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Toronto-based Polar Asset Management Partners said Tuesday it has secured more than US$215 million for the first close of its second fund targeting credit-risk transactions with Canadian banks. (The Logic)
Talking point: The fund will invest in significant risk transfers (SRTs), which let banks shift some of the credit risk tied to loan portfolios to non-bank financial institutions, like private credit funds and hedge funds, and free up regulatory capital. Polar CEO Greg Lemaich said in the release that SRTs are becoming an “important” financing tool as banks “face increasing regulatory and balance sheet constraints.” Canada’s Big Six banks have also reportedly used SRTs to reduce exposure to portfolios containing AI-linked loans. Polar has committed roughly US$1.3 billion across 20 SRTs since 2011 and expects to deploy the new capital immediately, with several deals anticipated later this year. The asset manager had US$5.7 billion under management as of June 30.
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