Canaras Capital Management, LLC

Canaras Capital Management, LLC is a privately held,
SEC-registered, investment advisor that was founded in 2006. Canaras is dedicated to alternative investing and financial problem solving. We seek to generate higher absolute returns with low volatility by identifying inefficiencies, capitalizing on unconventional investments and creating well-structured portfolio solutions. We search out new and innovative opportunities to remain a leader in alternative investments.

Canaras offers a broad range of absolute return strategies and vanguard products for both institutional and high net worth investors. Our approach has performed through difficult economic environments and during unconventional and challenging recoveries. Our reputation is built on our hard-working talent, our intensive fundamental and technical research and our risk-averse philosophy.
Canaras has a different approach to alternative investments. While many managers discover an opportunity and then search for investors, Canaras seeks opportunities that respond to complex investor needs. Canaras does not follow a single strategy or market and we do not serve a broad investor base.

Our clients operate in difficult economic, political and tax environments that complicate normal return, risk and liquidity objectives. Solutions that succeed in these environments require expertise that goes far beyond asset selection and portfolio management. Canaras develops long-term and close relationships with clients. Our senior managers often interact with clients on a regular basis to fully understand their needs and to respond to macro- and micro- environmental changes. Our investment programs are typically private and involve a closely held group of investors.

Canaras' investment programs may range from large scale collateralized corporate loan obligations to niche venture initiatives. Our client solutions have involved large and small business lending, leveraged preferred share portfolios, distressed investments, asset-backed securities, private equity, real estate and cross border currency hedges. The common theme to these programs is a solution tailored to the investor’s needs and executed with intense credit analysis and a broad understanding of the surrounding economic, political and operating risks.

The Canaras Team is a group of dedicated employees of whom two-thirds are investment professionals. Our principals have been in the industry for over a quarter century during which time they built and managed successful investment businesses for leading financial institutions with total AUM of over $24 billion. The team is led by Anthony Clemente who was responsible for the development and growth of two successful global alternative asset management platforms.

Our analysts specialize in a number of different but related investment strategies. We encourage communication at all levels to promote the common goal of understanding the needs of our clients and the risks and rewards of each investment opportunity. Our dynamic and collaborative culture has helped us to attract and retain the highest-caliber employees.

(Click on each name for a detailed presentation)

	Anthony R. Clemente
	Richard D. Levinson
	Simon P. Airey
	Trevor H. Brooks
	Andrew J. Heller
	Benjamin S. Steger, CFA®
	Richard J. Vratanina, CFA®
	Marc H. McAfee
	Nicholas E. Chretien
	Tonisha D. Kerr
	Allison E. Phillips, CFA®
	Travis J. Hamre
	Alden C. Stone
	Claudio Chappell
	Michael T. Pagliuca
	David E. McClean, Ph.D.
	Greg Deveault

Anthony R. Clemente

CEO

Anthony has over 37 years of experience in the credit markets, having worked early in his career in various credit and credit underwriting capacities for Fidelity Union Bank, Marine Midland Bank and Security Pacific Merchant Bank in the 1980’s. In 1989, Anthony was a founding member of Merrill Lynch Asset Management’s leveraged loan business which offered one of the first retail mutual funds investing in the Leveraged Loan asset class.

After growing the Merrill Lynch business to nearly $8.5 billion assets under management, he joined INVESCO in 1998, where he was a Global Partner and head of the Bank Loan and CDO businesses. He also grew the INVESCO business to nearly $8.5 billion assets under management encompassing 17 structures and accounts that invested in leveraged loans, asset backed securities, high yield bonds and investment grade bonds by 2005.

As one of the principal advocates for the credit industry, Anthony served on the Board of Directors of the Loan Syndications and Trading Association in the mid and late 1990’s through 2000’s. He contributed extensively to the development of industry standard agreements and the standardized market procedures that facilitated asset trading and the expansion of secondary markets. Anthony holds a BA in Economics from St. Lawrence University.

Richard D. Levinson

Richard Levinson works closely with Canaras in the development of structured solutions for clients. He is the founder and managing director of a number of Canaras partner initiatives including Sage Group Limited, Croton Enterprise Limited and Phoenix Energy.

Richard Levinson has 40 years of experience in structured finance, risk management, asset management and private banking. He specializes in the creation and execution of complex cross border structured transactions and related advisory services. He has served as a board member of several investment corporations, hedge funds and CDOs and was appointed by the US Bankruptcy Court as a member of the Creditors Committee for the resolution and liquidation of Refco Inc, a global financial institution embroiled in a major fraud.

Previously, he spent 18 years with Citibank in a variety of treasury, risk management and asset management positions. In 1988, he became Citibank’s U.S. Country Treasurer, a founding member of its Market Risk Policy Committee and Chairman of the US Asset Liability Committee. In 1994, he became global treasurer and head of structured finance for the Citibank Private Bank.

Richard Levinson holds a B.A. in Economics and an M.S. in Operations Research from Union College and an M.A. in Finance from the Wharton School of the University of Pennsylvania where completed course work and passed qualifying exams for a PhD in Finance.. He served as adjunct faculty at the Wharton School and other business schools and provided seminars for central banks and other regulatory agencies in several countries.

Simon P. Airey

Senior Partner (Canaras Management Limited)

Simon Airey, a resident of Jersey, Channel Islands, is a non-executive director of several collective investment funds, hedge funds and related management companies and CDO managers. He trained as an accountant with Coopers & Lybrand and subsequently worked at Citibank in Jersey where his responsibilities included financial control, corporate banking and asset management structured products. He left Citibank Jersey in September, 1995, and continues to be a non-executive director of a number of companies established in Jersey, the Cayman Islands and Luxembourg.

Trevor H. Brookes

Chief Operating Officer

Trevor joined Canaras Capital Management in 2013 as Chief Operating Officer, with 14 years of leadership experience in commercial loan operations. Previously, Trevor was the Director of CLO and CDO operations at Halcyon Asset Management, overseeing 14 structures totaling $6B in value. Prior to Halycon, Trevor worked at Citigroup Alternative Investments for 8 years, where he was the Head of Leveraged Loans and Bonds, CLO, CDO, TRS, and Settlement Group. Trevor's extensive operational career began during his 10 years at Manufacturers Hanover Trust Company and DG Bank.

Trevor graduated from The City University of New York, Lehman College, in 1989 with a B.A. in Economics.

Andrew J. Heller

Managing Director

Prior to joining Canaras Capital Management, LLC in 2006, Andrew Heller worked at Houlihan, Lokey, Howard & Zukin, where he was an integral part of the Financial Restructuring Group advising on restructuring, distressed M&A and valuation. He has also held various positions at Citigroup related to leverage loans, recovery management, structural finance and asset-based lending.

Andrew Heller received a B.A. in Economics from Duke University as well as an M.B.A. from Columbia Business School.

Benjamin S. Steger, CFA®

Managing Director

Benjamin Steger joined Canaras Capital Management, LLC in 2006 with a strong background in fundamental credit research. Prior to Canaras, he worked for INVESCO as a bank loan research analyst. He received his credit training during his tenure as an investment analyst at Prudential Financial.

Benjamin Steger received a B.S. in Finance from Rutgers, the State University of New Jersey, and was awarded the Chartered Financial Analyst® professional designation in 2005.

Benjamin received his Executive M.B.A. from Columbia Business School graduating with honors with distinction.

Richard J. Vratanina, CFA®

Managing Director

Richard Vratanina joined Canaras Capital Management, LLC in 2008 with over 14 years experience in investment banking and financial services. Most recently, he spent 4 years in Morgan Stanley's Leveraged Finance group specializing in the Energy sectors. Prior to that Richard Vratanina worked for 5 years in the Power and Energy credit group at TD Securities. Before graduate school Richard spent 4 years with Accenture in their Financial Services group.

Richard Vratanina received an M.B.A. from New York University's Stern School of Business, as well as a B.S. in Industrial Management/Computer Science from Purdue University. He was awarded the Chartered Financial Analyst® professional designation in 2015.

Marc H. McAfee

Managing Director

Marc McAfee joined Canaras Capital Management, LLC in 2012. Previously, he was a member of the Special Situations Group at MBIA focused on distressed credit workouts and restructurings. Additionally, he was an analyst in the Leveraged Finance Group at Banc of America Securities.

Marc McAfee graduated from Washington and Lee University and holds an MBA from the Darden School at the University of Virginia.

Nicholas E. Chretien

Analyst

Nicholas Chretien joined Canaras Capital Management, LLC in 2015 from St. Lawrence University after working as an intern with the firm in the spring and summer of 2014.

Nicholas Chretien received a B.A. in Economics from St. Lawrence University.

Tonisha D. Kerr

Analyst

Tonisha Kerr joined Canaras Capital Management, LLC in 2015 from St. Lawrence University after working as an intern with the firm in the spring and summer of 2014.

Tonisha Kerr received a B.A. in Economics from St. Lawrence University.

Allison E. Phillips, CFA®

Analyst

Allison Phillips joined Canaras Capital Management, LLC in 2019 after spending three years in leveraged finance investment banking with Morgan Stanley and Goldman Sachs. Prior to graduate school, Allison spent 6 years as an economic consultant, focusing on valuation and transfer pricing.

Allison Phillips received an M.B.A. from the University of Chicago’s Booth School of Business, as well as a B.S. in International Economics from Georgetown University. She was awarded the Chartered Financial Analyst® professional designation in 2013.

Travis J. Hamre

Junior Analyst

Travis Hamre joined Canaras Capital Management, LLC in 2018 from St. Lawrence University, after working as an intern with the firm in the summer of 2017.

Travis Hamre received a B.S. in Economics-Mathematics from St. Lawrence University.

Alden C. Stone

Junior Analyst

Alden Stone joined Canaras Capital Management, LLC in 2018 from Bucknell University, after working as an intern with the firm in the summer of 2017.

Alden Stone received a B.S.B.A. in Accounting and Financial Management from Bucknell University.

Claudio Chappell

Senior Operations Specialist

Claudio Chappell is a Senior Operations Specialist at Canaras Capital Management, LLC. Claudio joined Canaras Capital Management, LLC in July 2017, with 9 years of leadership experience in loan operations. Previously, Claudio was a Vice President of Middle Office Operations at GSO Capital/Blackstone, monitoring 17 funds with a total AUM of $5 billion. Prior to his work in operations, he worked as a Loans Sales and Trading Analyst as well as a Syndication Officer at The Bank of Nova Scotia for over 10 years.

Claudio Chappell received his B.S. in Business Administration from Fordham University and his M.B.A. from New York Institute of Technology.

Michael T. Pagliuca

Operations Specialist

Michael T. Pagliuca is an Operations Specialist at Canaras Capital Management, LLC. Michael joined Canaras Capital Management, LLC in 2017, with over 10 years of experience in Loan Operations for Blackrock Financial Management and Societe Generale, specializing in the settlement of par and distressed trades in the primary and secondary syndication loan markets. Michael received his B.A. in Economics from Rutgers University.

David E. McClean, Ph.D.

Chief Compliance Officer

David McClean joined Canaras Capital Management, LLC as Chief Compliance Officer in 2007. Since 1992 he has been Principal of the DMA Consulting Group, a regulatory and business consultancy to the financial services industry. David serves or has served as Chief Compliance Officer for several client firms, including Aladdin Capital Management and Sailfish Capital Partners. Prior to DMA, he served as an officer in various legal compliance positions at Van Eck Global, BV Capital Management and National Securities & Research Corporation.

David McClean studied at Hunter College (B.A., 1986), NYU (M.A., 1996), and The New School for Social Research, M.A. (2003) and Ph.D. (2009). He holds FINRA's Series 7, 24, 27, 63, 79 and 82 licenses. Additionally, he is a Lecturer at Rutgers University (Newark) and teaches several courses in business ethics, including ethics in financial services.

Gregory E. Deveault

Accountant

Gregory Deveault joined Canaras Capital Management, LLC in 2014. He has previously worked in the financial services industry for Fidelity Management Research, Pine Capital, and independently for high net worth individuals.

Gregory Deveault received a B.S. in Business Administration and Finance with a minor in Global Economics from The University of Maine.

Tell Us How We Can Help You
US Office (Global Headquarters)
130 West 42nd Street
Suite 1500
New York, New York 10036
Tel: +1.212.372.7444
Fax: +1.212.372.7449

European Office
Floor 5
37 Espanade
St. Helier
Jersey JE1 2TR
Channel Islands
Tel: +44.1534.519.950

Contact Us via E-mail

Privacy Policy

At Canaras we aim to protect client privacy as far as possible. We only use information that we collect to process transactions and to improve the quality of the service that we provide. The types of information that we may collect include legal name, phone numbers, addresses, social security numbers, passport numbers, driver's license numbers and similar information.

Canaras does not disclose your personal information to third parties, except as described in this Policy. Third party disclosures may include sharing such information with non-affiliated companies that perform support services for your account or facilitate the management of your account or to effect transactions for your account, including those that provide professional, legal, or accounting advice to Canaras. Non-affiliated companies that assist Canaras in providing services to you are required to maintain the confidentiality of such information to the extent they receive it, and to use your personal information only in the course of providing such services and only for the purposes that Canaras dictates.

We may also disclose your personal information to fulfill your instructions, to protect our rights and interests and those of our business partners, or pursuant to your express consent. Finally, under limited circumstances, your personal information may be disclosed to third parties as permitted by, or to comply with, applicable laws and regulations, for instance, when responding to a subpoena or similar legal process, to protect against fraud, and to otherwise cooperate with law enforcement or regulatory authorities.

Canaras does not collect personally identifying data from this web site except when specifically and knowingly provided by you. In the latter case, subject to any applicable local laws, we may use your personal information to market products and services we believe might be of interest to you. We may use session specific cookies¹ or web bugs² to obtain non-personal information data regarding your use of this web site including IP address³ and session number⁴. This Data will be collected primarily for purposes of administering or compiling demographic information, and of monitoring usage and performance of this web site. We may also use such cookies to facilitate your movement within this web site (e.g. remembering passwords during the session and recording any country of residency selection you may have made.)

Canaras will not sell your personal information to anyone.

You have the right to access your information at any time to check whether it is accurate and up-to-date and should contact us if you wish to do so.
If you have any questions or complaints relating to the Privacy Policy or how we use the personal information we have about you, please contact us. We will endeavor to respond to you promptly.

For GDPR specific information, click GDPR Privacy Policy

__________________________________________________

¹ A cookie is information that a web server stores on your hard disk so that it allows a web site to store your preferences on your machine and later retrieve it.
² A web bug is a graphic on a viewed web page that transmits information to a web server.
³ An IP address is a 32-binary digit number that identifies each sender or receiver of information that is sent in packets across the Internet.
⁴ A session is a series of interactions between two communication end points that occur during the span of a single connection and is related to a particular session number.

Legal Disclaimer

This site contains or may contain information about funds and other investment products or pools which are not intended for or available to certain investors in certain jurisdictions. Neither the funds or investment pools discussed in the secure areas of this site, nor the securities issued by any funds, have been registered with the Securities and Exchange Commission and, as a result, such funds or pools are only available to certain investors who have been pre-qualified. Nothing herein is intended to be a public offering of any security or securities. Any pages referring to or containing information about any fund or pool offered or sponsored by Canaras are only available for view with a user name and password, which can be obtained by contacting the firm. A user name and password may also be provided to certain vendors or agents involved with client or fund services and specifically in connection with such services. Nothing on this web site that can be viewed without a user name and password should be interpreted as investment or financial advice. Unless otherwise indicated, no information on this site constitutes a solicitation to buy or sell any security. A fund's or pool's securities may be offered only by means of such fund's or pool's most recent offering memorandum and through the fund's or pool's authorized placement agent(s), if any.

Investors should know that the funds and investment pools referenced above are speculative and involve a high degree of risk relative to many other investment alternatives. They may be leveraged. Their performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Canaras has or may have total l trading authority over the funds and pools it manages. The use of a single manager applying generally similar trading programs could mean lack of diversification and, consequentially, higher risk. Unless otherwise indicated, there is no secondary market for an investor's interest in the funds and investment pools, and none is expected to develop. There may be restrictions on transferring interests in the funds and pools. The funds' and pools' relatively higher fees and expenses may offset the funds' and pools' trading profits. A substantial portion of the trades executed for the funds and pools may take place on foreign exchanges. Nothing on the site should be construed to supersede any statement in any fund's or pool's offering memorandum.

If any document or page on this site contains net asset value information for any fund or pool, it may be subject to change. Net asset values are estimates only and are unaudited, unless otherwise indicated. Any indications of investment limitations, parameters on the use of leverage, orother investment or portfolio constraints may only reflect Canaras's current thinking unless, among other things, it is contained in the current offering memorandum for the referenced fund or pool, and so should be viewed as subject to change at the sole discretion of Canaras. You should consult the most recent official offering document for a discussion of a fund's or pool's investmnet program and/or limitations. If this site or any document contained at this site (or any attachment) contains performance information about any particular holding, such information should be understood contextually and as an effort to explain a particular period's performance, and should not be viewed as an indication that other portfolio holdings performed or will perform similarly. As calculation errors may occur, performance information is subject to revision and audit. It is assumed that you will review the disclaimers contained in any attached document for further qualifications and clarifications.

Canaras has adopted a Code of Ethics. The general purpose of its Code of Ethics is to foster high principles of commercial honor and just and equitable principles of trade. The Code of Ethics covers investment related matters as well as non-investment related matters, requires that the firm have an Ethics Officer, requires that there be an Ethics Committee, and establishes procedures for handling ethics related concerns or matters. Clients wishing to receive a copy of the Code of Ethics may contact the Registrant at the number herein provided herein.