Harvard Management Co. credit spinout Evolution Credit Partners held the final close of its second fund attracting approximately $1.05 billion of investable capital, which includes investor commitments as well as leverage and separately managed accounts.
The strategy for Evolution Credit Opportunity Fund II includes both leveraged finance and trade finance strategies, primarily working with companies looking for longer-term acquisition financing and shorter-term working capital needs.
In the second half of last year the fund already took advantage of some tactical opportunities and the team has already invest over $700 million to date, including roughly $300 million of contingent credit transactions.
The now $3 billion firm was founded by Rene Canezin, who was responsible for building and managing the absolute return credit portfolio at Harvard Management Company. During his tenure at the endowment office, he was named co-head of the investment committee and later formed the HMC Private Credit team in January 2017 with Michael Guarnieri, with whom he co-founded Evolution Credit Partners in 2018.
Since inception, the firm has committed approximately $5 billion of capital. Evolution has four commingled fund offerings, all of which are now closed to new investors. Investors in the firm’s funds include pension funds, endowments and foundations, asset managers and other U.S. and global institutions.
In addition to the close of the second fund, Evolution’s inaugural hedge fund product, Evolution Credit Partners Trade Finance Fund, L.P., closed on its initial target of approximately $100 million and is currently soft closed to new investors.