Key Takeaways
- • Ramirez Asset Management, Inc. (RAM), a $12+ billion fixed income and equity manager, acquired the private credit opportunities strategy team and assets from Avenue Capital Group, with the transaction closing on October 1, 2024.
- • The deal brings five existing funds with approximately $500 million in capital commitments to RAM, led by William Maier, Patric Lager, and Frank Madden.
- • RAM plans to launch its sixth fund in 2025, targeting $300 million in equity capital with a mid-year close.
- • The new fund will primarily invest in syndicated and mid-cap club-sponsored credits in the United States, with possible exposure to European credits.
Summary
Ramirez Asset Management, Inc. (RAM), a New York-based registered investment adviser with more than $12 billion in fixed income and equity assets under management, has acquired the private credit opportunities strategy team and its assets from hedge fund manager Avenue Capital Group, according to a Business Wire release. The transaction closed on October 1, 2024, and includes five existing investment funds with approximately $500 million in capital commitments. The funds will continue to be led by William Maier, Patric Lager, and Frank Madden, who joined RAM as part of the deal.
Maier, a Senior Portfolio Manager and Managing Director, will lead the new group, with Lager and Madden serving as Managing Directors. Maier and Lager will oversee the strategy. Prior to joining RAM, Maier and Lager spent eight years at Avenue Capital Group, where they directed the investment activities of the Avenue Performing Loans Strategy. Maier also spent 26 years at Natixis and its predecessor banks, where he was a founder of the bank's U.S. leverage finance business. Lager previously served as Head of Private Equity, Asset Management and Brokerage Services at Yaqeen Capital in Saudi Arabia and also worked at Natixis. Madden spent six years at Avenue Capital Group before joining RAM.
RAM expects to launch its next fund in 2025, projected to target $300 million in equity capital with a mid-year close. The fund will primarily invest in syndicated and mid-cap club-sponsored credits, mainly in the United States, and may also invest in European credits. Investments will be sourced through the group's private equity relationships and arranged by leading financial institutions. The team currently manages five funds, four in the distribution period and one in the investment period.
Samuel A. Ramirez, Jr., President and CEO of RAM, said the integration has been seamless and that the firm looks forward to launching a new fund in 2025. RAM is affiliated with Samuel A. Ramirez & Co. Inc., one of the oldest and largest Hispanic-owned investment banks in the U.S.
Maier, a Senior Portfolio Manager and Managing Director, will lead the new group, with Lager and Madden serving as Managing Directors. Maier and Lager will oversee the strategy. Prior to joining RAM, Maier and Lager spent eight years at Avenue Capital Group, where they directed the investment activities of the Avenue Performing Loans Strategy. Maier also spent 26 years at Natixis and its predecessor banks, where he was a founder of the bank's U.S. leverage finance business. Lager previously served as Head of Private Equity, Asset Management and Brokerage Services at Yaqeen Capital in Saudi Arabia and also worked at Natixis. Madden spent six years at Avenue Capital Group before joining RAM.
RAM expects to launch its next fund in 2025, projected to target $300 million in equity capital with a mid-year close. The fund will primarily invest in syndicated and mid-cap club-sponsored credits, mainly in the United States, and may also invest in European credits. Investments will be sourced through the group's private equity relationships and arranged by leading financial institutions. The team currently manages five funds, four in the distribution period and one in the investment period.
Samuel A. Ramirez, Jr., President and CEO of RAM, said the integration has been seamless and that the firm looks forward to launching a new fund in 2025. RAM is affiliated with Samuel A. Ramirez & Co. Inc., one of the oldest and largest Hispanic-owned investment banks in the U.S.
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