Cross Ocean Partners Closes its First US Special Situations Fund at $605 Million; Total Capital Commitments Across the Strategy Grow to $885 Million
GREENWICH, Conn., Oct. 09, 2018 (GLOBE NEWSWIRE) -- Cross Ocean Partners, a global asset management firm, announced the successful final closing of Cross Ocean USSS Fund I (A), its US Special Situations (“USSS”) credit fund, on June 29, 2018. The fund closed with total aggregate committed capital of c. $605 million, which brings aggregate capital commitments across the firm’s USSS strategy to c. $885 million.
Commitments to the strategy came from a global investor base, represented by investors from North America, the Middle East and Australia, including public and private pension plans, insurance companies, family offices and a sovereign wealth fund, amongst others. The USSS strategy focuses on investments in stressed and distressed corporate debt, primarily senior and asset backed instruments that offer more downside protection. As of June 30, 2018, Cross Ocean USSS Fund I (A) has drawn c. 39% of its committed capital.
“We are delighted with the success of our first time fund in the US,” said Graham Goldsmith, Chief Executive Officer and co-Chief Investment Officer of Cross Ocean Partners. “The firm is very pleased and grateful to have the support of existing Cross Ocean limited partners and develop relationships with new ones. Our deployment rate has been steady, and we believe we have a strong pipeline of opportunities ahead.”
About Cross Ocean Partners:
Cross Ocean Partners is a global asset management firm focused on credit investments in a broad range of asset classes, including corporate loans and bonds, hard assets, commercial real estate, liquidations and structured credit. As of October 1, 2018, the Firm has 47 employees globally, with offices located in Greenwich, Connecticut; London, United Kingdom; and Dublin, Ireland. Cross Ocean Partners advises assets of $3.2 billion globally across its affiliated asset management entities, and its funds and accounts have raised approximately $4.4 billion of aggregate committed capital to date. The firm also has European and Aviation Special Situations strategies.
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