Harbourmaster is a top quartile CLO manager in Europe now controlled by the Blackstone group. The Altercap funds invested in the subordinated tranches issued by the two static CLO 7x and 10x composed each of 50 to 75 senior leveraged loans with average maturity of the portfolios at September 2015.

Following the strong & rapid recovery of secondary market prices of CLO liabilities driven by cross border liquidity coming from the US mainly, the Altercap funds disposed below par their investment into the senior debt & 2nd lien issued by HBM7x & 10x.