We at Insider Monkey have gone over 866 13F filings that hedge funds and prominent investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of March 31st. In this article, we look at what those funds think of Kaleyra, Inc. (NASDAQ:KLR) based on that data.

Kaleyra, Inc. (NASDAQ:KLR) investors should pay attention to an increase in support from the world’s most elite money managers recently. Kaleyra, Inc. (NASDAQ:KLR) was in 18 hedge funds’ portfolios at the end of March. The all time high for this statistic is 13. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that KLR isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings).

Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Our research has shown that hedge funds’ small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by 115 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, pet market is growing at a 7% annual rate and is expected to reach $110 billion in 2021. So, we are checking out the 5 best stocks for animal lovers. We go through lists like the 15 best Jim Cramer stocks to identify the next Tesla that will deliver outsized returns. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. Now we’re going to analyze the fresh hedge fund action surrounding Kaleyra, Inc. (NASDAQ:KLR).

Do Hedge Funds Think KLR Is A Good Stock To Buy Now?

At the end of the first quarter, a total of 18 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 38% from the previous quarter. On the other hand, there were a total of 7 hedge funds with a bullish position in KLR a year ago. So, let’s review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Among these funds, Royce & Associates held the most valuable stake in Kaleyra, Inc. (NASDAQ:KLR), which was worth $16 million at the end of the fourth quarter. On the second spot was North Run Capital which amassed $15 million worth of shares. Portolan Capital Management, Greenhaven Road Investment Management, and Athanor Capital were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position North Run Capital allocated the biggest weight to Kaleyra, Inc. (NASDAQ:KLR), around 11.09% of its 13F portfolio. Greenhaven Road Investment Management is also relatively very bullish on the stock, setting aside 1.87 percent of its 13F equity portfolio to KLR.

Consequently, key hedge funds were breaking ground themselves. Athanor Capital, managed by Parvinder Thiara, assembled the most outsized position in Kaleyra, Inc. (NASDAQ:KLR). Athanor Capital had $7.1 million invested in the company at the end of the quarter. Philip Hempleman’s Ardsley Partners also initiated a $3.5 million position during the quarter. The other funds with brand new KLR positions are Paul Marshall and Ian Wace’s Marshall Wace LLP, Jonathan Lourie and Stuart Fiertz’s Cheyne Capital, and Christopher Hillary’s Roubaix Capital.

Let’s now take a look at hedge fund activity in other stocks similar to Kaleyra, Inc. (NASDAQ:KLR). These stocks are Capital City Bank Group, Inc. (NASDAQ:CCBG), Greenwich LifeSciences, Inc. (NASDAQ:GLSI), Xunlei Ltd (NASDAQ:XNET), ClearPoint Neuro Inc. (NASDAQ:CLPT), Intrepid Potash, Inc. (NYSE:IPI), Daily Journal Corporation (NASDAQ:DJCO), and Tuscan Holdings Corp. (NASDAQ:THCB). All of these stocks’ market caps resemble KLR’s market cap.

As you can see these stocks had an average of 5.6 hedge funds with bullish positions and the average amount invested in these stocks was $16 million. That figure was $81 million in KLR’s case. Tuscan Holdings Corp. (NASDAQ:THCB) is the most popular stock in this table. On the other hand Daily Journal Corporation (NASDAQ:DJCO) is the least popular one with only 1 bullish hedge fund positions. Compared to these stocks Kaleyra, Inc. (NASDAQ:KLR) is more popular among hedge funds. Our overall hedge fund sentiment score for KLR is 90. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 28.5% in 2021 through July 23rd and still beat the market by 10.1 percentage points. Unfortunately KLR wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on KLR were disappointed as the stock returned -22.6% since the end of the first quarter (through 7/23) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market since 2019.

The idea that a fund manager starts out fully formed and able to generate their best returns from the first year may sound overly simplistic, but it is a trap many investors can slip into.

Investors need to have patience with portfolio managers, but the managers themselves also need to find ways to both improve and develop their abilities, says Josh Jacobson, chief operating officer for equities at Cheyne Capital.

Speaking on the latest Citywire Selector Future Thinking podcast, Jacobson said he is adopting more performance coaching techniques to improve fund manager returns. He said this has been aided by an avalanche of new data, which has spurred an arms race of sorts.

‘I would say we are definitely in an arms race. For sure, since the beginning of my career, we’ve been in a sort of data arms race, which has accelerated dramatically with the advent of the internet and faster connectivity and much higher processing power, which allows for analysis of vast data sets in a real-time basis.

‘There’s an oft-quoted stat that around 90% of the data in the world was created in the last three years, so it is absolutely an arms race and everyone wants to succeed and markets need to evolve with it.’

In the same way football that teams can focus solely on scoring goals, rather than on an all-round team performance, Jacobson said fund houses can get bogged down in how much a money a manager has made, rather than how sustainable that method is and how it could even be improved.

He said this issue can be assessed through three areas of analysis – the input data of decision making and risk management, the output data which is performance, but also the investment decision data. This final point relates to position size, trading technique, sell discipline and overall turnover.

‘Everyone in this industry’s clearly focused on returns. So, they focus on return data, which makes a lot of sense, right? Because if you don’t generate returns in this business – you perish. So, that makes sense.

‘But I’d take a step back and say: “Well, when you look at different types of data, you have returns data, input data and investment decision data, which is the most important data, because you can control it.

‘In response to your question over how many asset managers are actually focused on it, I would say not very many. The reason I come to that conclusion is from the allocator questions that we get, as well as speaking to other people in the industry, portfolio managers, etc. Typically, the data we get around investment decisions is more about the output.’

There is clearly a benefit to reviewing how managers made their returns, but Jacobson said not all fund managers would be open to such scrutiny. He gave an example from his time prior to returning to Cheyne when he was discussing methods with other investment firms.

‘When I was doing my consulting coaching, prior to returning to Cheyne in 2015, I had a very interesting meeting with the chief investment officer of a Swiss investment bank. They have a raft of portfolio managers.

‘The meeting was scheduled for 45 minutes but went for one hour and a half. We just had a great conversation and, at the end of it, this gentleman said: “You know, I really love what you’re doing. I think it’s fantastic. And it’s probably the way forward, but it would never work here”. I thought: “What a strange thing to say”. He said because a lot of fund managers would be found out and they wouldn’t stand for it.’

Alternative asset manager Cheyne Capital Management is to open a new office in Paris, its fifth office in Europe and eighth world-wide.

Cheyne’s said the move underlines its commitment to the French lending market. The firm has deployed about €850 million in France in the past four years in 14 property loans and said in a statement that a Paris office will support origination and improve the team’s access to attractive lending opportunities.

Raphael Smadja, Head of French Real Estate at Cheyne Capital commented: “We recognised several years ago that the opportunity set for senior and mezzanine real estate lending in France was growing rapidly, so we have built a team that is able to capitalise on this.”

Among its latest deals the Paris team has provided a senior loan for an office development in Bagneux, acquired by Hemisphere and Bain Capital. The 15,000 sq m low-rise office and leisure projects, close to the future Gare de Bagneux metro station, will meet high environmental standards.

(AOF) – Cheyne Capital Management a annoncé l’ouverture d’un nouveau bureau à Paris. Il s’agira du cinquième bureau du gestionnaire d’actifs alternatifs en Europe et du huitième dans le monde. ” Au cours des quatre dernières années, Cheyne a déployé près de 850 millions d’euros en France au travers de 14 prêts immobiliers. L’ouverture d’un bureau à Paris soutiendra l’origination, facilitera l’accès de l’équipe aux opportunités du marché français et permettra ainsi d’accélérer le développement de Cheyne dans l’Hexagone “, a expliqué la société.

Raphael Smadja, Directeur de l’immobilier France chez Cheyne Capital, a déclaré: “Les opportunités de prêts immobiliers senior et mezzanine se multiplient depuis quelques années déjà en France. Nous avons constitué une équipe capable d’en tirer parti, dotée d’une excellente connaissance du marché local et d’une expertise solide en matière d’investissement à tous les niveaux de la structure de capital. Le fait que nous ouvrons aujourd’hui un bureau à Paris témoigne du succès de l’équipe à ce jour, et de la confiance que nous avons dans notre capacité à continuer à renforcer notre position sur ce marché et à créer de la valeur pour nos investisseurs.”

Franck Laval, Managing Director du pôle Strategic Value Credit chez Cheyne Capital, rejoindra également le bureau parisien. Le fonds Cheyne Strategic Value Credit Fund I a déjà déployé environ 140 millions d’euros dans des investissements français.

La France est au cœur de la stratégie qui consiste à aider des entreprises viables mais confrontées à des problèmes de liquidité à survivre et à préserver les emplois grâce à des mesures telles que la restructuration de dette consensuelle ou l’octroi de financements ‘ new money ‘.

Alternative asset manager Cheyne Capital Management (UK) (Cheyne fund) has opened a new office in Paris – the firm’s fifth office in Europe and its eighth globally.

Stuart Fiertz, Co-Founder, President & Head of Responsible Investment at Cheyne Capital, says: “Since 2018, our private credit investment teams have continued to see more and more interesting opportunities in Europe and particularly in France, so opening an office in Paris was the natural next step. Being in close proximity to those we finance is important to us and we look forward to growing our presence in the country further.”

Over the past four years, Cheyne Real Estate has deployed close to EUR850 million in France through 14 real estate loans. The opening of a Paris office will support origination and improve the team’s access to attractive lending opportunities in the region, ultimately enabling the continued growth of its presence in this key market.

Raphael Smadja, Head of French Real Estate at Cheyne Capital, adds: “We recognised several years ago that the opportunity set for senior and mezzanine real estate lending in France was growing rapidly, so we have built a team that is able to capitalise on this, combining excellent local knowledge with expertise in investing across the capital structure. That we are now launching a Paris office is indicative of the success the team has had to date, and the confidence that we have in our ability to continue to strengthen our position in this market and realise value for our investors.”

The Paris-based team has also announced its most recent transaction, in which it provided a senior loan to an office development in Bagneux. The project, acquired by Hemisphere and Bain Capital, will deliver almost 15,000 sq m of low-rise office and leisure space, just 450m from the future Gare de Bagneux metro station and will meet high environmental standards.

Earlier in the year, Cheyne was named Private Debt Investor’s Real Estate Debt Manager of the Year, Europe, as well as Real Estate Capital’s Alternative Lender of the Year in France for a second consecutive year. The firm’s Colisée investment was also named Financing Deal of the Year: France

Franck Laval, Managing Director of Cheyne Strategic Value Credit, will also be based in the Paris office. Cheyne Strategic Value Credit Fund I has already committed approximately EUR140 million to French investments. France is a core geography for the strategy which helps strong businesses facing liquidity challenges to survive and preserve jobs through measures such as consensual restructuring or provision of rescue financing.

Franck Laval, Managing Director of Cheyne Strategic Value Credit says: “France is a key market where we have a positive experience of supporting companies through difficult periods and helping them thrive. With a strong pipeline of local opportunities, now seems like a sensible time to make a formal commitment to the region.”

The key messages we take from Real Estate Credit Investments Ltd (LON:RECI) July quarterly investor update and end-July 2021 factsheet are i) attractive returns from low LTV (average 65%) credit exposure to UK and European large, well-capitalised and experienced institutional borrowers, ii) stable dividends, at 3p per quarter (latest yield: 7.9%), iii) a highly granular book – 61 positions, with the top position 14% of NAV (by commitment), iv) modest leverage – gross 29%, net 16.0% (with £44.4m cash on the balance sheet), and v) access to a strong pipeline of enhanced return investment opportunities identified by Cheyne Capital. The premium to NAV (2%) is in line with pre-pandemic average levels.

Why defensive: Realised losses have been just 1% of NAV, reflecting Cheyne’s strong credit assessment and security. We understand that all borrowers are paying in full on current terms, and bonds are expected to be repaid in full. The housebuilder mezzanine loan writedown may reverse further if current conditions continue.

New business: New business pricing has widened (still ca.2% above pre-crisis levels), and terms have improved. This is most visible in the market bond book, where yields have more than doubled since February and the LTV is nearly 10ppts lower. The dividend is now covered by stable interest income.

Valuation: RECI trades at a 2% premium to a conservative NAV, in line with pre-pandemic average levels. With a 2022E 12p dividend, the 7.7% dividend yield is the highest of its immediate peers and covered by interest income. RECI’s defensive qualities mean that the dividend has been held through the COVID-19 crisis.

Risks: Any lender is exposed to the credit cycle and individual loans going wrong. Security is currently hard to value and to crystallise. We believe RECI has appropriate policies to reduce the probability of default, and loss in the event of default. Some assets are illiquid, and Repos financing has a short duration.

Investment summary: RECI generates an above-average dividend yield from well-managed credit assets. Management has confirmed no change to dividend policy, showing its confidence in its sustainability. Bond pricing includes a discount, reflecting uncertainty, which should unwind when conditions normalise. Market-wide credit risk is currently above-average, but Real Estate Credit Investments’ strong liquidity and debt restructuring expertise should allow it time to manage problem accounts. Borrowers have, to date, injected further equity into deals.

We at Insider Monkey have gone over 866 13F filings that hedge funds and prominent investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of March 31st. In this article, we look at what those funds think of Kaleyra, Inc. (NASDAQ:KLR) based on that data.

Kaleyra, Inc. (NASDAQ:KLR) investors should pay attention to an increase in support from the world’s most elite money managers recently. Kaleyra, Inc. (NASDAQ:KLR) was in 18 hedge funds’ portfolios at the end of March. The all time high for this statistic is 13. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that KLR isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings).

Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Our research has shown that hedge funds’ small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by 115 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, pet market is growing at a 7% annual rate and is expected to reach $110 billion in 2021. So, we are checking out the 5 best stocks for animal lovers. We go through lists like the 15 best Jim Cramer stocks to identify the next Tesla that will deliver outsized returns. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. Now we’re going to analyze the fresh hedge fund action surrounding Kaleyra, Inc. (NASDAQ:KLR).

Do Hedge Funds Think KLR Is A Good Stock To Buy Now?

At the end of the first quarter, a total of 18 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 38% from the previous quarter. On the other hand, there were a total of 7 hedge funds with a bullish position in KLR a year ago. So, let’s review which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Among these funds, Royce & Associates held the most valuable stake in Kaleyra, Inc. (NASDAQ:KLR), which was worth $16 million at the end of the fourth quarter. On the second spot was North Run Capital which amassed $15 million worth of shares. Portolan Capital Management, Greenhaven Road Investment Management, and Athanor Capital were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position North Run Capital allocated the biggest weight to Kaleyra, Inc. (NASDAQ:KLR), around 11.09% of its 13F portfolio. Greenhaven Road Investment Management is also relatively very bullish on the stock, setting aside 1.87 percent of its 13F equity portfolio to KLR.

Consequently, key hedge funds were breaking ground themselves. Athanor Capital, managed by Parvinder Thiara, assembled the most outsized position in Kaleyra, Inc. (NASDAQ:KLR). Athanor Capital had $7.1 million invested in the company at the end of the quarter. Philip Hempleman’s Ardsley Partners also initiated a $3.5 million position during the quarter. The other funds with brand new KLR positions are Paul Marshall and Ian Wace’s Marshall Wace LLP, Jonathan Lourie and Stuart Fiertz’s Cheyne Capital, and Christopher Hillary’s Roubaix Capital.

Let’s now take a look at hedge fund activity in other stocks similar to Kaleyra, Inc. (NASDAQ:KLR). These stocks are Capital City Bank Group, Inc. (NASDAQ:CCBG), Greenwich LifeSciences, Inc. (NASDAQ:GLSI), Xunlei Ltd (NASDAQ:XNET), ClearPoint Neuro Inc. (NASDAQ:CLPT), Intrepid Potash, Inc. (NYSE:IPI), Daily Journal Corporation (NASDAQ:DJCO), and Tuscan Holdings Corp. (NASDAQ:THCB). All of these stocks’ market caps resemble KLR’s market cap.

As you can see these stocks had an average of 5.6 hedge funds with bullish positions and the average amount invested in these stocks was $16 million. That figure was $81 million in KLR’s case. Tuscan Holdings Corp. (NASDAQ:THCB) is the most popular stock in this table. On the other hand Daily Journal Corporation (NASDAQ:DJCO) is the least popular one with only 1 bullish hedge fund positions. Compared to these stocks Kaleyra, Inc. (NASDAQ:KLR) is more popular among hedge funds. Our overall hedge fund sentiment score for KLR is 90. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 28.5% in 2021 through July 23rd and still beat the market by 10.1 percentage points. Unfortunately KLR wasn’t nearly as popular as these 5 stocks and hedge funds that were betting on KLR were disappointed as the stock returned -22.6% since the end of the first quarter (through 7/23) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market since 2019.

The idea that a fund manager starts out fully formed and able to generate their best returns from the first year may sound overly simplistic, but it is a trap many investors can slip into.

Investors need to have patience with portfolio managers, but the managers themselves also need to find ways to both improve and develop their abilities, says Josh Jacobson, chief operating officer for equities at Cheyne Capital.

Speaking on the latest Citywire Selector Future Thinking podcast, Jacobson said he is adopting more performance coaching techniques to improve fund manager returns. He said this has been aided by an avalanche of new data, which has spurred an arms race of sorts.

‘I would say we are definitely in an arms race. For sure, since the beginning of my career, we’ve been in a sort of data arms race, which has accelerated dramatically with the advent of the internet and faster connectivity and much higher processing power, which allows for analysis of vast data sets in a real-time basis.

‘There’s an oft-quoted stat that around 90% of the data in the world was created in the last three years, so it is absolutely an arms race and everyone wants to succeed and markets need to evolve with it.’

In the same way football that teams can focus solely on scoring goals, rather than on an all-round team performance, Jacobson said fund houses can get bogged down in how much a money a manager has made, rather than how sustainable that method is and how it could even be improved.

He said this issue can be assessed through three areas of analysis – the input data of decision making and risk management, the output data which is performance, but also the investment decision data. This final point relates to position size, trading technique, sell discipline and overall turnover.

‘Everyone in this industry’s clearly focused on returns. So, they focus on return data, which makes a lot of sense, right? Because if you don’t generate returns in this business – you perish. So, that makes sense.

‘But I’d take a step back and say: “Well, when you look at different types of data, you have returns data, input data and investment decision data, which is the most important data, because you can control it.

‘In response to your question over how many asset managers are actually focused on it, I would say not very many. The reason I come to that conclusion is from the allocator questions that we get, as well as speaking to other people in the industry, portfolio managers, etc. Typically, the data we get around investment decisions is more about the output.’

There is clearly a benefit to reviewing how managers made their returns, but Jacobson said not all fund managers would be open to such scrutiny. He gave an example from his time prior to returning to Cheyne when he was discussing methods with other investment firms.

‘When I was doing my consulting coaching, prior to returning to Cheyne in 2015, I had a very interesting meeting with the chief investment officer of a Swiss investment bank. They have a raft of portfolio managers.

‘The meeting was scheduled for 45 minutes but went for one hour and a half. We just had a great conversation and, at the end of it, this gentleman said: “You know, I really love what you’re doing. I think it’s fantastic. And it’s probably the way forward, but it would never work here”. I thought: “What a strange thing to say”. He said because a lot of fund managers would be found out and they wouldn’t stand for it.’

Alternative asset manager Cheyne Capital Management is to open a new office in Paris, its fifth office in Europe and eighth world-wide.

Cheyne’s said the move underlines its commitment to the French lending market. The firm has deployed about €850 million in France in the past four years in 14 property loans and said in a statement that a Paris office will support origination and improve the team’s access to attractive lending opportunities.

Raphael Smadja, Head of French Real Estate at Cheyne Capital commented: “We recognised several years ago that the opportunity set for senior and mezzanine real estate lending in France was growing rapidly, so we have built a team that is able to capitalise on this.”

Among its latest deals the Paris team has provided a senior loan for an office development in Bagneux, acquired by Hemisphere and Bain Capital. The 15,000 sq m low-rise office and leisure projects, close to the future Gare de Bagneux metro station, will meet high environmental standards.

(AOF) – Cheyne Capital Management a annoncé l’ouverture d’un nouveau bureau à Paris. Il s’agira du cinquième bureau du gestionnaire d’actifs alternatifs en Europe et du huitième dans le monde. ” Au cours des quatre dernières années, Cheyne a déployé près de 850 millions d’euros en France au travers de 14 prêts immobiliers. L’ouverture d’un bureau à Paris soutiendra l’origination, facilitera l’accès de l’équipe aux opportunités du marché français et permettra ainsi d’accélérer le développement de Cheyne dans l’Hexagone “, a expliqué la société.

Raphael Smadja, Directeur de l’immobilier France chez Cheyne Capital, a déclaré: “Les opportunités de prêts immobiliers senior et mezzanine se multiplient depuis quelques années déjà en France. Nous avons constitué une équipe capable d’en tirer parti, dotée d’une excellente connaissance du marché local et d’une expertise solide en matière d’investissement à tous les niveaux de la structure de capital. Le fait que nous ouvrons aujourd’hui un bureau à Paris témoigne du succès de l’équipe à ce jour, et de la confiance que nous avons dans notre capacité à continuer à renforcer notre position sur ce marché et à créer de la valeur pour nos investisseurs.”

Franck Laval, Managing Director du pôle Strategic Value Credit chez Cheyne Capital, rejoindra également le bureau parisien. Le fonds Cheyne Strategic Value Credit Fund I a déjà déployé environ 140 millions d’euros dans des investissements français.

La France est au cœur de la stratégie qui consiste à aider des entreprises viables mais confrontées à des problèmes de liquidité à survivre et à préserver les emplois grâce à des mesures telles que la restructuration de dette consensuelle ou l’octroi de financements ‘ new money ‘.