EnTrust raises over $2bn in maritime funds

EnTrust Global completed the fundraise for its long-anticipated EnTrust Global Blue Ocean Funds to the tune of $2.1 billion. The fund close followed its initial raising of $925 million in April 2020 for the global maritime direct lending funds, which has been a rapidly growing business for the $18 billion firm that historically has offered funds of hedge funds. The new private debt and real asset division welcomed Julian Proctor earlier this year to lead an effort to support environmentally advanced shipping vessels. The Blue Ocean Funds are active in direct lending and similar financing opportunities to vessel owners and operators and other maritime businesses. According to Proctor, Vessel owners and their customers and end-users are increasingly focused on the impact of the shipping industry on the environment, and especially on carbon emissions, but there is inadequate financing for the industry to move to cleaner, more advanced technology. “I’m excited to lead EnTrust’s initiative to create financing solutions for vessel owners that will help transition the shipping industry to a more sustainable future,” added Proctor, who joined EnTrust in January 2020 as managing director of investment research and has 23 years of experience in the shipping industry with a pedigree including Tiger Group Investments and BNP Paribas Fortis. “To have raised $2.1 billion in a vertical as specific as the maritime industry speaks to our team’s expertise and demonstrated success since the inception of the Blue Ocean Funds,” said Gregg Hymowitz, chairman and CEO of EnTrust Global. “We are grateful for the strong support from our investors during a volatile market as the economy has navigated the pandemic these last six months.” Svein Engh is the senior managing director and portfolio manager of the Blue Ocean Funds. He said that the demand for EnTrust’s debt capital solutions remains strong. The team has continued to deploy capital efficiently, while also successfully maintaining the quality of the existing portfolio throughout a very tough time period as a consequence of COVID-19.

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