Hartford, CT, Sept. 9, 2019 – Nassau Re today announced that its subsidiary Nassau Alternative Investments LLC (“NAI”) has closed its inaugural collateralized fund obligation (the “CFO”), Nassau 2019 CFO LLC. The CFO securitization is collateralized by interests in a highly diversified and seasoned pool of over 100 private equity and private debt funds with approximately $375.7 million in net asset value.
“We are pleased with the success of NAI’s inaugural securitization, after launching Nassau Re’s newest asset management franchise earlier this year. Through this transaction, we are able to both derisk our general account balance sheet and accelerate the growth of third-party AUM,” said Phil Gass, Nassau Re’s Chairman and Chief Executive Officer.
Nassau Re formed NAI earlier this year to expand the capabilities of its existing Alternatives team to include third-party institutional clients through structured offerings or separately managed accounts. Nassau Re and its predecessor companies have invested in alternative investments for more than 30 years, focusing on private equity, venture capital and mezzanine funds as well as direct investments in private equity, mezzanine debt and structured equity.
The NAI team is led by Paul M. Chute, Senior Managing Director and Portfolio Manager who has been managing the company’s alternative investments since 1994, and Christopher Cozza, Vice President and Deputy Portfolio Manager who has over a decade of insurance and investment industry experience.
Nassau Re’s asset management segment is comprised of Nassau Asset Management LLC (“NAMCO”) and several specialty investment managers that oversee all of Nassau Re’s balance sheet investments as well as third-party AUM:
- Nassau Corporate Credit LLC is a collateralized loan obligation (CLO) manager
- Nassau Private Credit LLC sources and invests directly in CLO control equity
- Nassau CorAmerica LLC is a direct origination platform for commercial real estate loans
- Nassau Alternative Investments LLC manages alternative investments
About Nassau Re
Nassau Re’s mission is to build a franchise across the insurance value chain. Based in Hartford, CT, Nassau Re currently has combined assets of approximately $22.6 billion and capital of approximately $1.3 billion. Our business covers four segments: insurance, reinsurance, distribution and asset management through various affiliates. Nassau Re was founded in 2015 with capital provided by Golden Gate Capital, a private investment firm with over $15 billion of committed capital. For more information, visit www.nsre.com.
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