What Sona Asset Management does

Sona Asset Management is a London-headquartered, founder-led alternative credit asset manager founded in March 2016 by John Aylward. The firm invests across the European credit spectrum through four complementary strategies: the All-Weather Credit Long/Short Strategy (a long/short, event-driven, relative-value credit strategy via the Sona Credit Master Fund), the Capital Solutions Strategy (a private credit / bespoke financing strategy targeting situations where funding is scarce), the CLO Strategy (active management of diversified broadly syndicated loan portfolios under the Sona Fios brand), and the Significant Risk Transfer Strategy (bank capital relief trades partnered with originating banks). Sona operates approximately $19.1 billion in assets under management and employs 177 people across offices in London, New York, Hong Kong, and Abu Dhabi, with a planned Tokyo office in 2026.

Sona's underlying platform rests on a senior investment team averaging 19 years of credit market experience (94 investment professionals plus 83 business professionals, 22 nationalities), deep European credit network connectivity (approximately 1,000 deals wall-crossed per year, over 2,000 corporate bonds invested since 2016, ~$1bn weekly traded in the liquid strategy), and explicit cross-strategy information sharing to extract in-house 'ability premiums.' The firm sells exclusively to Professional Investors via private placement, with no retail or public distribution. The firm is authorised and regulated by the UK Financial Conduct Authority (FRN 814191) and operates as Sona Asset Management (UK) LLP.

Sona generates revenue through management fees and performance fees (carried interest) across its hedge fund, private credit, CLO, and SRT strategies, with institutional clients including sovereign wealth funds, insurance companies, endowments, pension funds, foundations, and family offices. The Capital Solutions II commingled fund closed at $800 million in July 2024 (above the $500 million target), the inaugural Sona Fios CLO I priced at €423.9 million in November 2023 (the largest European 2.0 CLO from a debut platform), and the firm has executed landmark structured transactions such as the British Business Bank's £350 million ENABLE Guarantee with Allica Bank (May 2026) — the first full-stack synthetic deal with a third-party junior investor.

Name

Sona Asset Management

Legal name

Sona Asset Management (UK) LLP

Website

https://sona-am.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Sona Asset Management is a London-headquartered alternative credit asset manager founded in 2016, operating four complementary credit strategies (Long/Short, Capital Solutions, CLO, Significant Risk Transfer) with approximately $19.1 billion in AUM. It serves Professional Investors — pensions, endowments, sovereign wealth funds, insurance companies, and family offices — exclusively via private placement across offices in London, New York, Hong Kong, and Abu Dhabi.

Ownership category

akta.pro rank

Product category

Alternative Credit Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910), Other Financial Vehicles (525990)

SIC

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

akta.pro primary industry

Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG)

akta.pro secondary industries

Structured Credit (CDO/CLO Tranches, Credit Opportunities) (FSAAAHAH), Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

Keywords

• Credit asset management
• Alternative credit strategies
• Collateralized loan obligations
• Private credit investing
• Credit long short

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Alternative Credit Asset Management: Sona generates revenue through management fees and performance fees (carried interest) across its hedge fund (All-Weather Credit Long/Short), private credit (Capital Solutions), CLO, and Significant Risk Transfer strategies. Revenue is derived from institutional investors including pensions, endowments, foundations, insurance companies, and family offices.
2. Capital Solutions (Private Credit): Capital Solutions strategy provides targeted capital to companies in situations where funding is scarce. Closed Capital Solutions II at $800 million commingled fund, with prior SMA strategy launched in 2020 raising $300 million. Revenue from management fees and carried interest on deployed capital.
3. CLO Management: CLO strategy generates fee income from active management of diversified broadly syndicated loan portfolios. First CLO transaction (Sona Fios CLO I) priced at €423.9 million in November 2023, representing largest European debut 2.0 CLO transaction.
4. Significant Risk Transfer (SRT): SRT strategy targets bank capital relief and de-risking trades, partnering with banks to access their origination channels. Revenue generated from structuring fees and ongoing returns from SRT portfolio.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Sona Asset Management is a European credit asset manager offering four institutional credit strategies: the All-Weather Credit Long/Short Strategy (long/short, fundamental, event-driven and relative-valuation European credit), the Capital Solutions Strategy (targeted private credit in situations where funding is scarce), the CLO Strategy (active management of diversified broadly syndicated loan portfolios via the Sona Fios platform), and the Significant Risk Transfer Strategy (bank capital relief and de-risking trades). The firm generates revenue through management fees and performance fees (carried interest) on approximately $19.1 billion in assets under management from sovereign wealth funds, insurance companies, pensions, endowments, foundations, family offices, and asset managers.

Product overview

Sona Asset Management is a European credit asset manager founded in 2016 by John Aylward, offering a multi-strategy credit investment platform. The firm operates four complementary core strategies: the All-Weather Credit Long/Short Strategy (long/short European credit), Capital Solutions Strategy (private credit financing), CLO Strategy (collateralized loan obligations), and Significant Risk Transfer Strategy (bank capital relief trades). These strategies work synergistically, with cross-pollination enabling extraction of 'ability premiums' in-house through proprietary network. The flagship Sona Credit Master Fund represents their European long/short credit offering, while the Capital Solutions strategy recently closed its second fund at $800 million. The CLO platform, branded as Sona Fios, issued its first €423.9 million transaction in November 2023. The firm manages approximately $19.1 billion in assets across offices in London, New York, Hong Kong, and Abu Dhabi.

Differentiator

Problem solved

Functional benefit

Brands

• Sona Credit Master Fund (SCMF): The firm's flagship European credit long/short strategy, which has won multiple industry awards including Hedgeweek European Awards and HFM European Performance Awards.
• Capital Solutions
• Sona Fios
• SRT (Significant Risk Transfer)

Products and services

• All-Weather Credit Long/Short Strategy A long/short, European-focused, fundamental, event-driven and relative valuation credit strategy targeting uncorrelated absolute returns from the European credit market for institutional Professional Investors.
• Capital Solutions Strategy Provides targeted, bespoke financing solutions to companies in situations where funding is scarce, targeting attractive risk-adjusted returns over the medium term through investments across both public and private credit markets in Europe.
• CLO Strategy (Sona Fios CLO Platform) Active management of diversified broadly syndicated loan portfolios via the Sona Fios CLO platform, seeking returns and downside protection through active portfolio management with focus on relative value and capital preservation.
• Significant Risk Transfer (SRT) Strategy Targets bank capital relief and de-risking trades, partnering with banks to gain access to their origination channels as an attractive source of investment risk through structuring knowledge and market connectivity.
• Sona Credit Master Fund (SCMF) Sona's European credit long/short strategy fund vehicle that has won multiple industry awards including Performance of the Year: Credit Long/Short at Hedgeweek European Awards 2025 and the Credit Long/Short category at the 2024 HFM European Performance Awards.

Quantifiable outcome

• Capital Solutions II closed at $800 million (above $500 million target), with Capital Solutions I SMA generating $300 million.
• +2 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• International Finance Corporation (IFC)minorStrategic or Co-development Partner · 16 June 2026IFC completed a $509 million securitization under its Emerging Markets Securitization Program (EMSP), bundling 62 IFC-originated loans from developing economies into a CLO with multiple investment tranches. The deal is part of the World Bank Group's strategy to attract institutional investors into emerging markets. Sona is a credit manager active in the broader credit ecosystem where IFC programs operate.
• British Business BankcoreStrategic or Co-development Partner · 22 May 2026Sona Asset Management participated as junior investor absorbing first-loss risk in the British Business Bank's £350 million ENABLE Guarantee transaction with Allica Bank — structured as the first-ever full-stack synthetic deal to include a third-party junior investor. The transaction is projected to support up to £700 million in asset finance lending to UK SMEs. The BBB is actively preparing a pipeline of similar hybrid transactions with other lenders.
• Allica BankcoreStrategic or Co-development Partner · 21 May 2026Sona participated as junior investor in Allica Bank's £350 million ENABLE Guarantee transaction structured through the British Business Bank's ENABLE platform. The financing arrangement is designed to free up regulatory capital and is expected to support up to £700 million in lending to UK SMEs seeking equipment, vehicles, and machinery financing.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Muzinich & Co: Global credit specialist with European high yield, leveraged loans, CLOs, and private credit offerings. Similar institutional investor focus and cross-cycle credit strategies.
• Chenavari Investment Managers: London-based alternative credit manager with European CLO, structured credit, and special situations strategies. Direct comparable in CLO issuance and European credit L/S.
• Alcentra: European and US credit asset manager owned by Bank of New York Mellon, operating direct lending, liquid credit, and structured credit strategies. Comparable institutional platform and cross-Atlantic footprint.
• Hayfin Capital Management: London-based alternative credit asset manager operating multi-strategy European credit funds (direct lending, special situations, L/S credit, CLOs). Closest comparable to Sona in scale, strategy mix, and institutional LP base.
• TwentyFour Asset Management: London-based fixed income credit specialist focused on European credit, ABS, and structured products. Comparable in institutional distribution and European credit expertise.
• Cairn Capital: European-focused structured credit and CLO asset manager with CLO issuance and credit long/short strategies. Comparable to Sona's CLO platform and European credit focus.
• CQS Asset Management: London-based multi-strategy credit and convertibles asset manager with institutional focus. Comparable to Sona's convertible and credit L/S capabilities.

Broad incumbents

• Man Group: Global publicly listed hedge fund manager with significant credit, structured credit, and alternative fixed income capabilities via FRM/GLG. Broader incumbent offering overlapping with Sona's credit strategies.
• Intermediate Capital Group (ICG): Listed global alternative asset manager with substantial European credit and direct lending franchise. Comparable institutional investor base but at much larger scale and broader strategy mix.
• Permira Credit: Credit arm of global private equity firm Permira, providing direct lending and credit solutions to European mid-market. Broader platform with similar institutional credit strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sona-asset-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

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

M&A

Investments4 records

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

Frequently asked questions about Sona Asset Management