WhiteHorse Capital Partners, a Dallas-based investment firm that focuses on managing leveraged loans and structured finance vehicles, is gearing up to launch its debut collateralized loan obligation, sources said. The firm was formed last year by a group that includes ex-Highland Capital Management staffers, including Portfolio Managers Jay Carvell and Ethan Underwood. Jarred Worley, who is the structured product manager and chief operations officer, is also a founding member. Carvell and Underwood declined comment on the activities of the firm.
One rival manager said it can be tough for new entrants to raise money through the structured finance market, but sources said WhiteHorse already has equity investors and has signed with Bear Stearns to lead the first CLO. These investors are reportedly high-net-worth individuals and family offices in Dallas. Other staffers at the firm include Antal Desai and Nate Stinchcomb, who are portfolio analysts. Desai previously worked at Goldman Sachs and Stinchcomb was at Crédit Lyonnais. A Bear Stearns banker did not return calls