FROM: Don Pierce, Chief Investment Officer
SUBJECT: Information only: Corrum Capital Portfolio Review
RECOMMENDATION:
title
Corrum Capital Portfolio Review.
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BACKGROUND:
Corrum Capital is a global asset manager with a focus in private credit investments. The approach is based on an active engagement at the asset level and driving investment results through cash-flows. The SBCERA mandate has two components, the Corrum Global Credit Opportunities Fund (GCO) and the Corrum Global Credit Opportunities Co-Investment Fund (Co-Invest). The GCO fund is a commingled vehicle that SBCERA seeded in January 2012. The Co-Invest fund is a fund-of-one structure with SBCERA as the sole investor. The Corrum relationship has grown over the years and today represents approximately $281 million or 2.8% of SBCERA’s assets as of December 31, 2018. The annualized net since inception internal rate of return (IRR) 10.1%.
SBCERA enjoys a strategic relationship with Corrum Capital as the account provides SBCERA with access to investment opportunities that are substantially different from other managers/relationships and the opportunistic nature of the account has allowed SBCERA to participate in a variety of investments including aircraft leasing, direct lending, trade finance, and generally as a liquidity/capital provider in less crowded trades.
COMMITTEE REVIEW:
Jonathan Mandle and Jason Cipriani of Corrum Capital presented an overview of the portfolio to the Investment Committee at its June 11, 2019 meeting.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Operational Excellence & Efficiency
STAFF CONTACT:
Amit Thanki
ATTACHMENTS:
Exhibit A: Corrum Capital Presentation