Ironshield Capital Management held the first close of its latest Europe-focused credit hedge fund with a capacity of €300 million ($317 million).
Ironshield Credit Opportunities Fund LP will focus on European distressed credit opportunities sparked by higher interest rates. Targeting an IRR of 25%, the fund has already made investments and partially called the capital, officials said.
“ICOF’s closed-end structure is ideally suited to the current environment and is has been created to deliver compelling returns,” said David Nazar, founder and CIO of Ironshield.
Along with Partner and Senior Analyst Sunny Chhabra, Nazar leads a team of credit specialists that has built a 16-year track record in niche credit strategies. Alternatives Watch sat down with Nazar in last year to discuss key trends in Europe.
“The core drivers in the distressed landscape — namely, higher interest rates and an ongoing tightening of financial conditions — have persisted this year and thus have created ample opportunity for us to identify and deliver value in the special situations and opportunistic credit landscape,” said Chhabra of the current environment.
The London-based firm manages a suite of complementary credit strategies of different liquidity and regulatory structures. The flagship fund generated net returns of 31% in 2021 and 22% in 2022, the firm reported.
