iM Global Partner and Polen Capital Launch European High Yield Strategy
11 JUN, 2025
By Jose Luis Palmer from RankiaPro Europe
iM Global Partner has announced the launch of a European High Yield UCITS fund managed by its affiliate Polen Capital, marking a new step in their global expansion strategy. The fund will be housed within the iMGP Luxembourg SICAV and aims to provide investors with active exposure to the European leveraged credit market.
The strategy will be led by Ben Pakenham, former Head of European High Yield and Global Loans at a UK-based asset management firm, who joined Polen Capital to build out its European credit capabilities. He will be supported by co-manager and research analyst Adam Tabor, along with analysts Andrew Carrie and Julien Martin. The team previously managed over $2 billion in high yield assets and has a track record of outperforming the market with lower default rates.
Active approach rooted in fundamental analysis
The team’s strategy centres on identifying mispriced securities with built-in margins of safety, exploiting structural inefficiencies in the European credit market. Rather than following traditional rating agency assessments, they use a proprietary lens to evaluate credit risk.
The portfolio will be concentrated, with a focus on securities offering strong relative value. Strategic hedging will be employed to align exposures with the macroeconomic outlook. According to both iM Global Partner and Polen Capital, the fund is designed to offer a differentiated approach to high yield investing at a time when investors are reconsidering global asset allocations.
Market conditions seen as favourable for high yield strategies
In light of the higher interest rate environment, solid corporate fundamentals and the attractive positioning of the European market in the current geopolitical context, we believe there is a strong investment opportunity in European High Yield strategies at present. We are excited to work with a top-tier team of experts on an actively managed strategy that will offer our investors an additional source of return in their portfolios.
Julien Froger, Managing Director and Head of Europe at iM Global Partner
I couldn’t be more excited about the future of our leveraged credit business. By building world-class franchises in both global and European markets, we will amplify the strengths of our outstanding US credit platform.
Through Polen’s enduring investment philosophy, focused on delivering relative outperformance across the cycle while mitigating downside risks, we believe we can generate attractive relative returns for our clients. Our team is passionately committed to creating first-class, innovative strategies, meticulously tailored to meet the evolving needs of our clients—positioning us well to serve the growing demand for these asset classes.”
Ben Pakenham, Portfolio Manager at Polen Capital
