(Bloomberg) -- CCS Partners, a credit manager focused on structured and private asset-based deals, launched this month and raised $4 billion in commitments, according to a person with knowledge of the matter.
The partnership was founded and is jointly led by Randy Takian as president and Rob Kinderman as chief investment officer, said the person, asking not to be named discussing private details. The firm, formally launched on August 1, will invest in securities and loans, including risk transfer trades, the person added.
After more than two decades, Kinderman left Ellington Management Group last year where he co-managed its credit strategies, which included hedge funds, Bloomberg reported. Takian was previously president of the performing and stressed credit business at Avenue Capital.
A spokesperson for CCS Partners declined to comment.
Private credit firms and hedge funds are increasingly expanding in the asset-based finance market as traditional banks retreat in an effort to manage capital requirements. More US banks are also offloading risk through synthetic risk transfer transactions, given looming Basel III capital rules.
Other members of the CCS Partners team include Dan Sikora, formerly of Pretium Partners, Thomas Hasse from Royal Bank of Canada, and Sienna Gough, also from Ellington, the person said.
(Updates third paragraph to add details on Kinderman’s previous role)
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