SHENKMAN CAPITAL MANAGEMENT, INC

What SHENKMAN CAPITAL MANAGEMENT, INC does

Shenkman Capital Management, Inc. is a New York-based, independently owned traditional and alternative credit manager founded in 1985 by Mark R. Shenkman. The firm specializes in leveraged finance and below-investment-grade credit, including high yield bonds, leveraged loans, CLOs/CBOs, and multi-asset credit strategies, and currently manages approximately $30 billion in assets under management. Its investment process is anchored by C.Scope, a proprietary credit scoring system launched in December 1985 that is used to identify mis-rated issuers and assess creditworthiness, supported by a research team whose portfolio managers average 28 years of high yield experience and senior research analysts average 15 years.

The firm distributes its strategies through multiple regulated vehicles: separately managed accounts, private funds, US mutual funds (Shenkman Capital Short Duration High Income Fund and Floating Rate High Income Fund), Ireland and UK UCITS funds, and a structured credit issuance platform operated through the Romark affiliate (Romark CLO Advisors LLC and Romark Credit Advisors LP). Operational footprint spans New York (headquarters since 2022 relocation), Stamford CT (opened 2001), Boca Raton FL (opened 2022), and London (opened 2009, FCA-regulated subsidiary Shenkman Capital Management Ltd). The firm is SEC-registered and serves institutional investors, public pension funds, endowments, insurance companies, family offices, and accredited investors and qualified purchasers.

Revenue is generated almost entirely through recurring management and investment advisory fees charged on assets under management across the firm's product platforms, with no disclosed revenue figures. The firm is privately held and owned by team members and directors, with no outside private equity or strategic investor backing. Recent strategic activity has emphasized product diversification (Multi-Asset Credit Fund 2021, Tactical Credit Fund 2019), ESG and DEI positioning (PRI, CDP, TCFD, CFA DEI Code signatories), and continued build-out of the CLO platform through the Romark affiliate.

Name

SHENKMAN CAPITAL MANAGEMENT, INC

Legal name

Shenkman Capital Management, Inc.

Website

https://shenkmancapital.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

Shenkman Capital Management is an independently owned, New York-based traditional and alternative credit manager founded in 1985, specializing in leveraged finance and managing approximately $30 billion in AUM across SMAs, private funds, mutual funds, UCITS, and CLO vehicles for institutional investors.

Ownership category

akta.pro rank

Product category

Credit Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Vehicles (525990), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282), Asset-Backed Securities (6189)

akta.pro primary industry

Leveraged Finance & Loan Credit (Loans/Lev Loans/Loan CLOs) (FSAHAGAI)

akta.pro secondary industries

Multi-Strategy — Credit + Structured Products (FSAHAFAE), Special Situations / Opportunistic Credit Funds (FSANAKAB)

Keywords

• Leveraged credit management
• High yield bonds
• CLO management
• Investment advisory services
• Mutual fund management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Advisory Fees: The firm generates revenue through management fees and investment advisory fees charged to clients for managing separately managed accounts, private funds, and other investment vehicles. As an SEC-registered investment adviser, the firm charges fees typically based on assets under management.
2. Mutual Fund Management: The firm offers mutual funds including the Shenkman Capital Short Duration High Income Fund and Shenkman Capital Floating Rate High Income Fund, which generate management fees from institutional and retail investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Shenkman Capital Management is a traditional and alternative credit manager specializing in leveraged finance. The firm manages approximately $30 billion in assets through separately managed accounts, private funds, mutual funds, UCITS funds, and CLO/CBO vehicles for institutional and qualified investors. Investment strategies include high yield, bank loans, short duration, opportunistic credit, tactical credit, multi-asset credit, direct lending, fallen angels/rising stars, and structured credit.

Product overview

Shenkman Capital Management is a traditional and alternative credit manager offering a comprehensive suite of investment products across multiple platforms. The firm provides separately managed accounts, private funds (including CBO/CLO vehicles), and mutual funds (Short Duration High Income Fund and Floating Rate High Income Fund), as well as UCITS funds for European investors. Investment strategies include Short Duration, Traditional Investment Grade/Global, Opportunistic Credit, Tactical Credit, Multi-Asset Credit (MAC), CLO/CBO Issuance through the Romark affiliate, Direct Lending, and Fallen Angels/Rising Stars. The firm also manages numerous data controller entities and sponsored funds spanning credit, high yield, and multi-asset strategies. Founded in 1985 and headquartered in New York, the firm maintains offices in Stamford, Boca Raton, and London, with approximately 150 team members including 52 investment professionals.

Differentiator

Problem solved

Functional benefit

Brands

• Romark: CLO management affiliate of Shenkman Capital, includes Romark CLO Advisors LLC and Romark Credit Advisors LP

Products and services

• Shenkman Capital Short Duration High Income Fund
• Shenkman Capital Floating Rate High Income Fund
• Shenkman Credit Fund PLC (Ireland UCITS)
• CG Shenkman Hansa High Yield Fund (UK UCITS)
• CLO and CBO Issuance and Management (Romark Affiliate) Collateralized Loan Obligation (CLO) and Collateralized Bond Obligation (CBO) structuring, issuance, and management services, operated through Romark CLO Advisors LLC and Romark Credit Advisors LP. Includes multiple CLO vehicles (Jefferson Mill CLO, Romark CLO-I through CLO-V) and CBO vehicles (Romark Credit Funding I-IV).
• Separately Managed Accounts Customized investment portfolios managed on a discretionary basis for institutional investors including pension funds, endowments, insurance companies, and family offices across multiple credit strategies.
• Shenkman Multi-Asset Credit Fund Multi-asset credit strategy combining various credit instruments for diversified exposure, available as part of the Shenkman Funds ICAV platform for European investors.
• Tactical Credit Fund Actively managed credit strategy with tactical allocation across various credit instruments, available via Shenkman Tactical Credit Fund LP and Cayman feeder.
• Direct Lending Direct lending solutions providing financing directly to borrowers, including ratings/loss constrained strategies, offered through vehicles such as Shenkman Private Credit Master Fund I ICAV.
• Bank Loan Strategy Strategy focused on leveraged loan investments in non-investment grade companies, including dedicated vehicles such as Credos Floating Rate Fund Ltd.

Quantifiable outcome

• Portfolio managers with average 28 years of high yield experience and senior research analysts averaging 15 years
• +2 more outcomes

Named customers3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered supporting and core.

• CDP (formerly Carbon Disclosure Project)supportingStrategic or Co-development Partner · 1 March 2022Shenkman signed on to CDP in March 2022 to demonstrate commitment to encouraging clear and consistent environmental disclosures from companies and incorporating ESG factors into the investment process.
• MarketAxesscoreGTM or Marketing Partner · 24 August 2021Partnership through MarketAxess Diversity Dealer Initiative (DDI) which helps provide access to increased liquidity while adhering to best execution practices for MWBE brokers. Shenkman has allocated trading volume since the program's inception to help capitalize minority, women and veteran-owned businesses as they attempt to further penetrate the high yield dealer community.
• PRI (Principles for Responsible Investment)coreStrategic or Co-development Partner · 1 August 2017Shenkman became a signatory to PRI in August 2017. As a signatory, the firm is required to submit annual reports on responsible investing activities and incorporates ESG factors into investment decisions.
• TCFD (Task Force on Climate-Related Financial Disclosures)supportingStrategic or Co-development PartnerSupport of TCFD alongside CDP demonstrates Shenkman's commitment to climate-related financial disclosures and ESG integration.
• CFA InstitutecoreStrategic or Co-development PartnerShenkman is an official signatory to the CFA Institute Diversity, Equity, and Inclusion Code (USA and Canada), supporting efforts to drive greater DEI within the investment industry.
• MarketAxess Diversity Dealer InitiativecoreChannel Partner/ Reseller/ DistributorThrough this initiative, Shenkman partners with MarketAxess to onboard MWBE brokers, expanding their ability to compete with larger brokers in the high yield market through dedicated trading volume allocation.

Scale indicators6 records

Recent moves13 records

Expansion highlights7 records

Direct peers

• Marathon Asset Management: Independent credit manager with leveraged loan, CLO, structured credit, and opportunistic strategies. Comparable boutique scale, multi-strategy credit offering, and institutional distribution.
• Ares Management: Large alternative credit manager with significant leveraged finance, direct lending, and CLO franchises. Overlaps with Shenkman across high yield, leveraged loans, and structured credit strategies, though at much greater AUM scale.
• Octagon Credit Investors: Specialist CLO manager and leveraged credit investor; directly comparable in CLO issuance focus, sub-investment grade credit underwriting, and boutique institutional positioning.
• Sound Point Capital Management: CLO-focused credit manager with leveraged loan, structured credit, and opportunistic strategies. Comparable boutique credit model with strong CLO franchise similar to Romark.
• Brigade Capital Management: Independent, employee-owned credit manager focused on high yield, leveraged loans, and distressed opportunities. Closely comparable in independent ownership, credit specialization, and institutional client base.
• Angelo Gordon (TPG Angelo Gordon): Multi-strategy alternative credit manager with leveraged finance, CLO, structured credit, and direct lending capabilities; comparable multi-platform credit model now operating under TPG ownership.
• Benefit Street Partners: Credit-focused affiliate of Franklin Templeton, with deep CLO, direct lending, and high yield capabilities. Directly comparable in credit strategy mix and CLO franchise orientation.
• Oaktree Capital Management: Leveraged finance and high yield credit pioneer with deep experience in below-investment-grade credit, CLOs, and opportunistic strategies. Closest comparable in vintage, strategy mix, and boutique institutional culture.

Broad incumbents

• Bain Capital Credit: Credit arm of Bain Capital spanning leveraged loans, high yield, CLOs, private credit, and special situations. Overlaps with Shenkman's product set but operates within a larger multi-asset platform.
• Carlyle Global Credit: Credit platform of Carlyle spanning leveraged finance, CLOs, direct lending, and opportunistic credit. Overlapping strategies but embedded within a much larger global alternative asset manager.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/shenkman-capital-management

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries21 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SHENKMAN CAPITAL MANAGEMENT, INC