Värde Views: 2024 Market Outlook and Opportunities
Värde Co-CIOs Ilfryn Carstairs, Brad Bauer, and Giuseppe Naglieri discuss the outlook and opportunities for credit investing in 2024, examining the forces shaping the economic landscape, areas of potential volatility, and the trajectory of the credit cycle.
Download Värde Views here.
Värde Appoints Brad Bauer to Co-Chief Executive Officer
NEW YORK – Värde Partners, a leading global alternative investment firm, today announced that Brad Bauer has joined Ilfryn Carstairs to lead the firm as Co-Chief Executive Officer.
“Brad has demonstrated exceptional leadership and vision throughout the years, and this elevation was a natural progression that received the full support of the partners,” said George G. Hicks, Co-Founder and Co-Executive Chair of Värde. “Värde has operated with co-leaders at the helm for much of the firm’s history, and we believe this structure reflects the realities of running the business today during a dynamic period in the industry.”
“Our intentional leadership framework with Co-CEOs in the U.S. and Asia aligns with the global nature of our firm and our LP base,” said Ilfryn, Co-CEO and Co-CIO of Värde. “It underscores Värde’s unwavering focus on delivering for our investors as we continually align our platform with the investing environment and the needs of our LPs. Brad and I have worked together for over 16 years, and we leverage each other’s strengths. I am very much looking forward to having him alongside me as Co-CEO.”
Brad has over 20 years of experience in the alternatives industry and has held various investing and business leadership roles since joining Värde in 2007. He continues to oversee Värde’s private markets investing as Co-CIO.
About Värde Partners
Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $100 billion across the credit quality and liquidity spectrum in both public and private markets. Värde currently manages approximately $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services & Diversified Private Credit. For more information, please visit www.varde.com.
Värde Partners and Freehold Capital Management Form Partnership to Acquire Master-Planned Communities
Värde Raises Nearly $1.5 Billion for Asset-Based Lending Opportunities
MINNEAPOLIS and NEW YORK – Värde Partners, a leading global alternative investment firm, announced it has raised nearly $1.5 billion for asset-based lending opportunities through The Värde Asset Lending Fund II and related accounts and co-investments. The firm received support from a global base of institutional investors.
Through its established lending platforms and relationships, Värde originates loans and provides financing solutions for consumers, businesses, and lenders. The firm invests in lending strategies across a range of industries, including specialty finance (auto, equipment, and personal loans), commercial real estate (CRE), and technology.
“We are grateful for the strong support from new and longtime investors. Unfolding in front of us is one of the most compelling credit investment environments since the Global Financial Crisis, and we look forward to building on our track record of delivering attractive risk-adjusted returns for our investors. The surge in demand for non-bank financing – an acceleration of a more than decade-long trend – underscores the need for private credit and magnifies already significant lending opportunities,” said Brad Bauer, Partner & Co-Chief Investment Officer.
Värde’s approach to sourcing and structuring investments with strong downside protection is honed by 30 years of experience originating credit backed by a range of assets.
“The growing demand for asset-based lending solutions and strategies aligns with our strengths and the global platform we have built over many years – a platform that provides insight into the credit and financing needs of millions of consumers and tens of thousands of businesses. Värde brings an experienced and well-connected team to the table as we structure customized solutions for strong borrowers in underserved parts of the market,” said Aneek Mamik, Partner & Global Head of Financial Services & Diversified Private Credit.
“There is a tremendous opportunity for CRE lending as the market addresses a significant amount of maturities against a backdrop of higher interest rates and reduced bank balance sheets. We believe this attractive supply/demand dynamic for lenders combined with our platform, which has originated $6.5 billion of CRE loans since 2017 and integrates our longstanding partnership with a leading loan service provider, positions us exceptionally well in this market,” said Jim Dunbar, Partner & Head of Real Estate Lending.
Värde’s latest Värde Views, Private Credit Opportunities in the Wake of Tighter U.S. Banking Regulations, discusses these opportunities in more detail.
About Värde Partners
Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $95 billion across the credit quality and liquidity spectrum in both public and private markets. Värde currently manages $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services & Diversified Private Credit. For more information, please visit www.varde.com.
Pagaya and Värde Continue Partnership to Provide Capital Support to Credit Unions
NEW YORK – Pagaya Technologies LTD. ՄNASDAQր PGYՅ (“Pagaya” or “the Company”), a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, and Värde Partners, a leading global alternative investment firm specializing in credit and credit-related assets, announced the closing of PAID 2023՞S2, continuing a partnership to provide funding and growth for credit unions.
In the current macroenvironment, coupled with regulatory requirements and increasing liquidity pressures, there is growing demand from credit unions and banks for solutions to help optimize their balance sheets. This transaction builds on Pagaya’s proven track record of partnering with well-capitalized investors like Värde to solve these challenges. Following a similar deal in May, Pagaya and Värde are partnering to provide over $100 million in capital to a multi-billion dollar credit union, in exchange for consumer credit assets that will be securitized in the PAID 2023՞S2 transaction.
Pagaya’s unique tech-enabled two-sided network allows financial institutions to grow originations, while offering investors real-time access to diversified assets at scale. By enabling originations and stabilizing balance sheets, Pagaya delivers a scalable solution to the banking ecosystem and connects more people to financial opportunity.
“We’re pleased to provide asset lending solutions and bring dependable capital to an increasingly dislocated credit market. Leveraging Pagaya’s rich data network and ability to execute at speed, we are able to provide even greater liquidity and financing support to credit unions and other financial institutions,” said Aneek Mamik, Partner and Global Head of Financial Services & Diversified Private Credit at Värde.
“We continue to quickly leverage consumer data to facilitate capital investment for depository institutions in these volatile markets,” said Paul Limanni, Chief Capital Officer at Pagaya. “Together with our like-minded partners at Värde, we’re able to continue to expand reach and provide attractive capital solutions to platforms and investors.”
About Pagaya
Pagaya ՄNASDAQր PGYՅ is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and a sophisticated AI-driven approach, Pagaya provides comprehensive consumer credit and residential real estate solutions for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York and Tel Aviv. For more information, visit pagaya.com.
About Värde Partners
Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested through multiple credit cycles, building on its roots in special situations and distressed to invest more than $95 billion across the credit quality and liquidity spectrum in both public and private markets. Värde currently manages over $12 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services & Diversified Private Credit. For more information, please visit www.varde.com. Click here to read Värde’s latest Värde Views on private credit opportunities in the wake of tighter U.S. banking regulations.
Värde Views: Private Credit Opportunities in the Wake of Tighter U.S. Banking Regulations
Brad Bauer (Partner & Co-CIO) and Aneek Mamik (Partner, Global Head of Financial Services & Diversified Private Credit) outline how proposed U.S. banking regulatory requirements may exacerbate the supply and demand imbalance for credit and create opportunities for private credit to fill the void, both in the absence of and in partnership with traditional bank lenders.
Download Värde Views here.