Greywolf Capital Management has closed its second container shipping fund.
The New York and San Francisco-based alternative asset manager has held the final close of the Greywolf Containership Opportunities Fund II.
The fund has closed with $120m of committed capital.
The move builds on a strategy initially launched with its predecessor fund, Greywolf Containership Opportunities Fund I, which held its final close in December 2020.
It brings Greywolf’s capital commitments dedicated to maritime strategies to approximately $330m.
The company currently manages investments across the strategy in 22 container ships. The strategy is primarily focused on the opportunistic ownership of commercial ships leased to major international shipping companies.
Managing director James Kelly has described the second container ship fund as a “hard assets maritime platform”.
“The fund directly owns ships in the middle of their useful life, often with existing leases to major commercial operators for periods of between 18 months and three years, providing income on top of underlying asset value,” Kelly told Private Debt Investor.
Greywolf is a registered investment advisor with approximately $4bn in assets under management.
The firm was founded in 2003 by chief executive and chief information officer Jon Savitz, and has assets allocated across shipping, distressed, event driven, and collateralised loans.
“At Greywolf, we target niche opportunities to take advantage of particular stresses in markets,” Savitz said. “Our maritime strategies are an excellent representation of that approach.”
The container ship fund has been brought to market by Briarcliffe Credit Partners, a New York-based placement agency focusing on niche private credit strategies outside direct lending, with fund sizes between $500m and $2bn.
