400 Capital Management LLC, an alternative credit asset manager specializing in asset-based credit strategies with over $7.4 billion of assets under management, announced the closing of its latest private credit fund, Asset Based Term Fund IV (ABTF IV).
The fund, which launched in December 2023, was oversubscribed, closing with a total of “$1.39 billion of committed capital versus the $1 billion initial target.”
ABTF IV drew support from institutional investors attracted to the firm’s demonstrated track record and expertise investing across “asset-based private credit strategies, with particular attention from investors looking for diversification from direct lending.”
Chris Hentemann, Managing Partner and Chief Investment Officer at 400CM said:
“We were thrilled with the investor interest for ABTF IV, which is a testament to our longstanding performance in asset-based credit and the diversification benefits investors continue to recognize. As the shifting regulatory environment and rapidly evolving economic landscape continues to drive new opportunities and market dislocations, we continue to exercise the strength of our platform and investment expertise that delivers value to investors seeking strong risk-adjusted returns through patient capital strategies.”
The Asset Based Term Funds were launched in 2017 with the goal “to invest in unique, idiosyncratic credit opportunities driven by cyclical and regulatory catalysts across public and private credit markets in the U.S. and Europe, primarily in the residential real estate, commercial real estate, consumer finance and specialty finance markets.”
ABTF IV follows the firm’s previous three funds launched “sequentially in 2017, 2019 and 2021. ABTF I was fully retired in 2023.”
400CM has offered a diversified approach to “structured credit investments since its inception in 2008.”
The firm says it manages structured credit assets across “commingled funds, separately managed accounts, and private credit portfolios.”
Founded in 2008, 400CM is an alternative credit asset manager led by a management team “with over three decades of experience investing and trading in credit markets.”
The firm explains that it is an process-oriented platform with an ability to generate competitive returns, “develop capital markets businesses and create innovative solutions utilized throughout the market.”
The firm offers investors a platform that accesses “differentiated credit investment opportunities through total and absolute return strategies in flagship funds and customized portfolio solutions.”
The team consists of 70 professionals across offices in New York and London, who collectively “manage over $7.4 billion for global institutional investors.”