• London
  • Dubai
  • Phoenix


Lakemore Partners Ltd. is a leading private credit investment firm primarily investing in control CLO equity.

Serving as a partner of choice for global top-tier CLO managers who are aligned to the firm’s portfolio management style and risk appetite, Lakemore aims to deliver attractive returns by leveraging the extensive expertise of its dedicated international team and by investing within its well-defined framework of cycle-aligned risk allocation.

Founded in 2016, Lakemore has offices in London, Dubai and Phoenix.

Lakemore’s mission focuses on providing sustainable and reliable income for its institutional clients around the world.

Lakemore Partners Ltd. is the group parent and is domiciled in the Cayman Islands. Lakemore Partners Management US LLC is registered with the US Securities & Exchange Commission (“SEC”) as an investment adviser (RIA). Lakemore Partners (UK) Ltd. (FRN: 837603) is an appointed representative of Kroll Securities Ltd. (FRN: 466588), which is authorized and regulated by the Financial Conduct Authority (“FCA”). Lakemore Partners (DIFC) Ltd. is authorized and regulated by the Dubai Financial Services Authority (“DFSA”). Lakemore Partners Management US LLC, Lakemore Partners (UK) Ltd., and Lakemore Partners (DIFC) Ltd. are wholly owned subsidiaries of Lakemore Partners Ltd.


Sustainable Financial Performance. We aspire to deliver target returns over an investment cycle through all market conditions.


  • A diverse and international team with a demonstrable investment discipline and track record working together in a collaborative manner based on Trust.
  • leadership team that have worked together for more than two decades.
  • A principle of alignment of interest & intent that aligns the team with global Investors in every way.
  • risk focused investment discipline that has delivered sustainable performance through some of the most challenging market retractions.


The founders have worked together, uninterrupted, for 30 years. The experiences and insights gained as principal investors for over three decades is invaluable in preparing for, and steering through, challenging times.


Alignment of Interest & Intent is central to our role as the lead investor. It defines how we attract and retain talent and align behaviors to the intent of all stakeholder, most prominently our investors. All our staff are shareholders in the firm.



Our primary focus is to achieve sustainable performance through all market conditions.

To do so, we build portfolios that can both withstand as well as benefit during extreme market retractions.

In addition, we maintain adequate risk appetite to take advantage of opportunities in early cycles.

To achieve this, we employ a methodical, cycle-aligned risk allocation discipline to ensure that our portfolio exposures are chosen, designed and sized in accordance with the prevailing market cycle.

Ahmed Farid Alaulaqi

Co-Founder & President

Ahmed is Co-Founder and President of Lakemore and a member of the firm’s Board of Directors. He sits on Lakemore’s Investment Committee and is responsible for setting the firm’s business and investment strategy.

He has 34 years of investment management, and treasury experience across multiple geographies. Previously, he spent 20 years within The National Commercial Bank of Saudi Arabia (NCB), most recently as Chief Executive Officer of NCB Capital, the investment and asset management arm of NCB. Ahmed was President of Safanad, from 2010 until 2016.

Previously, Ahmed was Head of Asset Management and had direct responsibility for the Brokerage and Investment Banking divisions of NCB. He also served as Treasurer with overall responsibility for the bank’s liquidity, investments, interest rate and exchange risk on the bank’s balance sheet of over $50-billion. Ahmed started his career with NCB in London as a futures trader, high yield bond analyst and portfolio manager. He also worked at Bank of America and Chase Investors for two years in New York before being appointed as Treasurer for NCB London. Ahmed has an MBA in Finance from the University of Stirling, UK.

Mohamed Seif

Co-Founder & Managing Partner

Seif is Managing Partner of Lakemore and a member of the firm’s Board of Directors. He is the Chief Investment Officer at Lakemore and chairs the Investment Committee. In his role as CIO, he is responsible for building and setting the firm’s CLO equity investment strategy, as well as overseeing all investment processes.

He has 42 years of investment management experience during which he has managed more than US$30 billion across conventional and alternative asset classes. Prior to Lakemore, Seif was Chief Investment Officer at Safanad, a global principal investment firm focused on Private Equity, Real Estate, and Liquid Strategies. Previously, he spent 17 years with NCB, where he was Head of Asset Management overseeing more than US$26 billion in conventional and alternative asset classes that included Specialist Credit, Hedge Funds, Real Estate and Private Equity. He was instrumental in building the proprietary trading and alternative asset management business of NCB. Previously, he was Head of Risk for the Middle East region at CSFB – London & Cairo where he was a member of the emerging markets team. He also worked for the investor services group at Citibank – London. Seif holds a Bachelor of Arts in Economics with a minor in Psychology from the University of Cairo.

Som Mukherjee

Senior Partner, Head of Investments

Som is the Head of Investments and a member of the Investment Committee at Lakemore. His responsibilities include investment selection, structuring and portfolio management of the firm’s various credit platforms.

He has more than 19 years of experience in investment management during which he managed asset classes that included Specialist Credit and other Alternative Investments including Real estate and Private equity as part of large institutional portfolios.

Som started his career with GE Capital in 2002 as a member of the risk management team for their long-term pensions and insurance portfolios investing in leveraged loans and structured credit. In 2005, he joined Lehman Brothers as part of their structured credit team focusing on credit hedging and CLO tranche strategies. In 2007, he joined NCB Capital as a senior portfolio manager for the structured credit portfolio managing around US$ 1 billion in US CLO tranche investments. He subsequently joined Safanad with the senior Lakemore team, and managed the firm’s principal investment portfolio investing in Credit and Equity strategies, Private Equity and Real Estate. Som has a Bachelors in Statistics (Hons) from Indian Statistical Institute.

Dan Norman

Senior Partner, Head of US Business

Dan is Head of U.S. Business Operations, and a thought leader focused on growing Lakemore’s credit investing platform globally. He is a successful, respected, and cycle-proven executive with over 35 years of global business-building and investment management experience.

Dan joins Lakemore following his retirement in 2020 from Voya Investment Management (“Voya”) where he most recently served as Group Head and Senior Managing Director. While at Voya, he founded Voya’s Senior Loan Group in 1995 and co-managed the Group’s global loan platform including its global CLO business, which by the end of 2020 had managed 46 CLOs with a combined size of over US$22 billion. During his 29-year tenure at Voya and its predecessor firms, Dan structured and managed over 80 loan funds and accounts with a combined maximum fund size of over US$50 billion. He created extensive distribution networks and more than 300 investor relationships across North and South America, Europe, Asia, Australia, and the Middle East.

Dan currently serves as a Board Member of the Business Loans Coalition, the Loan Syndication and Trading Association’s (LSTA) grassroots advocacy affiliate, and as an advisory Board Member of The Maricopa Partnerships which manage diverse business and investment interests. He  previously served as a Board Member of the Loan Syndication and Trading Association as well as the International Association of Credit Portfolio Managers. Prior to Voya, he co-founded The Prime Financial Companies, serving as COO and CFO. Dan started his career at Arthur Andersen & Co.. He holds a BS and MBA from the University of Nebraska.

Peter D. Litvin

Managing Director, COO

Peter is responsible for fund structuring, sourcing and managing relationships with external fund legal and administration teams.

He has over 27 years of experience managing the financial, risk and operational infrastructure of global alternative asset managers. During his career, he has worked with and been a Board member of both onshore and offshore funds, Limited Partnerships, and corporate entities. Peter spent over 14 years at Citigroup Alternative Investments (“CAI”). During 1999 to 2008, he was the CFO/COO & Managing Director of the CAI Division in London and New York. In addition, he was Head of Technology for “CAI” in Europe. From 2009 to 2014, Peter was the Chief Financial Officer of Samena Capital, a global principal investment group.

Hisham Ghouth

Senior Partner, Head of Business Development

An avid financial industry expert with more than 17 years of experience across KSA and the GCC. Hisham’s latest role was as the Head of Institutional Sales for Family Offices and UHNW individuals at Alkhabeer Capital (AKC). His responsibilities were to lead and execute the strategy to penetrate the institutional & family offices segment across KSA & GCC, and fundraise for alternative investment funds. In addition, he was a member of the product development committee. Hisham was also a founding member and Head of Institutional Sales and Distribution at Barclays Saudi Arabia. He provided sales coverage to financial institutions and sovereign entities across the GCC.

Hisham holds an MBA from the American Intercontinental University (London, UK) and a BSc in International Law from King Abdul Aziz University (Jeddah, KSA).

Arno van den Heiligenberg

Managing Director & Head of Business Development Europe

Arno is Managing Director & Head of Business Development Europe and responsible for developing Lakemore’s profile and partnerships with Europe’s leading institutional and wholesale investors. He can build upon a 24-year career having successfully built businesses for leading global financial institutions and developed long-standing client relationships across capital market, alternative and traditional investment solutions.

He started his career in 1997 building relationships and supporting some of Europe’s leading investors with capital market solutions working for J.P. Morgan, Merrill Lynch and Citigroup’s investment bank in London. With an interest to learn more about alternative investments he spent the following years raising capital from investors across Northern Europe for Private equity, Real Estate and Hedge Fund managers. Early 2011 he moved with his family to the Netherlands to join ING Investment Management where he was tasked to manage and develop the Nordic business before being asked to join UBS Wealth Management in Switzerland as their Global co-head of Investment Funds. Whilst at UBS, Arno was responsible for managing a team of professionals that contributed to identifying, selecting and presenting alternative and traditional investment solutions to its foremost global clients.

Arno obtained his MSc in Business Administration from Erasmus University Rotterdam, he participated in the CEMS Master programme for which he studied at Stockholm School of Economics and he is a CFA and CAIA Charterholder.

Shreyas Phadnis

Principal, Investments

Shreyas is responsible for structuring, document negotiations, and portfolio management of direct investments at Lakemore.

He has 16 years of investment management experience with over US$3.2b in transactions across Specialist Credit, Real Estate and Private Equity.

Previously, Shreyas acted as Investment Manager and Corporate Finance Head at SinoGulf Investments where he co-managed a US$300m fund for NCB Capital and the PIF of KSA. He has also raised multi-million dollar debt tranches through syndications, club and bilateral deals across the Middle East. Prior to SinoGulf, Shreyas worked with PricewaterhouseCoopers delivering transaction services across education, logistics, manufacturing, energy, and banking sectors. His experience within the financial services sector involved advising one of the top 3 banks in the UAE on international and new business expansions and capital adequacy requirements in new jurisdictions.

Shreyas holds an MBA with distinction from Lancaster University, UK.

Aylin Luck

Vice Principal, Investments

Aylin is responsible for structuring, investment analysis, transaction due diligence, and portfolio management for Lakemore’s structured credit portfolios.

She brings over 14 years of experience in finance and investments including investment management, structured finance, real assets and renewable energy valuation, investment banking and corporate finance. Aylin spent 5 years in The Carlyle Group’s Structured Credit team based in New York working in Portfolio Management and Analytics. She was responsible for managing and monitoring 50 US and European CLO funds worth over $20b AUM. Prior to that she worked in Renewable Energy Infrastructure Investments at Akeida Capital for three years and Aylin began her career as an Investment Banking Analyst at Lazard in New York.

Aylin holds an MBA from London Business School with concentrations in Private Equity and Change Management. She pursued a dual degree at Johns Hopkins University with a primary degree in BS Engineering, Applied Mathematics & Statistics and a secondary degree in BA, Romance Languages (French and Italian).

Sherif Abbas

Senior Vice Principal, Investments

Sherif is responsible for investment analysis, transaction due diligence, and portfolio management for Lakemore’s structured credit portfolios.

He brings 13 years of fixed income experience having worked with sovereign wealth funds, institutional and HNW investors on portfolio strategy, portfolio building using vanilla credit bonds, and hedging solutions using credit-linked derivatives and specialist credit products.

He spent 6 years at Goldman Sachs’ Middle East credit sales team before moving to Arqaam Capital where he spent the next 3 years growing and expanding their fixed income business into new markets and geographies.

Sherif holds an MBA from IE Business School (Madrid, Spain) with a concentration in Entrepreneurship, and a B.Sc. from Dalhousie University (NS, Canada) with a double major in Mathematics and Statistics.

Aris Ning

Senior Vice Principal, Investments

Aris is responsible for investment analysis, structuring and portfolio monitoring for Lakemore’s structured credit portfolios.

He has over 14 years of experience with the majority spanned across structured credit and corporate banking. Prior to joining Lakemore, Aris was a senior modelling analyst (VP) and subject matter expert in European Collateralized Loan Obligation (CLO) at U.S. Bank in London. During his four years at U.S. Bank, Aris modelled more than 50 European CLOs, covering 25% of European CLO market in 2017 and 20% in 2018.

Prior to U.S. Bank, Aris worked as a CLO Analyst at structured credit fund Kinson Capital. Aris built cash flow models for CLO valuation and directly conducted investment analysis on CLO mezzanine & equity tranche opportunities. Aris started his career in corporate banking at CTCB Bank in Taipei where he covered high tech and real estate industries. Aris holds an MSc in Quantitative Finance (Distinction) from Cass Business School (UK) and a BSc in Physics from National Chung Hsing University (Taiwan).

Mihran Khachkhechyan

Senior Vice Principal, Investments

Mihran is responsible for investment analysis, transaction due diligence, and portfolio management for Lakemore’s structured credit portfolios.

He brings over 10 years of strategy & operations experience working with sovereign wealth funds, private equity firms, family conglomerates and listed Fortune 500 companies.

Prior to joining Lakemore, Mihran was with Strategy& (formerly Booz & Company) as a core member of the Family Investments & Real Estate practice based in Dubai, working with clients in real estate, public sector and education sectors. Previously, he was with Accenture’s Global Strategy & Sustainability team working with clients in hospitality, technology and food & beverage sectors across North America, Europe and Asia. Mihran holds an MBA from INSEAD (France/Singapore), a B.Eng. from McGill University (Canada), and has attended the London School of Economics and Political Science (UK).

Michael Frick, CFA

Senior Vice Principal, Investments

Michael is responsible for structuring, investment analysis of specialist credit and real estate investments within the firm.

He has a diverse background and experience across multiple sectors and investment strategies, bringing over 15 years of experience in M&A Investment Banking, LBOs, Private Equity and Public Equities. Michael started his career at Merrill Lynch in London within the M&A Investment Banking division in 2006. He moved to the Middle East in 2009 and gained more than 6 years of in-depth Private Equity experience during his senior role at QFB in Qatar. Michael was a founding member of Saray Capital (DIFC) in his role as Head of Developed Markets Equities, undertaking Private Equity – type transactions into public markets and strategic investments globally.

Michael is a CFA charter holder and co-founded a regional CFA society. He holds a Masters in Finance from Ingolstadt School of Management, Germany and European Business School, London.

Julien Raffelsbauer, CFA

Senior Vice Principal, Investments

Julien is responsible for investment analysis, structuring and portfolio monitoring for Lakemore’s structured credit portfolios.

He has 26 years of experience in credit research, mainly focusing on leveraged finance and stressed/distressed credits, during which he worked for hedge funds and asset managers as well as investment banks. Prior to joining Lakemore, he was a credit analyst at Millennium Global for a Long-Short strategy, having previously had positions in a credit opportunity funds as well as in a Long only asset manager. Julien has held various roles in investment banks including credit analyst for prop trading at Goldman Sachs, desk-analyst at Bank of America, BNP Paribas and HSBC, and publishing research at JP Morgan and Cantor Fitzgerald. He was responsible for credit research both at HSBC and Cantor Fitzgerald.

Julien has a Masters in Economics and Finance from Sciences-Po Paris and is a CFA charter holder.

Rahul Gandhi

Vice Principal, Investments

Rahul is responsible for investment analysis as well as portfolio structuring and monitoring for Lakemore’s credit portfolios.

He has over 15 years of experience covering and investing in European & North American high yield credit. Prior to Lakemore, Rahul was a Senior High Yield/Distressed Credit Analyst at Principal Global Investors Europe (“PGIE”), where he was responsible for credit investments across several European high yield sectors within an investment team managing US$10 bn in AUM.  Prior to PGIE, Rahul was a Senior Analyst at CreditSights, a fundamental credit research boutique, where he covered high yield and distressed credits in Commodity Cyclical and Consumer sectors over the entire boom-bust cycle. At CreditSights, he also played a leading role in Analyst recruitment, development, and training.

Rahul holds a BA in Economics and Psychology from Grinnell College (US) and a Masters in Finance with a concentration in Portfolio Management from London Business School (UK).

Alison Hutchison

Vice Principal, Investments

Alison is responsible for producing Lakemore’s investment research focused on leveraged loans and CLOs. Prior to joining Lakemore, she worked at Insight Investment as an Investment Content Specialist, where she wrote thought leadership, commentaries and outlooks for the fund’s active fixed income strategies and solutions business.

Before joining Insight, Alison worked at Reorg, a research boutique focused on high yield and distressed debt, where she covered the European high yield primary market.

Alison holds an MA (Hons) in French and Spanish from the University of St Andrews (UK), and passed CFA Level I.

Luke Thomas

Director of Risk

Luke is responsible for risk management for Lakemore’s structured credit portfolios.

He brings 14 years of experience that spans across credit risk management, corporate and structured finance, and corporate banking. Prior to joining Lakemore, Luke was with Deutsche Bank in London and New York, where he was responsible for credit risk management of a $2.5 billion portfolio of structured finance transactions including special situations lending (growth finance, distressed corporate and illiquid asset finance) and project finance (primarily energy, infrastructure and aviation). As part of this role, he led the credit approval process for new transactions, as well as monitoring ongoing portfolio performance and leading workout strategies for distressed credits.

Luke holds a BA (Hons) in Economics and International Politics from Keele University (UK) and a postgraduate certification in International Banking & Finance from Birmingham University (UK).

Tanya James

Head of Compliance

Tanya is responsible for overseeing the compliance function at Lakemore across all active jurisdictions.

She brings 11 years of extensive experience in developing and embedding compliance frameworks at leading financial institutions such as First Abu Dhabi Bank, HSBC, JP Morgan, Standard Chartered, Coutts and Santander.  Prior to joining Lakemore, Tanya was Compliance Manager at First Abu Dhabi Bank where she covered the Global Markets business supporting the London, UAE, Washington and Paris GM offices interacting with regulators across FCA, DFSA, and FRSA. Tanya’s technical expertise is underpinned by two LLMs, one in Banking Law and Financial Regulation (UCL) and the other in Legal Practice with a Senior Managers Regime specialization. Tanya holds diplomas in Investment Advice, Investment Compliance, International Compliance and Financial Crime Prevention.

Saad Achkar

Senior Director of Business Development

Saad is senior director in the business development team. He brings 15 years of combined experience in trading, sales and distribution of specialist credit and cash products.

Prior to joining, Saad was most recently head of trading at GPP group where he joined to set up the fixed income sales and trading business initially. He spent 8 years at Barclays investment bank in London covering the Middle East institutional client base and became co-head of MENA sales and risk solutions group in 2013. Following his career at Barclays, Saad setup boutique advisory firm Kadmus Capital.

During his career, Saad worked with sovereign wealth funds, banks, wealth managers, and family offices in the areas of public markets sales & trading, private placements, capital introduction, risk management and yield enhancement solutions.

Saad holds an MBA from INSEAD (France/Singapore) and a bachelor of Mechanical Engineering from the American University of Beirut.

Chandan Bhatia, CPA

Managing Director, Head of Finance & Operations

Chandan is responsible for overseeing corporate finance and operations.

He has over 15 years of experience in the financial services industry with roles in audit, fund administration and investment operations.  He is a key member of the management team involved in the development and implementation of the firm’s strategy. Prior to joining Lakemore, Chandan was Vice President of Investment Operations at Safanad, overseeing investment related operations and investor reporting. Previously, Chandan was Vice President at Maples Fund Services, managing client operations for the Dubai office and developing new business opportunities in the MENA region with over $5 billion in AUM. Prior to Maples, he was involved in the fund administration of several hedge funds and private equity funds at UBS Global Asset Management with over $2 billion in AUM in the Cayman Islands. He also led the audits of several fund-of-funds with over $6 billion in AUM (managed by the world’s largest money manager) at Deloitte in the Cayman Islands.

He started his career in audit with Deloitte in the US. Chandan holds a B.Sc. degree in Finance & Accounting from Kelly School of Business (Indiana University) and is a Certified Public Accountant (Illinois) and a CFA Level III candidate.

Eoin O’Sullivan

Manager, Investment Operations

Eoin is responsible for overseeing Lakemore fund accounting and operations.

He has 10 years of experience in the Finance and Accounting industry. He started his career with Hermes GPE in London as an Accountant working in Private Equity and Infrastructure Investments. He also worked with Augentius Fund Administrators in London, working primarily on funds listed on the London Stock Exchange. Upon moving to Dubai, Eoin secured a role at Saray Capital (DIFC) as a Finance Officer and implemented polices and procedures throughout the operations side of the business. Eoin holds a graduate degree from Cork Institute of Technology with a BBus (Honors) in Business and a Higher Diploma in Accounting and Corporate Finance from the University College Cork.

Rahul Gupta

Manager, Investment Operations

Rahul has over 8 years of experience in Alternative industries with roles in investment operations, fund accounting, financial reporting and audit of Hedge Funds, Private Equity and Real Estate funds. Prior to joining Lakemore, Rahul was Assistant Vice President at JP Morgan Asset Management in India where he led the US Real Estate fund controllers and investment operations team. His primary responsibility was the finance controllership of the Mezzanine portfolio including acquisitions, dispositions and managing the reporting process. He also led numerous efficiency initiatives by collaborating with various global teams and achieved an annual savings of 3000+ hours. Previously, he was working at State Street where he led the financial reporting process for a portfolio of Private Equity and Hedge fund clients across US and EMEA regions. In his other roles, he has worked on audit of alternative funds and handled Fund accounting for Fund of funds, CTA’s and hybrid structures.

Rahul is an Indian Chartered Accountant and holds a Diploma in IFRS (ACCA UK) as well. He is a certified Alteryx (automation tool) professional.

Laura Mckeever ACA

Manager, Finance

Laura has responsibility for corporate finance. She has over 5 years of experience in the accounting and finance field. Initially she started her career with BDO in Ireland, where she worked as a Senior Auditor. Following this, she joined a large organization in Ireland where she was responsible for Audit, VAT management accounting, and all aspects of Financial accounting.

Laura holds a BSc (Hons) in Accounting from Queens University Belfast, a Diploma in Aviation Leasing & Finance from the Law Society of Ireland and is a member of the Institute of Chartered Accountants Ireland having qualified in 2018.

Sakhur Alfarraj

Associate, Business Development

Sakhur graduated with a double major in finance and international business from Barry University, Miami. He was part of a team that manages the University’s endowment fund. His role at the fund was the head manager of a team of 8 analysts for the Finance, Utility, and Energy sectors. In addition, he was head of economic commentary and outlook for the fund.

Sakhur also worked with the World Trade Development Centre as a financial and economic analyst.

Marisa Pereira

Manager, Investor Relations

Marisa is responsible for investor relations covering client onboarding and investor reporting. She spent 10 years at JTC Group, Guernsey in the Channel Islands, overseeing Fund Administration Services for various portfolios such as Equity Funds, Hedge Funds and Property Funds. Throughout her career at JTC she developed her knowledge in Investor Services, Company Secretary and Compliance.

Having moved to Dubai in 2013, Marisa was previously working at Medtronic META FZ, as a Personal Assistant and Contracts Analyst.

Marisa holds a certificate in Administration and a Legal Secretaries Diploma by the Institute of Legal Secretaries and PAs.

Jessie Barcelona

Executive Assistant & Office Supervisor

Jessie is responsible all aspects of office management and is the executive assistant for the team. She brings over 12 years of experience in project management, managed services, and events management across management consulting and NGO firms, and the financial sector.

Previously, she was with Accenture’s Project Control Services supporting top management and client project teams of four of its diamond clients in the health, technology, and oil sectors: UK NHS, Astellas, Microsoft-Avanade, and Shell.

Jessie moved to Dubai in 2015. Prior to joining Lakemore, she was interim office manager for an asset management company in the DIFC.

Savina Tunca

Office Manager & Investor Relations

Sevil is focused on office management and investor relations at Lakemore Partners in the London Office.

She brings 18 years of experience in office management and executive support in private equity and fund investments. Prior to joining Lakemore, Sevil was with The Carlyle Group and IIG Istanbul Investment Group where she provided executive support to private equity teams focused on mid-market, growth, and buyout opportunities.

Sevil holds a B.A. in Art History and Archaeology from Mimar Sinan University.

Lauren Donovan

Executive Assistant

Lauren is an Executive Assistant for Lakemore Partners in the Dubai Office. She brings over 12 years of experience in event management, human resources, and executive support in financial services. Prior to joining Lakemore, Lauren was based in London and worked most recently as a Personal Assistant at Novator Partners, as well as spending a number of years at J.P. Morgan Chase focusing on Talent Development in Investment Banking, and Goldman Sachs before that.

Lauren holds a B.A in English Language and Literature from University of Brighton.



Over the years we have evolved our investment methodology to make it more effective under all market conditions and efficient to implement in a timely manner. 

As long-term investors, aligning our investment principles and processes to mitigate risks based on market cycle and positioning accordingly in a state of risk aversion or state of risk appetite have resulted in achieving our objective of sustainable return generation through all market cycles.

Read More:

LAKEMORE PERSPECTIVES: Investment Philosophy 


In keeping with our portfolio construction philosophy, we invest in CLOs to provide our investors with a core of stable earnings that can withstand all phases of an economic cycle. Depending on where we are in an economic cycle, we invest in CLO Debt or Equity tranches to benefit from supportive market conditions.

We have been applying this investment philosophy since 2000 and have invested in various CLO tranches through all market cycles, including the 2008-09 financial crisis. We have developed distinctive expertise based on investment experience and proprietary research within US CLO market.

Read More:




Sustainable performance management is the result of several elements aligning to deliver the intended results.

Central to these elements we believe is the Team.

At Lakemore Partners we have more than 11 nationalities that constitute a diverse team.

Our approach to performance management drives our ability to attract the best talent from around the world and to open up possibilities for the team to excel.

Read More:

LAKEMORE PERSPECTIVES: Performance Management 



Lakemore Partners Appoints Sheila Finnerty as an Independent Board Member

Phoenix/London/Dubai, April 28, 2022 – Lakemore Partners Ltd. and its group entities (“Lakemore”), a leading private credit investment firm primarily investing in control CLO equity, today announced it has named Sheila Finnerty, CFA, to its Board of Directors as an Independent Board Member. With more than 30 years of Wall Street experience, Ms. Finnerty is a financial markets thought leader and recognized expert in fixed income, structured credit and financial instruments.

An established global business manager, Ms. Finnerty brings deep credit, investment, product and distribution expertise in the insurance and asset management industries to Lakemore. She most recently served as a founding member of both the Leadership Team and Investment Committee at Liberty Mutual Investments (LMI), where she helped transform its asset management business into an integrated investment platform that nearly doubled in size to $80 billion. In her roles at LMI, including as Head of Credit Strategies and Strategic Initiatives, Ms. Finnerty underwrote and approved public and private market investments while also contributing to LMI’s compensation design and talent strategy. Her many accomplishments include guiding LMI’s ESG team to establish Liberty Mutual as the first U.S. property and casualty insurer to sign to the United Nations Principles for Responsible Investing in 2020.

“We are very pleased to welcome Sheila – a highly qualified business leader and widely respected investor with a proven record of creating and executing effective strategies to achieve consistently strong results that outperform benchmarks and peer groups,” said Ahmed Farid, Chairman and President of Lakemore. “Expanding our Board with Sheila, which closely follows our recent appointment of Howard Tiffen, collectively brings to our Lakemore team two loan and CLO industry veterans, each with more than three decades of leveraged finance investment and asset management experience.”

Ms. Finnerty currently holds various board and professional association positions, including as an Independent Director and Audit Committee Member at TCW Direct Lending VIII LLC; Investment Committee Chair, Finance Committee, Governance and Nominating Committee at Manhattanville College Board of Trustees; Philanthropy Committee Member at May Institute; and as a Founding Member of Women in Alternative Debt.

“I’m excited for the opportunity to join Lakemore’s Board of Directors and am confident my expertise in capital markets, financial instruments, private credit and private equity will bring value to both the firm and its global investors,” said Sheila Finnerty. “I look forward to leveraging decades of experience as a steward of both capital and people, while identifying new ways to diversify exposures and grow asset value.”

Previously, Ms. Finnerty held multiple positions at Morgan Stanley Investment Management, including Managing Director and Division Head, High Yield Bonds and Leveraged Loans, where she led the turnaround of the High Yield business into a top performer. She served on the leadership team, providing strategic planning for the asset management business, and regularly interacted with the Morgan Stanley Fund Board of Directors to review strategy and performance, as well as being responsible for the fund governance process. She began her career at Presidential Life Insurance Company and Shearson Lehman Global Asset Management. Ms. Finnerty holds an MBA from New York University Stern School of Business and a BA in Management from Manhattanville College. She is also a CFA® Institute Charter Holder.

Lakemore Partners Appoints Howard Tiffen as an Independent Board Member

Phoenix/London/Dubai, April 6, 2022 – Lakemore Partners Ltd. and its group entities (“Lakemore”), a leading private credit investment firm primarily investing in control CLO equity, today announced it has named Howard Tiffen to its Board of Directors as an Independent Board Member. Mr. Tiffen is a recognized loan and CLO industry leader with more than 40 years of credit, portfolio management, and product experience.

Mr. Tiffen began his career in the high yield and structured capital markets in 1972. He has held senior credit management positions at Continental Bank, Bank of America, Pilgrim Investments (now Voya Investment Management), Van Kampen (now Invesco), and Morgan Stanley Investment Management. Mr. Tiffen has also been associated with the Eaton Vance Management Bank Loan Team in an advisory capacity, and as a Client Portfolio Manager for the Leveraged Finance Investment Team at First Trust Advisors. Throughout his career, Mr. Tiffen has managed loan portfolios and built global products and distribution systems in North American, Europe and Asia.

“Howard’s exemplary knowledge of and expertise in the high yield capital markets is unparalleled in the industry,” said Ahmed Farid, Chairman and President of Lakemore. “His insight, experience and relationships will be invaluable to Lakemore in supporting our business management decisions. We are excited to welcome Howard to our Board and are eager to begin leveraging his unique, in-depth perspectives as we strengthen our ability to provide international investors with compelling U.S. CLO equity investment opportunities.”

“Lakemore is an admired and respected leader in U.S. CLO equity investing, driven by a team of talented professionals with a culture built on teamwork, respect and support that is second-to-none in the industry,” said Howard Tiffen. “I look forward to working closely with the Board and the entire Lakemore team as the firm continues its global expansion.”

Mr. Tiffen holds an AM from the University of Chicago, and a BS from Northwestern University.

Lakemore Partners names Arno van den Heiligenberg Managing Director and Head of Business Development in Europe 

Phoenix/London/Dubai, March 10, 2022 – Lakemore Partners Ltd. and its group entities (“Lakemore”), a leading private credit investment firm primarily investing in control U.S. CLO equity, today announced it has named Arno van den Heiligenberg Managing Director and Head of Business Development Europe.

In this newly created role, Mr. van den Heiligenberg will focus on further developing Lakemore’s business and client relationships in Europe, providing European financial firms with access to Lakemore’s unparalleled U.S. CLO investment opportunities. The addition of Mr. van den Heiligenberg builds on Lakemore’s global expansion following the establishment of its U.S. presence in Phoenix, Arizona last year.

“Arno is a successful, highly respected and trusted executive who has built outstanding relationships grounded in his client centric approach and deep understanding of financial markets,” said Mohamed Seif, Co-Founder and Managing Partner of Lakemore. “With more than two decades of business building experience for some of the world’s leading financial institutions, Arno is a valuable addition to our firm as we look to serve our clients and prospective investors across Europe. His extensive relationships in Europe fully align with our forward-looking strategy, and marks another key milestone in our continued global momentum. We are thrilled to welcome Arno to our Lakemore team.”

Mr. van den Heiligenberg brings to Lakemore strong relationships and partnerships with many of Europe’s leading institutional and wholesale investors. Most recently, Mr. van den Heiligenberg served as the Global co-head of Investment Fund Sales at UBS Wealth Management, where he managed a team of professionals, helped define lead product offerings, and presented UBS’ clients with world class alternative and traditional investment solutions. Before UBS, he held positions at ING Investment Management, J.P. Morgan, Merrill Lynch, and Citigroup.

“I am honored and excited to join the Lakemore team,” added Mr. van den Heiligenberg. “Lakemore is uniquely focused on bringing its extensive experience in control CLO investing to a growing clientele worldwide as evidenced by their global expansion. I look forward to being part of Lakemore’s inclusive and collaborative culture, and know my background will help to further their commitment to developing long-term and mutually rewarding relationships with its clients. In addition, the extensive experience of the Lakemore investment team has resulted in a stable and compelling track record – an opportunity I am particularly excited about expanding upon.”

Mr. van den Heiligenberg obtained his MSc in Business Administration from Erasmus University Rotterdam and participated in the CEMS Master programme at Stockholm School of Economics. Arno is a CFA, and CAIA Charter Holder.

Lakemore Partners Closes Its US$400 Million Aquatine IV Fund 

London/Dubai/Scottsdale August 24, 2021 – Lakemore Partners Ltd. and its group entities (“Lakemore”), a leading private credit investment firm primarily investing in control CLO equity, today announced it has successfully closed Aquatine IV at US$400 million as a result of strong investor demand.

Aquatine IV is Lakemore’s fourth CLO fund within the Aquatine platform, which invests in control equity positions in U.S. CLOs, and is currently one of the market’s largest dedicated CLO control equity funds. The Fund’s investors are a diverse group of institutional investors representing private banks, fund of funds, insurance companies, family offices and high net worth individuals, many of whom have invested in previous Lakemore Aquatine Funds.

“The successful close of our Aquatine IV fund is an important milestone for Lakemore as we further strengthen our position as a global leader in CLO investments focused on delivering high risk-adjusted returns across market cycles,” said Mohamed Seif, Co-Founder & Managing Director of Lakemore.

“The significant interest and commitment to Aquatine IV highlights the trust and support our clients place in us,” said Hisham Ghouth, Partner and Head of Business Development. “Our investors recognize our long-standing partnerships with top-tier CLO managers, and we continue to experience strong demand from a range of global clients looking to access reliable and defensively managed credit portfolios.”

“Our team continues to deliver outstanding deal execution in 2021 through our involvement in more than 10 control equity transactions representing over US$6 billion in CLO size,” added Somnath Mukherjee, Partner and Head of Investments. “We would like to thank our collateral managers and arranging banks for their partnership in helping us to secure a robust pipeline during an incredibly active year, and for contributing to long-term, sustainable value for investors in our Aquatine Funds.”

Lakemore Partners Strengthens U.S. Presence as Dan Norman Named Managing Director 

Leading CLO equity investment firm establishes new U.S. office to further enhance global operations

London/Dubai/Scottsdale August 3, 2021 – Lakemore Partners Ltd. and its group entities (“Lakemore”), a leading private credit investment firm primarily investing in control CLO equity, today announced it has named Dan Norman Managing Director and Head of its U.S. business operations. In this role, he will focus on growing Lakemore’s investment platform globally from its recently established U.S. office in Scottsdale, Arizona.

Mr. Norman joins Lakemore following his retirement last year from Voya Investment Management (“Voya”) where he most recently served as Group Head and Senior Managing Director. While at Voya, he founded the firm’s Senior Loan Group in 1995 and co-managed the Group’s global loan platform including its global CLO business, which by the end of 2020 had managed 46 CLOs with a combined size of over US$22 billion.

“Dan is a successful, highly respected and cycle-proven executive who has established himself as one of the leading experts in broadly syndicated corporate loans and CLO management,” said Mohamed Seif, Co-Founder & Managing Director of Lakemore. “With more than 35 years of global business-building and investment management experience, Dan is the perfect fit for our firm as we continue to strengthen our relationships with leading U.S. CLO managers and look to serve the needs of current and prospective investors in the U.S. and around the world. We are thrilled to welcome him to Lakemore.”

Throughout his career, Mr. Norman has structured and managed over 80 loan funds and accounts with total combined assets of over US$50 billion. He has created extensive distribution networks and more than 300 investor relationships around the world.

As part of his role, Mr. Norman will oversee Lakemore’s on-the-ground U.S. presence from its newly established office located in Scottsdale, which will further enhance the firm’s ability to seamlessly operate on a global scale. Lakemore currently has 27 professionals worldwide overseeing US$1.1 billion in credit assets under management.

“I’m honored to join such a diverse and well-respected firm that has established a leadership role in the CLO marketplace through its sound strategic approach and commitment to client service,” added Mr. Norman. “Lakemore’s strong culture of respect and support for its team members deeply resonates with me and is core to a successful business. I look forward to working alongside the experienced professionals at Lakemore as we continue to expand our presence both in the U.S. and around the world.”

Mr. Norman currently serves as a Board Member of the Business Loans Coalition, the Loan Syndication and Trading Association’s (“LSTA”) grassroots advocacy affiliate, and as an advisory Board Member of the Maricopa Partnerships, which manages diverse business and investment interests. He previously served as Board Member of the LSTA and the International Association of Credit Portfolio Managers.


We publish monthly research reports providing an overview of current market conditions, relative value within leveraged loans and CLO debt and equity tranches. A summary of our latest report can be found below.

To receive our research reports, please email: management@lakemore.com

For media inquiries, please email: Dukas Linden, Public Relations at Lakemore@DLPR.com

Current Lakemore Insights – April/ May 2022 report:

In this edition of the Lakemore Insights – April & May 2022 report, we consider the impact of rising rates, as well as the risk of stagflation and recession on the CLO and Leveraged Loan markets. As asset prices decline and spreads widen, we analyze how market dislocations have the potential to enhance CLO equity IRRs by as much as 5%. We have also conducted analysis into the following Specialized Topics: ‘Scenario Analysis of New Issue CLO Equity IRRs in Dislocated and Recessionary Markets’; ‘Why Invest in Primary New Issue CLO Equity vs. Secondary CLO Equity?’; ‘Historical Performance of CLO Equity vs. Other Alternatives During a Recession’; and ‘Leveraged Loan Default Outlook Amid Rising Rates and Potential Stagflation’.


February / March 2022

In this edition of the Lakemore Insights – February/March 2022 report, we note the ways in which the significant ratchet higher in geopolitical tensions between Ukraine and Russia has impacted US Leveraged Loan and CLO markets, in addition to other risk assets. We also conduct a deep dive into the impacts of inflation on several sectors in the US leveraged loan market.

January 2022

In this edition of the Lakemore Insights – January 2022 report, we note that anticipated rate hikes from the Federal Reserve have resulted in strong outperformance for the leveraged loan market. While the loan primary market delivered a busy start to the year, we expect new issue CLO activity to ramp up in the second half of Q1. As anticipated, in our view, the Sofr transition has not had a material impact to date on CLO equity arbitrage, which continues to hover around historical highs of 20%.

Outlook for 2022 and Beyond

In this edition of the Lakemore Insights – Outlook for 2022 and Beyond, we outline our views on the US CLO and Leveraged Loan markets and provide our forecast on key market metrics, like default rates, loan spreads and primary issuance. Within the report, we discuss the impact of macroeconomic drivers and risk factors, like tightening monetary policy and geopolitical risk, on the leveraged loan and CLO asset classes. We also detail why we view the current environment as extremely attractive for a CLO equity investor, and offer insight into the benefits of supermajority control CLO equity investing.

October 2021

In this short edition of the Lakemore Insights – October 2021 report, we note the record-breaking full year primary issuance volume seen in the leveraged loan market year-to-date, driven by a fundamentally strong loan market and attractive technicals. Meanwhile, we review CLO equity arbitrage, which reached more than 21% in October.

September 2021

In this edition of the Lakemore Insights – September 2021 report, we note the record-breaking year seen in CLO primary, which has been driven by what is, in our view, arguably the most attractive CLO equity arbitrage conditions in history. Meanwhile, we observe that leveraged loans delivered a robust performance through the month, despite volatility in other risk assets, as a fundamentally strong market and floating rate benefits continued to attract investors. Finally, we consider the impact of inflation on various sectors.

August 2021

In this edition of the Lakemore Insights – August 2021 report, we discuss the drivers of current CLO equity arbitrage conditions, which continued to improve on their already extremely attractive levels through August and resulted in the highest month for CLO new issuance by volume since last year. We offer an analysis of Q2 earnings season, which shows that US corporates’ EBITDA have not only recovered but improved upon their pre-pandemic levels. Meanwhile, we explain why the leveraged loan market continues to flourish, due to plentiful upgrades, ultra-low defaults and an active primary market. In our view, current market conditions are a strong tailwind for CLO equity, and we continue to anticipate that 2020-2022 vintages are likely to be among the strongest on record for the asset class.

July 2021

In this edition of the Lakemore Insights – July 2021 report, we review the way in which inflation concerns and the spread of the Delta variant of Covid-19 have begun to weigh on sentiment. With CLO equity arbitrage remaining at historical highs, warehouse activity is plentiful, and we anticipate any future volatility to further enhance CLO equity attractiveness.  Meanwhile, the loan market continues to be fundamentally strong, with the last twelve-month default rate falling well below 1% and upgrades soaring ever higher above downgrades.

May / June 2021

Given relatively sanguine market conditions in recent months, we amalgamated the May and June 2021 editions of the Lakemore Insights report. In this report, we review the positive impact of volatility on CLO equity yields following the pandemic and evaluate the attractive conditions in the loan market, which has been further bolstered as investors seek to hedge inflation and benefit from the floating rate nature of this fundamentally strong asset class.

April 2021

In this edition of the Lakemore Insights – April 2021 report, we analyze senior loan new issues, historically high CLO equity arbitrage levels and the benefits of CLO equity vintage diversification, showing that investing in CLO equity on a five-year rolling basis increases median IRRs and reduces standard deviation of returns. We also examine CLO liability costs and offer our outlook for the direction of liability pricing in the coming months. Meanwhile, we note that primary loan issuance has improved in quality post pandemic, with loan spreads also wider than pre-Covid-19 levels, which should benefit CLO portfolios. Moreover, loan market default rates have fallen below their long-term historical average.

March 2021

In this edition of the Lakemore Insights – March 2021 report, we discuss the record-breaking primary issuance in both the leveraged loan and CLO markets, in addition to the declining default rates and softening in loan prices and liability costs through the month. We also analyze historic US unemployment data and Federal Reserve rate hikes.

February 2021

In the Lakemore Insights – February 2021 report, we provide an update on market conditions and data through February, including the buoyant leveraged loan and CLO primary markets, and the rise in resets and refinancings as CLO managers and equity investors seek to take advantage of tight liability pricing.

Outlook for 2021 and Beyond

In the Lakemore Insights – Outlook for 2021 and Beyond report, we share our views and analysis on our outlook for the CLO and Leveraged Loan markets for 2021 and the years that follow, in addition to reviewing key highlights from 2020.  Key discussions include our leveraged loan market default outlook, and the multiple tail winds driving return expectations on CLO equities for 2021 and 2022 vintages to above-average levels.

December 2020

In the Lakemore Insights – December 2020 report, we provide an update on market conditions and data through December. For more information on what we expect from the year ahead, we will shortly publish our Lakemore Insights – Review & Outlook 2020/2021 report, which will contain in-depth analysis and views on our outlook for the CLO and Leveraged Loan markets for 2021 and review the key highlights from 2020.

November 2020

In the Lakemore Insights – November 2020 report, we examine the impact of a series of Covid-19 vaccine breakthroughs on markets and why we believe that current market conditions are highly favourable for CLO equity IRRs and, in fact, 2021 CLO equity vintages could be the most attractive vintages in recent times. We also review Q3 earnings season and CLO prepayment rates.

October 2020

In the Lakemore Insights – October 2020 report, we analyze the trend of upgrades in the leveraged loan market and consider how the current low rates environment may affect CLO investors. We also update on the impact of the US election and the latest vaccine phase 3 breakthrough on markets.

September 2020

In the Lakemore Insights – September 2020 report, we examine why heightened distress in the loan market may present an opportunity for conservative CLOs and distressed funds as we review two high profile restructurings. We consider what the impact of the phasing out of Libor by the end of 2021 is likely to mean for CLO equity investors and highlight how defensive managers are benefiting in the current environment.

August 2020

In the Lakemore Insights – August 2020 report, we review Q2 earnings season and the market response, in addition to the resurgence of M&A-related leveraged loan issuance activity. Other key highlights include: an examination of the increase in CLO warehouses and analysis of improving CLO return drivers. We also consider market conditions through the month.

July 2020

In the Lakemore Insights – July 2020 report, we examine the presence of an overexuberant recovery in the leveraged loan market and the attractive opportunity evolving within new CLO equity transactions as CLO arbitrage hits a sweet spot. Other highlights include: an analysis of post-Covid-19 leveraged loan defaults, as well as a review of market conditions in the month.

June 2020

In the Lakemore Insights – June 2020 report, we examine the volatile market conditions seen intra-month, Q2 2020 earnings expectations and why we believe defensive investing is key amid the current market uncertainty. Other highlights include: an analysis of how changes to the covenant-light (cov-lite) cycle could impact leveraged loan investors and the effect of distressed investors on CLO portfolios.

May 2020

In the Lakemore Insights – May 2020 report, we discuss current market conditions, relative value within leveraged loans and CLO debt and equity tranches. As most asset classes continue to rally, despite deteriorating growth forecasts, we explore the increasing disconnect between underlying fundamental data and market movements. Other highlights include: the existing and future opportunities in leveraged loans for active selection and attractive risk-adjusted returns amid spiking loan amendments and the reopening of the primary market; and the trend towards normal reinvestment periods within the CLO new issue market, following a flurry of static issuances in April.

April 2020

In the Lakemore Insights – April 2020 report, we discuss current market conditions, relative values within leveraged loans and CLO tranches, and track performance of Defensive CLOs vs. Aggressive CLOs. The analysis shows defensive CLOs are performing better on risk metrics as levels of stress continue to increase in the leveraged loan market.  This continues to emphasize the need for an overall focus on risk stabilization as core to the generation of higher risk-adjusted performance.

March 2020

In the Lakemore Insights – March 2020 report, we illustrate how volatile market conditions have helped defensive CLO portfolio constructions add portfolio spreads over time and build IRR.  We examine why defensively constructed CLO portfolios are expected to outperform as they benefit from relative value and reinvestment trades within the loan books and generate strong IRRs for CLO equity investors.

Data Protection Privacy Notice


The scope and purpose of this Privacy Notice

This Privacy Notice explains how Lakemore (“Lakemore”, “we”, “us”, “our”), collects, uses, shares and otherwise processes your Personal Data in connection with your relationship with us as a Lakemore client, acting for a client or being generally interested in our services and our publications in accordance with the Data Protection Law DIFC Law No. 5 of 2020 (the “Law”) and the Data Protection Regulations (the “Regulations”).

Should you have any questions about this Privacy Notice you can contact us at privacy@lakemore.com.

We may provide supplemental privacy notices on specific occasions, when we are collecting or processing Personal Data about you so that you are fully aware of how and why we are using your Personal Data. Those supplemental notices should be read together with this Privacy Notice.


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The term “Personal Data” as used in this Privacy Notice means any information relating to you such as your name, contact details, bank account details etc. Personal Data does not include data from which you can no longer be identified such as anonymised aggregate data.


What information do we collect about you, how do we collect it and what do we use it for?

The kinds of Personal Data we may collect include your contact details (such as your address, email address and telephone number) and information such as your job title which we will request from you. In addition, we collect the Personal Data you choose to provide to us, e.g. if you contact us by letter, telephone, email or any other means of electronic or personal communication.  We will process your Personal Data if and to the extent applicable law provides a lawful basis for us to do so. We will therefore process your Personal Data only:

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It is important that the Personal Data we hold about you is accurate and current. Please let us know if your Personal Data changes during your relationship with us.

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When using your Personal Data for the purposes and on the legal basis described above we may share your Personal Data with our other Lakemore offices around the world as well as other services providers we work with. We may also have to share your Personal Data with regulators, public institutions, courts or other third parties.

For the purposes described above we may have to transfer your Personal Data from the Dubai International Financial Centre (“DIFC”) to a Lakemore office or a third party outside of the DIFC and in a jurisdiction not being subject to an adequacy decision of the Commissioner, the DIFC supervisory authority for data protection issues. We will always ensure that there is a legal basis and a relevant safeguard method for such data transfer so that your Personal Data is treated in a manner that is consistent with, and respects the Law and Regulations and other applicable laws and regulations on data protection. If you require further information about this you can request it from privacy@lakemore.com.

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You have rights as an individual which you can exercise under certain circumstances in relation to your Personal Data that we hold. These rights are to:

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You also have the right to receive your Personal Data in a structured, commonly used and machine-readable format and to have us transmit those Personal Data to another controller, if you have provided these Personal Data to us, if the processing is based on consent or on a contract and the processing is carried out by us by automated means, subject, however, to legal restrictions which may apply.

If you want to exercise one of these rights please contact us at privacy@lakemore.com.

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In some circumstances we may anonymise your Personal Data so that it can no longer be associated with you, in which case it is no longer Personal Data.

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You will in general not have to pay a fee to exercise any of your individual rights mentioned in this Privacy Notice. However, we may charge a reasonable fee if your request to exercise your individual rights is manifestly unfounded or excessive. Alternatively, we may refuse to comply with the request in such circumstances.

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Further information

If you have any concerns or require any further information, please do not hesitate to contact privacy@lakemore.com.