LOS ANGELES, CA--(Marketwire - Dec 3, 2012) - The TCW Group, Inc. (TCW), an international asset management firm, announced today that it has agreed to acquire the Special Situations Funds group (SSF) from Regiment Capital Advisors, L.P. (Regiment). The SSF business will report to Jess Ravich, TCW Group Managing Director and Head of Alternative Products.
The transaction is expected to close by year-end. Terms of the transaction were not disclosed.
"As a diversified asset manager, the acquisition of Regiment's direct lending business and the team of talented investment professionals who have managed the SSF business over the past 12 years is a continuation of our strategy to expand and augment TCW's capabilities and offerings in the alternatives area," said David Lippman, President and CEO of TCW. "We look forward to working with our new colleagues and their impressive roster of investors, and welcome all of them to the TCW team."
The SSF business has approximately $2.0 billion in assets and commitments under management and is overseen by Rick Miller along with six Boston- and New York-based veteran investment professionals, all of whom will join TCW and continue to manage the funds. The entire SSF investment team will transition to TCW with their core investment operations and processes intact and will maintain their presence in both Boston and New York. The initial Special Situations Fund was launched in December 2000 and four subsequent funds have been raised to date; the most recent, Regiment Capital Special Situations Fund V, closed on July 1, 2011.
"We are extremely pleased to be bringing in such a high-caliber team of investment professionals who have an outstanding 12-year track record of delivering attractive risk-adjusted returns to their investors," said Ravich. "Their strict investment discipline, dedication to intensive research and rigorous adherence to risk management make the addition of this strategy a perfect complement to the top-notch line-up of investment offerings our clients have come to expect from TCW."
"We are very excited to join forces with TCW as a key component of their growing alternatives platform and become part of an institution that is known world-wide for its dedication to investment excellence and client service," said Rick Miller, who will become a Group Managing Director of Direct Lending at TCW upon the closing of the transaction. "As part of TCW, we will be well-positioned to continue delivering our middle market direct lending strategy to our existing investors and, in the future, to TCW's global network of clients. We look forward to this new chapter in our business."
About Regiment Capital Advisors L.P.
Regiment Capital Advisors is a Boston-based investment manager formed in 1999. The firm focuses on managing fixed income credit-related strategies, including high yield hedge funds, private market direct lending funds, and structured products. Regiment's investors include a broad range of leading U.S. endowments, foundations, health care and financial institutions, state and corporate pension plans, and family offices. Regiment's partners and employees bring a wide range of expertise to its investing and operating activities, and are committed to generating attractive risk-adjusted investment returns.
Founded in 1971, The TCW Group, Inc. develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $135 billion in assets under management, including $47 billion in mutual funds under the MetWest and TCW Fund families. TCW clients include many of the largest corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as a substantial number of foreign investors and high net worth individuals. For more information, please refer to www.tcw.com.