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Taconic’s resolution to shut its business actual property operations is a part of a broader effort to focus on its core methods of merger arbitrage and company and structured credit score. The agency has side-pocketed its CRE positions from its $2.9 billion flagship Alternative Fund, aiming to handle these belongings towards optimum exits.
“We’re within the means of working with James to transition the administration of our legacy CRE investments to a staff targeted solely on managing these belongings to optimum exits,” Taconic mentioned in a letter.
Taconic’s first three CRE Dislocation funds, which collectively handle $800 million, will stay with the agency however are in “harvest mode” to return capital to buyers.
Axonic Capital, which focuses on business and residential actual property in addition to securitized credit score and business lending, views the acquisition as a chance to increase its presence in a quickly evolving market.
“We see a unprecedented alternative within the CRE market because the asset class undergoes a interval of transformation and dislocation,” Axonic co-chief funding officer Clayton DeGiacinto mentioned in an announcement.
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