Cheyne real estate debt duo profit from continuing credit dislocations

Wed May 25, 2011

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Managers believe the asset class offers the last big remaining post-Lehman dislocation, with senior debt on properties often yielding more than the underlying real estate itself

Shamez Alibhai Ravi Stickney

Cheyne Capital’s real estate debt fund has produced impressive numbers since launching in 2009, by targeting undervalued credits in the sector via three innovative sub-strategies that are offered individually to investors.

And the Cheyne Real Estate Debt Fund’s portfolio managers, Shamez Alibhai and Ravi Stickney, believe opportunities are still ripe for the fund despite a general post-crisis recovery in many other asset classes.

Alibhai joined Cheyne in April 2006 having previously spent two years with Credit Suisse, where he traded residential whole loans. Before that, he worked at Barclays Capital, structuring and placing deeply subordinated real estate credits.

Stickney worked at Lehman Brothers until 2005, when he left to run ING’s proprietary long/short real estate debt trading desk. He joined Alibhai at Cheyne in 2008, at which point the duo were seeing plenty of opportunities to take advantage of a dislocated and dysfunctional debt...

ISSN: 2151-1845 / CDC10004H

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