York Capital Management and Kennedy Lewis Investment Management are partnering to create a new entity to be called Generate Advisors.
Under the terms of the partnership agreement, York's approximately $4 billion collateralized loan obligation business, led by Rizwan Akhter, will become Generate Advisors. The business will continue to manage York's current CLO portfolio and any future CLOs issued by Generate Advisors.
Kennedy Lewis has committed at least $200 million of capital to be invested in the equity of any future CLOs and will continue to invest in Generate Advisors.
Mr. Akhter will manage Generate Advisors. He and York's chief investment officer, Bill Vrattos, will be joined by representatives from Kennedy Lewis to form the CLO investment committee.
Messrs. Akhter and Vrattos will join Generate Advisors' board of managers. David Chene and Darren Richman, co-founders of Kennedy Lewis, and Doug Logigian, president of Kennedy Lewis, will join Messrs. Akhter and Vrattos in managing Generate Advisors and will serve on the board.
"We are pleased to partner with Kennedy Lewis to continue to grow our strong CLO franchise," said Jamie Dinan, founder and CEO of York, in a news release. "Over the past 6 years, York has demonstrated its ability to scale our issuance and meet the needs of investors. We are confident that with Kennedy Lewis' strategic partnership and equity commitment, we will further our ability to execute successful transactions in today's market environment and for years to come."
A representative from Kennedy Lewis Investment Management could not be immediately reached for additional information. A York Capital spokesman declined to comment beyond what was in the press release.
