Whitestar Asset Management LLC is a Delaware Limited Liability Company that serves as a manager of investments for a single client. The firm employs 19 people in 15 advisory roles, serving a total of 1 client. It provides the information in this article without warranty and for informational purposes only. If you have a question about the firm, please contact us at whitestar@whitestarassetmanagement.com. We will be happy to answer your questions.
Clearlake Capital Group
Clearlake Capital Group LP has acquired a majority stake in WhiteStar Asset Management LLC. The investment management firm was founded in 2013 as Triumph Capital Advisors and focuses on senior secured bank loans. In June 2020, Clearlake acquired a controlling interest in WhiteStar, and in December of that same year, the firm acquired the European loan team from MacKay Shields. In June 2021, Clearlake took control of the WhiteStar assets under management. In December of the same year, WhiteStar was named the replacement manager for two European CLOs managed by MacKay Shields.
The company’s management team includes executives with a variety of backgrounds. The company’s investment professionals include Alvaro Rodrigo, a former investment professional with Sixth Street focused on special situations investments. Rodrigo also worked as an investment banker at J.P. Morgan before joining Clearlake. Serine Novshadian, the company’s Vice President of Finance, comes to Clearlake with a strong background in capital markets. She was previously the Corporate Controller at Saban Capital Group and the Senior Auditor at Deloitte.
Pine Brook Investments
Clearlake Capital Group has acquired a majority stake in Dallas-based Whitestar Asset Management, LLC. The deal, which was first announced on February 20, will expand the two companies’ combined assets under management to over US$ 24 billion. Whitestar is a credit asset manager with a focus on collateralized loan obligations (CLOs). In just three years, the firm has increased its assets under management by more than eightfold and completed seven new CLOs under the Trinitas name.
Founded in 1996, Pine Brook manages about $3.6 billion of assets and offers two investment strategies: growth equity and direct investment. The firm’s team has more than 300 years of combined experience, working alongside talented management teams to create businesses of scale without acquisition leverage. To support these strategies, Skadden attorneys Matthew Nemeroff, Capital Markets partner Jim Stringfellow, Tax partner Jessica Hough, and Executive Compensation and Benefits partner Joseph Penko advised Pine Brook Investments.
Dallas-based investment management firm
Founded in 2013, WhiteStar Asset Management, LLC, is a credit-focused investment management firm. The firm’s team of financial experts has extensive experience in bank loans, credit analysis, loan acquisition, portfolio management, and trading. WhiteStar has also gained expertise in CLO investing, deal structuring, and compliance. This knowledge has helped WhiteStar build its reputation as a credit-focused investment management firm.
WhiteStar Asset Management LLC is a financial advisory company that currently manages over $1.5 billion in assets for eight client accounts. The firm is the largest of its kind in the United States, with 28 financial advisors and eight clients’ accounts. However, it is important to remember that the firm is not a registered broker-dealer, so it cannot offer brokerage services. Listed securities are exchangable financial assets that may not be worth more than their par value.
European CLO platform
The recent addition of two CLO experts from Mackay Shields Europe Investment Management Limited will help WhiteStar Asset Management develop its European business. WhiteStar, a Dallas-based investment management firm, is looking to diversify its business into the European CLO market. With the new hires, the firm will focus on structuring, acquiring, and managing credit-related assets in Europe. The CLO platform in Europe will offer a variety of investment opportunities for investors.
A recent panel of CLO experts reflects on the past year of the CLO industry and looks ahead to what investors can expect next. They will discuss the trends, issues, and opportunities for investors in European CLOs. To learn more about how to diversify your investments through CLOs, please see our full report. While it is difficult to forecast the future, you can take a look at the performance of some recent CLO deals.
Acquisition of MacKay Shields’ European CLO platform
Whitestar Asset Management has announced the acquisition of MacKay Shields’ European CLo platform. The MacKay Shields Fund invests in high yield debt securities. Investors who choose this strategy will gain exposure to a wide range of sectors and securities, while generating additional capital gains. The fund does not use ratings to make investment decisions, focusing instead on a company’s fundamentals.
The company has approximately $12 billion in CLO assets managed through 27 CLO vehicles and separate account offerings. In addition, it manages approximately $7 billion in assets through its separate account offerings and hedge funds. The acquisition was made with the support of the MacKay Shields Board of Directors. The firm is headquartered in Dublin, Ireland. Milbank LLP, Mayer Brown LLP, and Carlson & Company acted as legal advisors to WhiteStar.
Recent developments at WhiteStar
Recently, the company has been the target of a hefty acquisition. This is the second acquisition of CLO contracts in as many months for WhiteStar, which launched a CLO business in Europe last December. The company has about $10 billion in CLO assets under management and currently manages a number of separate account offerings and hedge funds. In order to acquire these assets, WhiteStar is seeking to assume MacKay Shields’ US CLO 1 and 2 investment management agreements. It will manage assets through 18 CLO vehicles and separately offered account offerings. Milbank LLP is representing WhiteStar Asset Management in the transition, and Greensledge Capital Markets LLC will provide advisory services.
The new ownership group is bringing on new executives to expand its existing CLO business in Europe. Brian McNamara and Conor Power will join the firm from MacKay Shields Europe Investment Management. These two individuals will join the WhiteStar Asset Management Europe team to launch the company’s CLO business in Europe. The merger of the two companies will result in an asset pool of over US$ 24 billion.
