Sona Asset Management Raises $800m for Capital Solutions Strategy

Sona Asset Management Exceeds Fundraising Target with $800m for Capital Solutions Strategy

Sona Asset Management has successfully raised $800m for its second ‘Capital Solutions’ strategy, surpassing its initial target of $500m. This private credit strategy, known as Capital Solutions II or CapSolII, marks the first commingled fund launched by the European credit manager, following the success of its first fund in 2020 which raised $300m.

The fund has attracted capital from a mix of existing and new investors, including sovereign wealth funds, insurance companies, endowments, pension funds, and asset managers. With a focus on providing financing to companies facing funding challenges, the fund aims to support businesses in need of capital.

Sona has already made significant strides in deploying the fund, targeting performing companies in both public and private markets. To bolster its capital solutions team, the firm has brought on board three senior hires, including Stephen Smith as the head of capital markets, who joined from Barclays where he held the position of global co-head of leveraged finance syndicate.

John Aylward, founder and chief investment officer at Sona, expressed confidence in the fund’s ability to adapt to the evolving credit market landscape, stating, “Sona is able to deliver tailor-made solutions to companies while operating with agility and flexibility.” Owain Griffiths, partner and portfolio manager, highlighted the benefits of the Capital Solutions strategy, emphasizing the potential for healthy deployment and multiple on invested capital.

Sona, an alternative asset manager overseeing approximately $8bn in assets for institutional investors, focuses on the European credit markets through three key strategies: a long/short credit hedge fund, the Capital Solutions private credit strategy, and a CLO platform. The success of the Capital Solutions II fund underscores the firm’s commitment to providing innovative financing solutions in a dynamic market environment.