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Vladimir Lemin, Global Head of Structured Credit at Aperture Investors, recently sat down with Structured Credit Investor (SCI) to discuss where he's seeing opportunity and risk across the structured credit landscape. 

With approximately $1 billion in structured credit assets under management, Aperture Investors is focused primarily on CMBS and ABS, taking a highly selective, credit-by-credit approach in today's more volatile environment. 

In CMBS, Vladimir told SCI he is generally focusing on seasoned transactions with just 6 to 12 months remaining until maturity. The shorter timeframe allows for deeper, loan-level analysis and reduces the need to rely on long-term assumptions. He also pointed to continued dislocation in parts of the market, noting that forced selling driven by downgrades and required selling by certain investors has created pricing disconnects. 

While “we believe there are still very interesting opportunities in structured credit versus corporates,” he emphasized that the margin for error has narrowed. Recovery across office assets has been uneven, reinforcing the need for selectivity.

"It's a bond-picker's market," Vladimir told SCI. "While most credits widened, there are more land mines now that need to be avoided." 

Read the full interview on Structured Credit Investor, here. 

If you have questions about Aperture's approach to structured credit, please contact us: [email protected]