The Cyprus-based fund manager and shipowner Pelagic Partners has set up a new financial vehicle, which is managed by Tobias Backer.
The new capital fund, Pelagic Capital, is designed to meet the growing capital needs of the maritime industry and represents “an important step for Pelagic Partners in its strategic development and mission to expand its influence in the industry”, according to the company founded by Niels Hartmann and Atef Abou Merhi.
The new vehicle will help to set up a special credit fund and drive expansion into future projects. Pelagic Capital will focus on creating “innovative financial solutions” for the maritime sector and offer a platform through Pelagic Partners.
Pelagic Partners has invested in a number of vessels and newbuildings in recent years. The fleet currently comprises 26 vessels, including Commissioning Service Operation Vessels (CSOV), bulkers, gas carriers, carriers, tankers and offshore support vessels.
Tobias Backer has been appointed Executive Director of Pelagic Capital to lead the new initiative. He will establish a new office in Mayfair, London, to develop Pelagic Capital and work closely with the entire Pelagic Partners team.
Backer joins Pelagic Partners
“Tobias brings extensive industry knowledge to Pelagic Capital, having founded Fleetscape Capital, a leading provider of alternative capital to the maritime industry backed by Oaktree Capital Management,” the statement continued.
He has also held business development roles at Oaktree’s European Principal Group, ICON Capital (now CION Investments), DNB Bank and Fortis Bank (now BNP Paribas). “His focus on sale and leaseback transactions, mezzanine loans, preferred equity transactions and joint venture investments in the maritime industry has made him a respected figure in the sector,” Pelagic said.
The manager with Norwegian and US citizenship said: “I am very excited to join Pelagic Partners and lead the newly formed Pelagic Capital. Our goal is to establish Pelagic Partners as the leading source of capital for the maritime industry across the capital markets. The shipping and offshore markets offer unique opportunities as uncorrelated asset classes compared to equities, bonds and other mainstream investment products. Despite the industry’s growing need for capital, it has not yet received sufficient attention from the broader credit markets.”
