Deals
Lippmann, Famed for Subprime Short, Buys $3 Billion CLO Firm
- LibreMax agrees to purchase CLO manager Trimaran Advisors
- Volume in repackaged corporate loans is near record levels
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Greg Lippmann, who famously bet against subprime mortgages before the financial crisis, is expanding his business in securitized corporate loans, the latest money manager to add firepower in one of the hottest debt markets.
LibreMax Capital, the hedge fund Lippmann co-founded in 2010, agreed to buy Trimaran Advisors, which manages about $3 billion of repackaged corporate loans known as collateralized loan obligations. Total consideration for the deal was $37.9 million, including accrued income and expenses, according to a statement from Trimaran’s current owner KCAP Financial.