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Sep 11 2017

Guggenheim Takes Over as Interim Advisor for Carey Credit Income Fund

Effective today, Carey Credit Advisors will resign as investment advisor to Carey Credit Income Fund, a non-traded business development company. W. P. Carey Inc. (NYSE: WPC), the parent of Carey Credit Advisors LLC, recently announced its decision to exit retail fundraising and to focus on its core real estate business.

Guggenheim Partners Investment Management LLC will take over management as the interim investment adviser, and in connection with this transition, changes have been made in the company’s officers and board of trustees. The same changes apply to feeder fund Carey Credit Income Fund 2016 T.

Mark DeCesaris resigned as chief executive officer and as a member of the board of trustees, and Kamal Jafarnia resigned as senior vice president of the company.

Matthew Bloom, who was appointed as a member of the board last month, will serve as the company’s new chief executive officer and president, as well as chairman of the board. Bloom is a senior managing director and head of research for Guggenheim’s Corporate Credit Group.

Prior to joining Guggenheim, he worked as an attorney at Skadden, Arps, Slate, Meagher & Flom in the mergers and acquisitions and banking and institutional investing groups. Bloom received his bachelor’s degree from the University of Florida and his juris doctor from Columbia University School of Law.

Kevin Gundersen, a senior managing director and portfolio manager for Guggenheim’s Corporate Credit Group, was also appointed as a member of the board. He is a member of the investment committee overseeing Guggenheim’s corporate credit investing activities, and has been with Guggenheim Partners since 2002.

Prior to joining Guggenheim, Gundersen worked at GeoTrust, a technology company focused on eCommerce security. He received his bachelor’s degree from Harvard University and is a chartered financial analyst and member of the CFA Institute.

Kevin Robinson, a senior managing director of Guggenheim Partners and general counsel of Guggenheim Investments, will serve as senior vice president of Carey Credit Income Fund.

Prior to joining Guggenheim, he held similar positions at Claymore Group, NYSE Group, Inc., and ABN Amro Inc. Robinson’s financial services industry experience began in 1989 as senior counsel in the enforcement division of the U.S. Securities and Exchange Commission. He is a graduate of Coe College and The University of Iowa College of Law.

Dina DiLorenzo, senior managing director and chief operating officer of Guggenheim Investments, will also serve as a senior vice president of the fund. Prior to joining Guggenheim Partners, she held senior positions at Smith Barney, UBS and JP Morgan.

DiLorenzo is a member of the Guggenheim Partners management committee, finance and planning committee, as well as the women’s innovation and inclusion network. She holds a bachelor’s degree in economics from Lehigh University and the FINRA Series 3, 4, 7, 24, 30, 32, 53, 63 and 65 licenses.

Richard Cheung, managing director and head of fund accounting at Guggenheim Partners, will also serve as a senior vice president of the fund. Prior to joining Guggenheim, he held positions at investment advisor Silver Point Capital and Ernst & Young LLP. He received his bachelor’s degree in accounting and finance from New York University.

Carey Credit Income Fund is a non-traded business development company that invests primarily in large, privately negotiated loans to private middle market U.S. companies. CCIF is the master fund which pools investor capital raised through its feeder fund offerings, such as the current offering CCIF 2016 T. The company’s portfolio consists of investments in 67 portfolio companies totaling $375.2 million, according to Summit Investment Research.

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Article by: The DI Wire

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