Stockholm-headquartered alternative credit manager YMER SC is set to launch its fourth structured credit fund at the end of this year, according to market sources.
The forthcoming fund will have a broad structured credit mandate, although the firm is currently concentrating its investment activity on CLO equity and CLO warehouse investments.
The new vehicle will target an annualised net return of 15%, and, consistent with YMER’s strategy, will not utilise fund-level leverage. The fund will be closed ended with a five-year lock-up period, mirroring the structure of YMER’s previous funds.
YMER’s third alternative credit fund, YMER Alternative Credit Fund III, launched in 2023, delivered an annualised net return of 22.6% in 2024 and a cumulative return of 49.9% since inception. Returns for the first half of 2025 stood at 3.8%, according to the fund’s Q2 2025 report.
“European new-issue CLO equity looks interesting right now,” said Stefan Engstrand of YMER. He thinks the asset class appears to offer a good entry point, given where spreads are relative to historical levels.
“We have a strong pipeline going into the end of the year,” he added.
In January, the firm entered into a strategic partnership with Acer Tree Investment Management to expand its Logiclane CLO platform through majority CLO equity investments. It also hired Filippo Sampietro from Serone Capital for its investment team, to identify new opportunities across the structured credit landscape.
YMER was founded in 2017 with the goal of offering Nordic investors access to the structured credit markets, though its investor base now encompasses a broader range of mandates from European and US institutional investors.
Since the launch of its debut fund in 2018, YMER SC has deployed nearly €2bn across structured credit markets, via 225 separate investments.
Anna Carlisle
anna.carlisle@levfininsights.com
+44 (0)20 7469 0981
