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Tetragon Financial Group
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=== TFG Asset Management managers === '''BentallGreenOak''' is a mature real estate funds manager with AUM of US$74bn at end-2021. Tetragon already partially exited the position (GreenOak) through a merger with Bentall Kennedy in 2018 and now owns a 13% stake in the manager valued at US$222m (7.8% of Tetragon’s NAV at end-March 2022). '''LCM''' is a specialist in US below-investment grade leveraged loans. It currently manages 25 CLO structures with total AUM of US$11.2bn and is wholly owned by Tetragon (valued at US$278m, 9.9% of NAV). The largest single-name asset held by Tetragon is the core infrastructure assets manager '''Equitix''', which makes 23.7% of Tetragon’s NAV (US$670m at end-March 2022). The recent popularity of real asset investments supported the rapid growth of Equitix’s AUM (a five-year CAGR at 32% to end-2021, US$10.8bn) and is reflected in its valuation, as the company has been the main driver of Tetragon’s NAV returns in each of the last three years (see below). Tetragon owns a 75% stake in Equitix, with the remainder being held by its management. While Tetragon is not invested in any of the Equitix-managed funds (a sole exception in the case of TFG Asset Management), Equitix does invest in its own funds according to the management. '''Polygon''' manages open-ended hedge funds and private equity vehicles (AUM of US$1.8bn at end-2021). Its subsidiary (Polygon Convertible Opportunities) was renamed in 2022 after the CIO, Michael Humphries, became majority shareholder of the entity in 2020 into Acasta Partners (AUM of US$0.9bn at end-2021). Acasta manages convertible bond investments and continues to utilise TFG Asset Management’s infrastructure. The four remaining managers are in the early stages of development and manage combined AUM of US$1.1bn at end-2021. '''Hawke’s Point''' (established in 2014) invests in mining assets, '''Tetragon Credit Partners''' (2015) invests in CLO tranches, '''Banyan Square Partners''' (2019) is focused on private equity co-investments and '''Contingency Capital''' (2020) on legal assets.
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