Our Strategy
The Ramirez Credit Opportunities Funds (“RCOFs” or “the Funds”) seek to invest primarily in first lien senior secured bank loans in leveraged, non-investment grade companies which are secured by primarily all assets of the company and have the support of private equity sponsorship.
Philosophy and Approach
The RCOFs are highly diversified in broadly syndicated loans from a wide range of industries and issuers. The Funds focus on larger, more liquid loans to established companies with enterprise values in excess of $3 billion and which exhibit a defendable market position and attractive cash flow characteristics in less cyclical sectors. The Funds typically feature a shorter overall life, 3-Year tenure with a 1-Year investment period.
Advantages and Differentiating Factors:
- Structure: Compared to other private equity and direct lending funds, the RCOFs generally deploy capital quicker and have a shorter fund life, thus generating investment income over the majority of the Fund’s tenure. The RCOFs make frequent cash distributions to investors which reduced capital risk and shortens investment duration. The Funds prudently employ leverage on a 1:1 basis via a total return swap (TRS).
- Target Investments: The RCOFs are broadly diversified, providing downside protection, in loans typically backed by “blue chip” sponsors with considerable financial and operational resources to supplement our internal credit analysis and due diligence process.
- Liquidity: Portfolio loans are highly liquid and actively traded in the secondary leveraged loan market offering liquidity.
- Transparency: All loans are publicly rated by national rating agency and marked- to-market daily by an independent third party.
- Sourcing Advantage: 25+ years of industry experience, long-standing relationships, and a broad network of sponsors provide sourcing advantage in primary and secondary markets.
Strategy Track Record
| Fund | Inception Date |
|---|---|
|
Natixis Credit Opportunities Fund I, L.P. (Fund Distributed) |
November 2008 |
|
Ramirez Credit Opportunities Fund I, L.P. (In Distribution Period) |
October 2016 |
|
Ramirez Credit Opportunities Fund II, L.P. (In Distribution Period) |
August 2018 |
|
Ramirez Credit Opportunities Fund I-A, L.P. (In Distribution Period) |
April 2019 |
|
Ramirez Credit Opportunities Fund III, L.P. (In Distribution Period) |
June 2020 |
|
Ramirez Credit Opportunities Fund IV, L.P. (In Distribution Period) |
December 2023 |
For more information on Ramirez Asset Management Performance & Strategies please Contact Us
Ramirez Credit Opportunities Funds Team
The team has worked together for 25+ years, through multiple credit cycles, investing opportunistically in the $1.4 trillion liquid Leveraged Loan market.
- WILLIAM MAIER
- Managing Director, Senior Portfolio Manager
- PATRIC LAGER, CFA
- Managing Director, Portfolio Manager
- FRANK MADDEN
- Managing Director
- OFONIME GEORGE
- Associate
Mr. Maier is responsible for leading the investments of the Ramirez Credit Opportunities Funds. Prior to joining Ramirez in 2024, Mr. Maier spent 8 years at Avenue Capital Group where he was responsible for the direction of the investment activities of the Avenue Performing Loans Strategy. Prior to that, Mr. Maier spent 26 years at Natixis, where he was one of the founders of the bank’s leveraged finance business in the United States. Mr. Maier founded and served as Senior Managing Director and Head of Coverage – Americas at Natixis with responsibility for all investment banking client relationships with corporations, financial institutions and private equity sponsors. As such, he chaired the bank’s Client Committee and was a member of the Senior Executive Committee of the Americas for the Corporate & Investment Bank. He was a co-founder and served as Chief Investment Officer of Natixis Credit Opportunities Fund I, L.P. as well as a co-founder and general partner of Natixis Strategic Partners I, II, & III private equity fund-of-funds. Mr. Maier started his career at NatWest Bank and completed the bank’s officer training program in New York and London. Mr. Maier received a B.A. with Honors in Philosophy, with a concentration in Law and Economics, from Cornell University (1987).
Mr. Lager is responsible for leading the investments of the Ramirez Credit Opportunities Funds. Prior to joining Ramirez in 2024, Mr. Lager spent 8 years at Avenue Capital Group where he was responsible for the direction of the investment activities of the Avenue Performing Loans Strategy. Prior to 2016, Mr. Lager was Head of Private Equity, Asset Management and Brokerage at Yaqeen Capital in Saudi Arabia. Prior to joining Yaqeen, he was a Managing Director at Natixis in New York where he orchestrated direct investments in private equity funds and co-investments. On the investment banking side, Mr. Lager was a member of the leveraged finance team. He was a co-founder of NCOF as well as a co-founder and general partner of Natixis Strategic Partners I, II, & III private equity fund-of-funds. Prior to that, from January 1995 to November 1997, Mr. Lager worked for Sumitomo Mitsui Banking Corporation in New York. Mr. Lager received a B.A. in Business Administration from Friends University (1990), an M.B.A. from Pennsylvania State University (1992) and was awarded the Chartered Financial Analyst Certification (1997).
Mr. Madden is responsible for identifying, analyzing and modeling investment opportunities for the Ramirez Credit Opportunities Funds. Prior to joining Ramirez in 2024, Mr. Madden spent 6 years at Avenue Capital where he was responsible for evaluating investment opportunities for the Avenue Performing Loans Strategy. Prior to 2018, Mr. Madden was a Managing Director at Modern Bank where he was responsible for originating, underwriting and managing a portfolio of leveraged loans. Before this, Mr. Madden was a Managing Director & Co-Head of the leveraged finance team at Natixis in New York where he was responsible for investments in private equity sponsor backed leveraged loans. Prior to that, Mr. Madden was a Vice President at The Long-Term Credit Bank of Japan where he was a member of the Leveraged Finance Group. Mr. Madden received a B.A. in Economics from Hobart College (1987), and an M.B.A. from University of Rochester (1991).
Mr. George assists with loan servicing and trading systems for trade entry, capture, and settlement, in addition to evaluating new and monitoring existing portfolio investment positions of the Ramirez Credit Opportunities Funds. Prior to joining Ramirez in 2025, Mr. George spent three years at JPMorgan Securities LLC, where he was responsible for middle-office post-trade execution on the Prime Brokerage Equity Desk across domestic and international markets for hedge funds and institutional investor clients. Mr. George also worked briefly at Brown Brothers Harriman as a Trade Settlement Analyst, managing and resolving equity trade discrepancies in the U.S. market, ensuring timely and accurate settlements while maintaining compliance with regulatory requirements. Ofonime holds a B.Sc. in Economics from Caleb University (2014) and an M.B.A. from Mercy College (2019).
Disclaimer
Prior to October 1, 2024, the RCOFs operated under the name of the Avenue Credit Opportunities Funds. All funds listed have been managed together by William Maier and Patric Lager over the period 2008-2025 at Natixis, Avenue Capital Management II, L.P., and since October 1, 2024, at Ramirez Asset Management, Inc. This is not an offer to buy or sell securities and Ramirez Asset Management, Inc. is not making any recommendation as to an investor’s decision to invest in the RCOFs. Offers to sell interests in the RCOFs are made solely through formal offering documents, including a Subscription Agreement and Private Placement Memoranda, which describe the risks associated with such investments and are available only to qualified purchasers. Past performance is not indicative of future results.