HarbourVest Senior Loans Europe Limited (“HSLE” or the “Company”) announces the appointment of Spire Partners LLP (“Spire”), an independent asset management firm focused on European non-investment grade credit, as sub investment adviser to the Company’s investment manager, HarbourVest Senior Loan Advisers L.P. (“HarbourVest”). Spire has been appointed with immediate effect and it is envisaged that Spire will assume the role of investment manager once final approvals are in place.
In May 2010, HarbourVest saw an opportunity to offer public market investors a yielding, capital preserving and liquid asset class. Having executed on the original strategy, HarbourVest has agreed with the Company that it is now appropriate for Spire to deliver the next phase of returns to shareholders.
Spire will be contacting the Company’s major shareholders shortly to introduce themselves; and in due course will liaise with shareholders to determine whether investors would consider reopening HSLE’s investment period in light of continuing attractive market opportunities. Any changes to the investment policy are subject to shareholder consent at an EGM.
Colin Maltby, Chairman of HSLE, said: “We welcome the appointment of Spire Partners, and look forward to working with their management team of Jonathan Russell, Philip Bennett-Britton and Oliver Drummond Smith. Given their strong track record, we are confident in Spire’s ability to execute the Company’s investment policy in a professional and efficient manner.”
Jonathan Russell, Managing Partner of Spire, said: “The team at Spire is delighted to have been appointed sub investment adviser to HSLE and is committed to delivering a strategy that meets the ambition of the Board and shareholders.”