Overview
Firm Description
Chenavari Credit Partners LLP (“Chenavari”, the “Firm” or “Chenavari Investment Managers”) is a specialised
alternative asset-manager focussed on fixed income credit products. The Firm is a Limited Liability Partnership
incorporated in England & Wales on 20 May 2008 with the registration number OC33743 and with its
Registered Office and principal place of business at 80 Victoria Street, London SW1E 5JL, United Kingdom.
The Firm is authorised and regulated by the UK Financial Conduct Authority (RFN; 484392) as an investment
manager, the US Commodities and Futures Trading Commission (No. 0426351) as a commodity pool operator
and commodity trading advisor and registered with the US Securities Exchange Commission (the “SEC”) (No.
801-72662) as an Investment Adviser. Please note that these registrations do not imply a level of skill or training
on behalf of the Firm.
Chenavari provides discretionary investment management and advisory services to pooled investment funds
and separate account mandates for institutional investors, multi-managers and family offices globally,
including advisory services to US and non-US clients. The Firm’s targets the delivery of stable investment
performance to clients through active investment management targeting maximising total returns while
mitigating investment volatility. For individual mandates, Chenavari works with clients to create investment
guidelines mutually acceptable to the client, which may involve the imposition of investment restrictions on
certain individual or types of securities. Clients who impose investment restrictions may limit the Firm’s ability
to employ a strategy resulting in investment performance that differs from the intended overall strategy and
from other clients which do not have such restrictions.
Additionally , Chenavari also serves as a collateral/portfolio manager of structured credit products, or so-called
synthetic collateralised debt obligations (CDO). CDOs repackage assets such as corporate loans and mortgage
bonds into new debt with varying degrees of risk. Synthetic CDOs sell credit-default
swaps that receive annual
premiums in return for taking on the risk of losses from defaults on corporate bonds and other debt.
Principal Owners
The principal owners of Chenavari are Loic Fery, Frederic Couderc and Chenavari Financial Group (an entity of
which Mr. Fery and Mr. Couderc are the principal owners).
Types of Advisory Services
Chenavari has investment allocations within asset classes, including but not limited to:
Investment Grade Corporate Credits
High Yield & Financial Corporate Credits
Leveraged Loans
Structured Finance securities
Real Estate Debt
Direct Corporate Loans
Equity
Trade finance
Real Asset finance
Consumer finance
Firm Brochure –Part 2A of Form ADV 6 31 March 2023
The credit investment strategies pursued evolve depending on opportunities arising in credit markets and are
broadly defined as follows:
Credit Spread Neutral/ Convexity strategies
Relative Value strategies
Directional strategies
Regulatory Capital Strategy
Direct Lending Strategy
Specialty Finance Strategy
Investment strategies are deployed across several investment vehicles, with various liquidity terms:
Highly liquid investment vehicles (weekly/monthly liquidity)
Mid-term investment vehicles (semi-annual to 2-year liquidity)
Longer term investment vehicles (5+ years liquidity)
Chenavari manages several investment funds (“Funds”) together with a number of single account mandates
and funds of one.
Tailored Relationships
Chenavari primarily manages pooled investment funds which are not tailored to any individual investors,
however (i) it has and may in the future agree to enter customised investment mandates with clients; and (ii)
may organise the investment funds it manages into sub-portfolios to address concerns that may be common to
one or more investors in the applicable fund, such as liquidity or regulatory concerns.
Wrap Fee Programs
Chenavari does not use a wrap fee program.
Assets Under Discretionary and Non-Discretionary Management
At 31 December 2022, Chenavari had regulatory assets under management of approximately USD 4.967bn