CLO
Management

Investment Philosophy

Investment
Philosophy

Minimize credit loss, remain income focused, maintain sales discipline on signs of weakness

Industry leading focus with defensible market positions

Proper risk/reward profile

Ability to say “No”

Identify early market trends, continuous evaluation of relative value, portfolio review from both top-down and bottom-up, selective opportunistic investments

Maintain portfolio diversity, monitor issuer and industry concentration, align portfolio with macroeconomic and market views

CLO
Management

Partner with management teams in North America and Europe who thrive across market cycles; taking a differentiated approach to risk mgmt. and process based decision-making.

CLO / Leverage Loan Team

 

Serhan Secmen

Partner, Head of US CLO Investments
Serhan Secmen is a Partner and Portfolio Manager of the CLO Investments Strategy at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining Citi Capital Advisors in August 2008, Serhan was a CLO trader at Lehman Brothers. Prior to his post at Lehman Brothers, he spent several years in Texas as a project manager focusing on special project financing. During his tenure at Napier Park, Serhan has assisted in the development of multiple propriety analytics systems and has been influential in the various strategies and methodologies for analyzing CLOs and other structured products. Since 2006, Serhan has also been involved in various industry forums and networks, including the investor roundtables for Moody's, S&P, and Fitch Ratings. He frequently appears as a speaker at multiple industry conferences and panels. Serhan holds an MBA degree from Wharton School of Business, an MS degree from Texas A&M University, and a BS degree from Bogazici University in Turkey.
 

Michael Micko

Partner, Head of European Credit
Michael Micko is a Partner and the Head of European Credit Strategies at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Michael joined CCA in August 2004, bringing approximately 15 years of relevant experience to the team. Prior to joining CCA, Michael headed high yield at Mellon Newton Investment Management. Previously, Michael was an investment banker at Deutsche Bank and Bankers Trust International focusing on Leverage Finance, and he also held the role as Treasurer of a listed corporate high yield issuer. Michael has a MBA from The Richard Ivey School in Canada (1991), has attended London Business School, and holds ME (Industrial Engineering) (1988) and BS (Electrical Engineering) (1987) degrees from the University of Alberta, Canada.
 

Daniel Slotkin

Partner, Head of US CLO Management
Daniel Slotkin is a Partner and Portfolio Manager for Napier Park’s Leveraged Loan platform. Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Daniel Slotkin joined Citi in 1991 and prior to joining Citi Capital Advisors’ Leveraged Loan Investments team in 1998, Daniel worked in the Airlines Asset Distribution Department, Capital Markets Origination, Leveraged Loan Structuring and in the Relationship Management areas of Citi’s corporate bank. During his tenure in Leveraged Loan Investments, Daniel has led bank loan trading, portfolio strategy, loan workouts and worked as a credit analyst. He earned his Bachelor of Arts degree from the University of Florida.
 

Batur Bicer

Managing Director
Batur Bicer is a Portfolio Manager focusing on investment strategies related to structured credit products in both cash and synthetic markets at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to CCA, Batur served two years as Vice President at Goldman Sachs as a Credit Strategist covering primarily credit derivative products where he was responsible for recommending trade ideas and providing quantitative solutions for both internal and external clients. Prior to Goldman Sachs, Batur worked as a Credit Strategy Research Analyst for five years at Barclays Capital where he published weekly reports on the structured credit market. Batur has also been involved in various industry forums and networks, including the investor roundtables for different ratings agencies. He frequently appears as a speaker at multiple industry conferences and panels. Batur has a PhD degree in Operations Research and Financial Engineering from Princeton University and a BS from Bogazici University.
 

Robert O’Brien

Managing Director
Robert O’Brien is a Managing Director and is the senior leveraged loan trader at Napier Park. Bob joined Citi Capital Advisors’ (“CCA”) Leveraged Loan Investments team in 2003. Prior to joining CCA, Bob worked as a Research Associate in Bear Stearns’ High Grade Research department in the Financial Institutions group. Bob graduated from Boston University with a BS in Business Administration.
 

Melanie Hanlon

Managing Director
Melanie Hanlon is a Managing Director and Head of Credit Research at Napier Park Global Capital. Melanie Hanlon joined Citi in September 1999 and was part of Citi Capital Advisors’ (“CCA”) Leveraged Loan Investments team since 2001. Before joining CCA, Melanie was a Director with Bank of Montreal's Asset Portfolio Management group. Earlier positions include a relationship manager with Societe Generale and a credit analyst with NationsBank. Melanie holds a BS in Accounting and an MBA with a double major in Finance and Management from New York University.
 

Scott Lorinsky

Managing Director and Associate General Counsel
Scott Lorinsky is a Managing Director and Associate General Counsel at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors, in February 2013. At Napier Park, Scott is responsible for legal matters across the platform, with specific focus on Napier Park’s European Credit Products and CLOs, including Regatta Loan Management, a capitalized manager vehicle established to address risk retention rules. Prior to joining Citigroup in 2005, Scott was a senior associate at Latham & Watkins, specializing in leveraged loan and asset securitizations. Prior to Latham & Watkins, Scott was a senior associate at Simpson Thacher & Bartlett focusing on corporate finance. Scott received his A.B., cum laude, from Duke University and his J.D. from Columbia Law School.
 

Dave Garg

Managing Director
Dave is a Managing Director at Napier Park in New York where he serves as an investment professional focused on stressed credit investing across all major sectors. Dave joined Napier in February 2019 from Tricadia Capital where he was a Portfolio Manager focused on liquid, relative value and distressed credit and special situation equities globally. Prior to Tricadia Capital Dave was a senior analyst for ten years at Trilogy Capital in Greenwich CT. Prior to being on the buy side Dave worked at Lehman Brothers on the high yield desk, Ford Motor Company in their Treasury office and at Chrysler Corporation in an engineering role. Dave an MBA degree from Northwestern University’s Kellogg School of Management, masters in engineering from Lehigh University and Bachelors in Engineering from Indian Institute of Technology in India.
 

Joseph Riggi

Director
Joe joined is a Director at Napier Park in New York where he serves as an investment professional focused on stressed credit investing across all major sectors. Joe joined Napier as part of the spin out from Citi Capital Advisor’s (“CCA”) in February 2013. During his tenure at Napier, Joe has been an investment analyst with both the CLO and Stressed Credit teams. Prior to CCA, Joe worked at Carlton Hill Global Capital as a Portfolio Analyst. Joe was responsible for structured credit modeling and portfolio analytics for a first loss tranche investment vehicle. Joe received his BS from Seton Hall University where he majored in Finance and is a CFA charterholder.
 

Shachar Minkove

Director
Shachar Minkove has 20 years of experience investing in credit and special situations. Shachar joined Napier Park in 2013 and is currently an investment analyst focused on Energy, Industrials, Metals & Mining, Paper & Packaging, and Power. Prior to joining Napier Park he worked as an analyst at Perry Capital and BNP Paribas. Shachar started his career at JP Morgan where he spent 12 years in various groups including High Yield Research, Proprietary Trading, and the Loan and Distressed Trading Group. Shachar graduated with honors from Yeshiva University.
 

Lawrence O

Director
Lawrence (Larry) O joined Napier Park through its transition from Citi Capital Advisors (“CCA”), which he joined in 2008. Larry currently serves as an investment analyst in the US Credit Research group. Prior to joining CCA, Larry worked at KBC Alternative Investments, where he was the senior credit analyst for KBC’s multi-strategy platform since 2003. Prior to joining KBC, Larry worked at Bank of America Securities as a Vice President and distressed research analyst covering special situations and ‘busted’ convertible bonds from 1999 through 2003. His career began in 1996 with Chase Securities as a high yield desk analyst after completing Chase’s Investment Banking Analyst Program. Larry holds a BE degree in Civil Engineering from The Cooper Union for the Advancement of Art and Science.
 

Abraham Saldivar

Director
Abe Saldivar joined Napier Park in 2015 and is a Director in the US Credit Research group focusing on Autos, Building Materials, and Chemicals. Abe started his career at Morgan Stanley, and was there for 7 years in various groups including Leveraged Finance (Global Capital Markets), Investment Banking, and Sales & Trading. Prior to joining Napier Park, Abe worked as a Par Loan & Distressed Research Analyst at Morgan Stanley. Abe earned his double BBA from St. Mary’s University (Texas).
 

Kathleen Doehring

Director
Kathleen Doehring, CFA, is a Director with Napier Park’s US Credit Research team. Kathleen specializes in fundamental credit analysis and capital structure opportunities in the Retail, Consumer Products, Food & Beverage and Business Services industries. Her primary focus is analyzing investment opportunities for the platform’s CLO vehicles. In addition to her current coverage areas, she has prior experience in the Aerospace & Defense, Paper & Packaging and Transportation industries. Kathleen began her career in 2009 with Napier Park’s predecessor, Citi Alternative Investments, after graduating from the University of Richmond with a B.S.B.A in Finance. Kathleen is a CFA charterholder, having earned the designation in 2014.
 

Kevin Lam

Vice President
Kevin Lam, CFA is an investment analyst and has over 10 years of Fixed Income and Credit Investing experience. Prior to joining Napier Park, Kevin worked as a Credit Analyst at Fitch Ratings, an Investment Banking Associate at Bank of America Merrill Lynch, and as a High Yield Credit Analyst at MetLife Investments. Kevin earned his BBA from Pace University and an MBA from The Darden School of Business at the University of Virginia.
 

Stephen McCall

Vice President
Stephen McCall CFA, is an investment analyst and has 7 years of Fixed Income and Credit Investing experience. Prior to joining Napier Park, Stephen worked as a Desk Research Analyst at SunTrust Robinson Humphrey. Stephen earned both his BA and MSF from the University of Florida.
 

Julia He

Managing Director
Julia He is a Managing Director and Portfolio Manager for European Credit Strategies at Napier Park Global Capital. Prior to joining the team in July 2004, Julia worked for Alcentra Ltd (formerly Barclays Capital Asset Management), in London, where she was an analyst focusing on high yield, stressed and distressed debt for CDO portfolios. Julia started her career at HSBC in China in 1995 as a corporate banking analyst and subsequently worked in the Treasury Department at Dow Chemical (China). Julia holds a B.A. in Economics and International Finance from Shanghai Jiao Tong University in China (1995) and an M.B.A. from City University Business School in London (2000).
 

Mohammed El Khazzar

Managing Director
Mohammed El-Khazzar is a Managing Director and Portfolio Manager for European Credit Strategies at Napier Park. Mohammed joined from AXA Investment Managers in Paris where he worked in the structured finance division as a credit analyst focusing on the leveraged loans market. His responsibilities at AXA included providing trading ideas in primary and secondary markets as well as portfolio monitoring. Prior to joining AXA IM, Mohammed spent two years as an auditor at Deloitte in Casablanca where he serviced a large number of clients in different industries. Mohammed holds a Masters Degree in Finance and Strategy from Sciences Po Paris (2008).
 

Andre Shmain

Director
Andre Shmain is an analyst focusing on data analytics and valuations for structured credit products at Napier Park Global Capital (“Napier Park”). Prior to joining Napier Park in June 2018, Andre spent six years as Principal at Oak Hill Advisors (“OHA”) where he was responsible for building systems to analyze CLO investments. Prior to his position at OHA, Andre worked in CDO analytics group at Lehman Brothers/Barclays Capital for five years providing quantitative solutions to CLO structuring and secondary trading desks. Andre received MS in computer science from Moscow Institute of Radio Engineering, Electronics and Automation.
 

Ryan Brauchler

Vice President
Ryan Brauchler is an investment analyst focusing on strategies related to structured credit products at Napier Park Global Capital (“Napier Park”). Prior to joining Napier Park in June 2014, Ryan was an analyst at Citigroup Global Markets within Citi Investment Research and Analysis (“CIRA”) where he focused on the structured credit strategy. Prior to his role with CIRA, Ryan spent a year with CitiFX Quantitative Investor Solutions developing fundamental and technical systematic currency trading strategies. Ryan graduated Summa Cum Laude with a BA degree from the University of Colorado at Boulder.
 

Xiaoyun Liang

Vice President
Xiaoyun Liang is an Investment Analyst for European Credit Strategies at Napier Park Global Capital. Prior to joining Napier Park, Xiaoyun worked for Chenavari for 5 years, where she was an investment analyst focusing on providing long/short trade ideas for high yield, stressed cash bond, single name CDS as well as covering CDO tranches. Most recently, Xiaoyun worked at Fitch in structured credit CLO, focusing on CLO ratings. Xiaoyun started her career as an analyst in transaction services at PwC and also worked at CITIC Trust, Beijing in 2011. Xiaoyun is a CFA charter holder, she holds a B.A. (First) in Electrical and Electronic Engineering from University of Bristol (2009) and two Masters degrees in Control System and Financial Engineering from Imperial College London (2010 and 2012).
 

Federico Della Torre

Vice President
Federico Della Torre is an Investment Analyst for European Credit Strategies at Napier Park Global Capital. Prior to joining Napier Park, Federico worked for Citigroup for 6 years, where he was a senior associate in the Leveraged Finance team and advised corporate and financial sponsor clients on origination, structuring and execution of high yield bond and leveraged loan debt for LBO, M&A, carve-out and refinancing transactions across Europe and emerging markets. Federico started his career in the investment banking graduate programme at Citigroup. He holds a BSc (First) in Economics and Finance (2011) and a Master of Science in Finance (2013) from Bocconi University in Milan.
 

Adnan Bey

Vice President
Adnan Bey is an Investment Analyst for European Credit Strategies at Napier Park Global Capital. Prior to joining Napier Park, Adnan worked for HSBC in London for 5 years, where he was a senior associate in the Leveraged and Acquisition Finance team. He focused on the origination and execution of high yield and leveraged loan transactions for both corporate and financial sponsor clients. Adnan started his career at HSBC as an analyst in the Financial Sponsors Group, where he worked on numerous sponsor-led M&A transactions. He holds a Masters Degree in Finance (2011) from Sorbonne University in Paris.
 

Iva Horcicova

Vice President
Iva Horcicova is an Investment Analyst for European Credit Strategies at Napier Park Global Capital. Prior to joining Napier Park, Iva worked for ING Bank for 6 years, where she was a Vice President in the High Yield Debt Capital Markets team and advised corporates and financial sponsor clients on origination, structuring and execution of high yield bonds for LBO, M&A, carve-out and refinancing transactions across Europe. Iva started her career as an investment banking graduate at UniCredit in Munich in 2012. Iva holds a B.A. (Hons) in Area Studies from Charles University in Prague (2009), a LL.B. (Hons) in Law & Business from Masaryk University in Brno (2010), a Master’s degree in Business & Law from University of Economics in Prague (2012), and an LL.M. degree in Finance from the Institute for Law and Finance at the Goethe University in Frankfurt am Main (2013).
 

Timo Seidl

Associate
Timo Seidl is the CLO Investment analyst for European Credit Strategies at Napier Park Global Capital. Prior to joining Napier Park, Timo worked for Goldman Sachs in London for 3 years, where he was an associate in the CLO Origination and Alternative Capital Raising team. He focused on structuring and distributing European warehouses and CLOs and also worked on Capitalized Manager Vehicle (CMV) and other private fund raises. Timo holds a BSc in Mathematics and Economics from Ludwig Maximilian University Munich (2013) and a MSc in Applied and Computational Mathematics from the Royal Institute of Technology in Stockholm (2016).

CLO Deals

Sort by Status:
Henley II

Collateral Manager: Napier Park Global Capital Ltd
Closing Date: 10 June 2020
Size at Issuance ($mm): Size of liabilities: €201.75, Target Par: €200m

Status: Active

Regatta XVI

Collateral Manager: RLM
Closing Date: Dec 2019
Size at Issuance ($mm): 604

Status: Active

Regatta XII

Collateral Manager: RLM
Closing Date: Oct 2019
Size at Issuance ($mm): 409

Status: Active

Henley I

Collateral Manager: Napier Park Global Capital Ltd
Closing Date: 29 July 2019
Size at Issuance ($mm): Size of liabilities: €406.2m, Target Par: €400m

Status: Active

Regatta XV

Collateral Manager: NPGC
Closing Date: Oct 2018
Size at Issuance ($mm): 636

Status: Active

Regatta XIV

Collateral Manager: NPGC
Closing Date: Sep 2018
Size at Issuance ($mm): 738

Status: Active

Regatta XIII

Collateral Manager: NPGC
Closing Date: Jul 2018
Size at Issuance ($mm): 602

Status: Active

Regatta XI

Collateral Manager: RLM
Closing Date: Jun 2018
Size at Issuance ($mm): 513

Status: Active

Regatta X

Collateral Manager: RLM
Closing Date: Dec 2017
Size at Issuance ($mm): 534

Status: Active

Regatta VIII

Collateral Manager: RLM
Closing Date: Sep 2017
Size at Issuance ($mm): 512

Status: Active

Regatta IX

Collateral Manager: RLM
Closing Date: May 2017
Size at Issuance ($mm): 406

Status: Active

Regatta VII

Collateral Manager: RLM
Closing Date: Oct 2016
Size at Issuance ($mm): 407

Status: Active

Regatta VI

Collateral Manager: RLM
Closing Date: May 2016
Size at Issuance ($mm): 411

Status: Active

Regatta V

Collateral Manager: NPGC
Closing Date: Nov 2014
Size at Issuance ($mm): 515

Status: Harvesting

Regatta IV

Collateral Manager: NPGC
Closing Date: Jun 2014
Size at Issuance ($mm): 627

Status: Harvesting

Regatta III

Collateral Manager: NPGC
Closing Date: Mar 2014
Size at Issuance ($mm): 492

Status: Harvesting

Regatta II

Collateral Manager: NPGC
Closing Date: Feb 2013
Size at Issuance ($mm): 415

Status: Active

Duane Street IV

Collateral Manager: NPGC
Closing Date: Aug 2007
Size at Issuance ($mm): 495

Status: Matured

Regatta I

Collateral Manager: NPGC
Closing Date: Mar 2007
Size at Issuance ($mm): 760

Status: Matured

Duane Street III

Collateral Manager: NPGC
Closing Date: Dec 2006
Size at Issuance ($mm): 550

Status: Matured

Duane Street II

Collateral Manager: NPGC
Closing Date: Jul 2006
Size at Issuance ($mm): 430

Status: Matured

Duane Street I

Collateral Manager: NPGC
Closing Date: Oct 2005
Size at Issuance ($mm): 350

Status: Matured