharing transactions with banks and other financial institutions. The London-based firm, which is wholly-owned by its co-founders, employees and directors, manages capital across several closed-ended investment vehicles.
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