IMCO commits US$250 million to credit fund

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Falling liquidity and profitability of stocks and investments. Recession. Low attractiveness of short-term deposits. Financial crisis. The collapse of the securities market. Money bag, down arrow © Andrii Yalanskyi /123RF Stock PhotosThe Investment Management Corp. of Ontario is committing US$250 million to Apollo Global Management Inc.’s new Accord Fund III Series B.

The fund is focused on acquiring credits that have traded down due to liquidity-driven selling and non-economic reasons. “This is an example of IMCO adapting to market conditions and exploiting our liquidity very quickly so that clients have access to dislocated opportunities as they arise,” said Jennifer Hartviksen, managing director of global credit at the IMCO, in a press release.

Notably, the IMCO recently launched a global credit program, with the aim of achieving higher risk-adjusted returns than traditional fixed income as well as further diversification benefits.

 “As our program scales, we are initially relying on experienced strategic partners,” said Christian Hensley, senior managing director of private equities and credit, at the IMCO. “The investment in this fund is an example of the types of opportunities we’re pursuing — investments with sponsors that we believe have deep expertise, delivering diversifying and differentiating exposures, who are transparent, opportunistic, and value-oriented.”

The IMCO’s global credit team closed the commitment with Apollo in April.

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