May 9, 2018 / 2:52 PM / 2 months ago

MOVES- Flat Rock hires Benefit Street Partners’ Bates as CIO for new fund

NEW YORK, May 9 (LPC) - Flat Rock Global has hired Shiloh Bates from Benefit Street Partners as chief investment officer of a new fund the firm is seeking to raise.

Bates, who started Monday, is based in New York, according to Robert Grunewald, Flat Rock’s chief executive officer.

Flat Rock’s first fund, Flat Rock Capital, is a Business Development Company (BDC) focused on investing in first-lien, senior secured debt of middle market companies, according to a 2017 news release.

The firm is now seeking to raise a closed-end interval fund, the Flat Rock Opportunity Fund, which will invest in Collateralized Loan Obligation (CLO) equity and junior debt tranches, according to an April 4 regulatory filing. Bates will be the CIO of the fund.

More than US$43bn of US CLOs has been raised this year through Tuesday, up almost 43% from the same period last year, according to Thomson Reuters LPC Collateral data. Citigroup is forecasting a record US$140bn of US CLO issuance this year.

Prior to Benefit Street Partners, Bates was the head of structured products at BDCA Adviser where he worked with Grunewald and was focused on investments in CLOs and publicly traded BDCs, according to his biography on Flat Rock’s website.

A spokesperson for Benefit Street Partners declined to comment.

“He’s an incredibly talented person who has invested in US$1bn of CLO equity in the past and has an outstanding performance track record,” Grunewald said. “He’s a brilliant investment professional that I’ve known for over 20 years and I’m excited to be working with him again.” (Reporting by Kristen Haunss Editing By Michelle Sierra and Jon Methven)

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