iM Global Partner and Polen Capital expand credit offering with new Global High Yield Fund
18 DEC, 2025
By Joanna Piwko from RankiaPro Europe
iM Global Partner (iMGP) has strengthened its leveraged credit range with the launch of the iMGP Global High Yield Fund, developed in partnership with Polen Capital. The new strategy is designed to give investors access to a diversified global high yield bond portfolio at a time when yields remain elevated and market dispersion continues to reward active management.
Sub-managed by Polen Capital, the fund combines the firm’s U.S. and European high yield expertise within a single global mandate. It is co-managed by Ben Pakenham and Roman Rjanikov, both seasoned leveraged credit specialists with more than two decades of experience. Together, they aim to deliver a high level of current income alongside long-term capital appreciation by investing across the global high yield universe.
A Global, Research-Driven Approach
The iMGP Global High Yield Fund follows a bottom-up, fundamental research process, seeking out mispriced or overlooked securities that offer an attractive margin of safety. While security selection remains research-led, a top-down macro perspective helps inform portfolio construction and risk positioning.
The portfolio is expected to hold securities from approximately 70 to 120 issuers, maintaining an average credit quality of at least B-, with the majority of exposure concentrated in the BB and B rating categories. Over a full market cycle, the strategy targets a yield premium of 100–200 basis points above its reference index.
According to iM Global Partner and Polen Capital, the global high yield market currently offers a particularly compelling opportunity set. Credit quality across the asset class is close to multi-decade highs, while default rates are expected to remain moderate, supported by healthier corporate balance sheets, a higher share of secured issuance and improved access to liquidity.
Key Features of the iMGP Global High Yield Fund
- High conviction portfolio: Approximately 70–120 issuers globally
- Yield advantage: Targeting 100–200 bps above the benchmark through the cycle
- Macro-informed construction: Top-down analysis supports, but does not override, security selection
Strengthening the Leveraged Credit Platform
Julien Froger, Managing Director and Head of Europe at iM Global Partner, said the launch represents an important step in broadening the firm’s credit offering.
This new strategy enhances our Partner’s leveraged credit offering by capturing the full breadth of the global high yield market in a single portfolio. By combining proven expertise from both sides of the Atlantic within Polen Capital’s robust and well-established credit platform, we are giving investors access to a truly diversified source of return. This launch comes at a pivotal moment, as elevated yields and a broader opportunity set create compelling conditions for active managers.
From Polen Capital’s perspective, a global approach is essential to managing risk and capturing opportunity in high yield markets.
Relying on a single region risks concentration and missed opportunities, said Ben Pakenham, Portfolio Manager at Polen Capital. The diversity, depth and liquidity of the global high yield landscape allow us to source returns from many different credits. That broad perspective is invaluable in building a resilient, income-focused portfolio.
Roman Rjanikov, also Portfolio Manager at Polen Capital, highlighted the benefits of integrating U.S. and European credit insights.
By uniting U.S. and European expertise, we create a perspective that’s greater than the sum of its parts. This blend of skill sets allows us to analyse credit opportunities from every angle and construct portfolios that are truly diversified, resilient and ready to adapt to changing market conditions.
With the launch of the iMGP Global High Yield Fund, iM Global Partner and Polen Capital aim to position investors to benefit from the current global credit environment while maintaining a disciplined, research-led investment approach.
