March 18, 2008
Press Release: Norwest Equity Partners Invests in Pangaea Asset Management

March 10, 2008

Pangaea Asset Management, LLC, (“Pangaea”) a specialized asset management firm based in Chicago, Illinois, is pleased to announce that it has:

 

•Entered into an agreement with 250 Capital, LLC, an indirect wholly owned subsidiary of Merrill Lynch & Co., (“250 Capital”) to act in a sub servicing role providing investment recommendations and analysis along with operational support to 250 Capital.  250 Capital is the Collateral Manager for the Merrill Lynch CLO 2007-1 collateralized loan obligation (“CLO”) transaction.   

•Acquired CapitalSource Advisors LLC, which was the investment manager for CS Advisors CLO 1, Ltd.  The two entities were subsequently renamed Sargas Asset Management, LLC (“Sargas”) and Sargas CLO 1, respectively.  

 

Pangaea is also the Collateral Manager for the Pangaea CLO 2007-1 Ltd. transaction, which closed in August 2007.  Pangaea continues as an active investor for portfolios it manages.  Pangaea’s business strategy includes growth in managed assets both through direct investment in its currently managed portfolios and through acquisition or joint venture arrangements with other asset management firms.  Pangaea and its affiliates now manage three CLO transactions totaling over $1 billion in assets under management.

 

 

 

Please contact Barry Shear at 312-447-6122 or David Schmuck at 312-447-6123 for additional information regarding Pangaea and acquisition or joint venture opportunities.