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Taconic’s resolution to shut its industrial 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 workforce targeted totally on managing these belongings to optimum exits,” Taconic stated 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 traders.
Axonic Capital, which makes a speciality of industrial and residential actual property in addition to securitized credit score and industrial lending, views the acquisition as a chance to develop 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 stated in a press release.
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