TT International, a specialist investment manager, has officially launched its alpha-driven credit investment strategy on an Irish UCITS platform following a successful transition from a Luxembourg UCITS structure. Originally introduced in 2015 as Pareturn – Gladwyne Absolute Credit, the strategy has built a strong track record under Portfolio Manager Barend Pennings.
Following its move in early 2024, the strategy was fully integrated into its new investment management environment, leveraging TT’s broader global network, enhanced operational efficiencies, and well-established client base. The transition marks another milestone in expanding access to high-quality credit investment opportunities within the European hedge fund landscape.
The strategy uses an opportunistic fundamental approach, with an emphasis on catalyst-driven corporate credit situations across Europe. It specialises in credits that often lack coverage from prominent brokerage houses and rating agencies, seeking to profit from mispriced risk in overlooked market segments. It has a particular edge in high-yield bonds, where size and liquidity constraints reduce competition.
Prior to founding Gladwyne Investments in 2009, Barend was a Managing Director and Portfolio Manager at Goldman Sachs, having worked there for eight years. He is supported by Deputy Portfolio Manager, Jan Mroczkowski, who previously performed fundamental analysis at Centerbridge Partners and Capstone Investment Advisors, after being an Investment Banking Analyst at Goldman Sachs. Barend and Jan have worked together successfully since 2018.
Eric Mackay, Managing Director, TT International, said: “This European credit solution builds upon TT’s strong heritage and ongoing strategic growth in the Fixed Income and European Alternatives spaces. We are delighted to celebrate the team’s first year at TT with the successful and seamless integration of the TT Credit Opportunities Strategy. As with our entire alpha-centric product range, we believe the strategy has competitive advantages that will help our clients achieve their investment goals.”
Barend Pennings, Portfolio Manager, TT International, said: “TT’s support has enabled our team to focus on what we do best: generating strong returns. At the same time, TT’s scale has lowered costs for our investors. I am confident that TT’s world-class reputation and industry profile will continue to spotlight our award-winning performance. We look forward to a future of continuing alpha generation and fostering long-lasting relationships with our investors.”
