LCM Partners Ltd., an alternative asset manager partly owned by Brookfield Asset Management, is raising €6 billion ($6.5 billion) for a new fund that will partly invest in non-performing loans.
Benjamin Klein, senior portfolio manager at Baskin Wealth Management, joins BNN Bloomberg to discuss his top stocks this Canadian earnings season.
London-based LCM has received €3.3 billion of indicative interest from investors for its Credit Opportunities 5 fund since marketing efforts began in June, according to Chief Executive Officer Paul Burdell. The firm targets an annual internal rate of return of 15% for the fund, which will also invest in performing and rescheduled loans to individuals and small- and mid-size companies.
“It can sometimes feel like we are a garbage people for the banks because we buy assets and structures they either don’t want or don’t need any more,” Burdell said in an emailed reply to questions.
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