New capital fund will address increasing capital needs of the industry and marks an important step for Pelagic Partners in its strategic development and mission to expand influence in the sector
Shipowner and shipping fund manager, Pelagic Partners, has today announced the launch of Pelagic Capital, a new venture designed to assist Pelagic Partners to build a dedicated credit fund and expand into future projects. Pelagic Capital’s focus will be on creating innovative financial solutions for the maritime sector, offering a unique platform through Pelagic Partners that addresses the increasing capital needs of the industry.
Tobias Backer has been appointed to lead this new initiative, as Executive Director of Pelagic Capital, and will establish a new base in Mayfair, London, to develop Pelagic Capital, working closely with the wider Pelagic Partners’ team. Tobias brings significant industry expertise to Pelagic Capital, having founded Fleetscape Capital, a leading alternative capital provider in the maritime industry sponsored by Oaktree Capital Management. He also worked extensively in business development roles at Oaktree’s European Principal Group, ICON Capital (now CION Investments), DNB Bank, and Fortis Bank (now BNP Paribas). His focus on sale and leaseback transactions, mezzanine loans, preference share transactions and joint venture investments within the maritime industry has made him a respected figure in the sector. Tobias holds a B.S. in Business Administration and a B.A. in International Relations from Boston University and is a dual U.S. and Norwegian citizen.
Atef Abou Merhi, Managing Director of Pelagic Partners, said: “The launch of Pelagic Capital marks a significant step in Pelagic Partners’ ongoing mission to expand its influence as shipowner, and within the maritime investment space, we are delighted to welcome Tobias Backer to lead in this exciting phase in Pelagic Partner’s growth. Tobias brings 30 years of diversified experience with him, which is invaluable within our industry, and we look forward to working together to continue to grow Pelagic Partners’ position as diverse specialists within maritime investment. Tobias and Pelagic Partners have a longstanding personal relationship, and we are pleased to turn that trust into a long-lasting professional one.”
Tobias Backer, Executive Director, Pelagic Capital, said: “I am very excited to join Pelagic Partners and to run the newly established, Pelagic Capital. Our goal is to establish Pelagic Partners as the premier source of capital for the maritime industry across the capital stack. The shipping and offshore markets offer unique opportunities as uncorrelated asset classes compared to equities, bonds, and other mainstream investment products. Despite the growing capital needs of the industry, it has not garnered sufficient attention from broader credit markets.”
He continued: “I have known the principals of Pelagic Partners for over a decade and have been consistently impressed by their work with the Pelagic equity funds. By adding a dedicated asset-backed, private credit strategy to complement the existing maritime equity strategy, we aim to bridge the funding gap in the industry and offer an exciting opportunity for investors, which is not widely available through other established fund managers.”
Atef Abou Merhi concluded: “We look forward to combining our expertise and moving Pelagic Partners forward. There will be many interesting projects to focus on, and we look forward to sharing further announcements and updates in the near future.”
