Cross Ocean Partners stands as a notable entity in the realm of credit funds, specializing in special situations and senior credit strategies, excluding CLOs. Established in July 2015, Cross Ocean Partners quickly positioned itself as a significant player in the global financial landscape, particularly after acquiring the European Special Situations (“ESS”) business from Capula in the same month and forming Cross Ocean Adviser LLP (COA). This strategic move underscored their commitment to expanding their expertise and reach in the European market.
The firm’s aggregate committed capital reflects the substantial confidence and investment placed in their strategies. This figure encompasses the total capital commitments from various funds and accounts, including those past their investment periods, sub-advised funds, and commitments no longer available for immediate investment. It’s important to note that the operations are conducted through two primary entities: Cross Ocean Partners Management LP (“COPM”) and Cross Ocean Adviser LLP (“COA”), each with distinct regulatory registrations and investment committees, ensuring a robust and diversified approach to fund management.
Assets Under Management (AUM) at Cross Ocean Partners are defined by Gross Asset Value, aligning with “NAV before carried interest” for funds in their harvest periods and “NAV before carried interest plus undrawn investor commitments” for funds within their investment periods. For their GSS funds, AUM is calculated as “NAV before current year incentive fees plus undrawn investor commitments”. In the context of Collateralized Loan Obligation vehicles (“CLOs”), AUM represents the aggregate par value of collateral assets and principal cash across all Cross Ocean managed CLO vehicles. This comprehensive AUM calculation also incorporates assets from sub-advised funds or accounts.
A key indicator of Cross Ocean Partners’ activity and investment acumen is their capital deployment and the number of credit investments. These figures represent deployment initiated by both the US and European Credit teams across various funds and accounts within their US, European, and Global Credit strategies. This includes the activities of funds and accounts advised independently by COPM and COA from June 1, 2013, to the reported date, incorporating the ESS I funds initially formed at Capula Investment Management (“Capula”). Notably, this deployment data also includes overlapping credit investments within the Aviation Fund, highlighting the breadth and depth of their investment portfolio.
Through strategic partnerships and a global outlook, Cross Ocean Partners continues to navigate the complexities of credit markets, delivering tailored solutions and demonstrating a strong commitment to their investors and partners worldwide. Their dual operational structure and comprehensive investment strategies position them as a reliable and experienced partner in the global credit investment space.
