Ramirez Asset Management (RAM) – a $12+ billion fixed-income and equity investment manager serving institutional investors and high net-worth investors – announced it recently acquired the private credit opportunities strategy team and their assets from hedge fund manager Avenue Capital Group.
The deal, which closed on October 1, 2024, includes five existing investment funds with about $500 million in capital commitments that will continue to be led by William Maier, Patric Lager, and Frank Madden, who have joined RAM as part of the transaction.
William Maier, Senior Portfolio Manager and Managing Director, will lead the new group, supported by Managing Directors Patric Lager and Frank Madden. And Maier and Lager will oversee the strategy.
This group expects to launch its next fund this year, which is projected to target $300 million in equity capital and close mid-year. And 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.
The funding will be sourced through the group’s strong network of private equity relationships and arranged by leading financial institutions. And the team currently manages five funds – four of which are in the distribution period and one in the investment period.
Before joining RAM, Maier and Lager spent eight years at Avenue Capital Group, where they were responsible for the direction of the investment activities of the Avenue Performing Loans Strategy. And Maier also spent 26 years at Natixis and its predecessor banks, where he was one of the founders of the bank’s leverage finance business in the U.S. Before Avenue Capital, Lager was Head of Private Equity, Asset Management and Brokerage Services at Yaqeen Capital in Saudi Arabia and also worked at Natixis. Madden was with Avenue Capital Group for six years prior to joining RAM.
KEY QUOTES:
“As a credit-focused fixed income manager for some of the largest institutional investors in the U.S., we are thrilled to expand our investment offerings and expertise with our new private credit opportunities team. The integration onto RAM’s platform has been seamless and we look forward to launching a new fund in 2025. William, Patric and Frank share our core values of teamwork, integrity and client-focused performance, and we believe their talent and insight will benefit our clients as we continue to grow.”
– Samuel Ramirez, Jr., President and Chief Executive Officer of RAM
“We are incredibly energized to join RAM’s first-rate organization and look forward to helping the firm grow in the years ahead. For more than 20 years, I’ve known Sam as a trusted friend and colleague and I’m excited about the opportunities we have together with our valued client base and shared industry experience in investment banking and asset management.”
– William Maier
