NEW YORK (HedgeWorld.com)–Soros Fund Management plans to pursue a variety of lending and credit opportunities with a new affiliate headed by a former Goldman Sachs executive vice president.
Steven Mnuchin will join as chief executive of the new venture, which is called SFM Capital Management. Soros President and Chief Executive Mark Schwartz also came from Goldman Sachs and in the past year has been recruiting senior people who had been at the bank Previous HedgeWorld Story.
In an internal memo explaining the launch, Mr. Schwartz wrote that “SFM Capital Management will pursue investment opportunities in a range of situations, including senior secured loans to non-investment grade companies, mezzanine loans, convertible loans, asset-based loans, real estate loans, consumer receivables and mortgages, subordinated securities, and distressed asset purchases and workouts.”
“We believe that this is a significant opportunity to build a major business that will focus on various credit opportunities in the corporate, consumer, and real estate sectors,” Mr. Schwartz added.