London-based credit hedge fund manager Ironshield Capital has launched its Credit Opportunities Fund.

The fund is a closed-end vehicle to take advantage of opportunities materialising in private credit and illiquid public credit.

In addition, the fund will target a size of $300m with an initial close for summer 2023. Also, there is an IRR target of 25% across a four-year fund term.

Furthermore, it will look to capitalise on the pipeline of stressed and distressed opportunities created by higher interest rates. It will also take advantage of ongoing tightening of financial conditions which will be exacerbated by recent bank stress.

David Nazar, CIO and founder of Ironshield Capital, said: “With 16 years’ track record in European credit markets, Ironshield is perfectly positioned to capitalise on today’s market conditions. By focussing on credits with occasional liquidity – which can experience greater dislocation in times of volatility – and by looking at under-researched small and medium-sized distressed situations, our new fund will capitalise on the opportunity set the likes of which we haven’t seen since Lehman and the Eurozone crisis.”

Ironshield was established in 2007 and has a 16-year track record of managing event-driven, European stressed and distressed credit. Their current platform includes four other credit strategies, and their flagship fund generated net returns of 31% in 2021 and 22% in 2022.

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