Dillon Eustace advises on launch of new asset management vehicle

Investment experts at Dillon Eustace advised Tennenbaum Capital Partners and DMS Governance on the launch of a new closed-ended Irish collective asset-management vehicle.

TCP DLF VIII ICAV (ICAV) has been authorised by the Central Bank of Ireland as a loan origination qualifying investor alternative investment fund (L-QIAIF).

Etain de Valera, asset management & investment funds partner at Dillon Eustace, said: “We are proud to have been selected by TCP, who are working with DMS to advise them on legal and regulatory issues, to help them establish their first L-QIAIF in Ireland.

“We have been able to capitalize on our extensive experience in advising fund managers, in particular those employing credit strategies, to assist in bringing this product to market.

“Having worked with TCP and DMS in establishing one of the few L-QIAIFs in Ireland which have now launched, we believe that the stage is now firmly set for Dillon Eustace to assist other managers in establishing similar funds employing similar strategies.

“This product represents a definite advantage for asset managers looking to market their loan origination strategy both inside and outside the EU, particularly in the context of uncertainty around Brexit.”

Lee R. Landrum, managing partner at TCP, said: “Our objective at TCP is to deliver attractive risk-adjusted returns for global investors across our firm’s strategies. We are pleased to have worked with high-quality service providers such as DMS and Dillon Eustace to structure an effective and efficient vehicle to accommodate the needs of our U.S. and non-U.S. institutional investors. We also appreciate their timely and helpful coordination with the Central Bank of Ireland. The ICAV met the needs of a substantial portion of our investor base quite effectively.”

Conor MacGuinness, managing director at DMS, added: “As our AIFM Management Company services and particularly direct lending strategies continue to grow, it has been exciting to launch one of the first L-QIAIFs in Ireland, which is another achievement and testament to the confidence investment managers have in DMS. We see a continued interest in this type of structure and welcome TCP as a client.”