# Varde Partners

Varde Partners is an Asset Manager based in Minneapolis, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Minneapolis, United States
- **Region:** North America
- **Address:** Minneapolis, MN, United States
- **Founded:** 1993
- **Assets under management:** $13B – $18B (Altss estimate)
- **Website:** varde.com
- **LinkedIn:** https://www.linkedin.com/company/varde-partners

## Regulatory record

- **Reports private funds:** No

## About

Värde Partners is a global investment firm specializing in credit and credit-related assets. With local investment teams and partnerships across the U.S., Europe and Asia, it invests across private and public markets. The firm has an integrated platform for asset-based finance, real estate, corporate credit and Asia private credit, and is 100% partner-owned.

## Sectors

- Private Credit
- Real Estate
- Secondaries & Special Situations

## Offices

- London
- Singapore
- Mumbai
- Luxembourg

## People

- George G. Hicks — Co-Founder & Co-CEO
- Ilfryn Carstairs — Co-CEO & Global Chief Investment Officer

## Questions

### Who runs investment decisions at Varde Partners?

Ilfryn Carstairs serves as Global Chief Investment Officer alongside his Co-CEO role, a shared leadership structure he has maintained with co-founder George Hicks since the firm's early days. Varde's investment committee operates with a top-down thematic overlay that sets country and sector weightings, while regional heads in London, Singapore, and Mumbai drive origination within those parameters.

### How does Varde source deal flow?

Varde sources primarily through its own regional origination teams, leveraging the relationship networks built by its senior partners across three decades in distressed and special situations. The firm also benefits from repeat deal flow from financial institutions selling non-performing loan portfolios, particularly in Southern Europe and India, where Varde has established local platforms.

### What is the relationship between Varde Partners and Cargill?

Varde was founded with initial backing from Minnesota's Cargill and MacMillan families after George Hicks left Cargill's internal finance unit. The firm has since operated independently as an institutional asset manager raising capital from a broad base of pensions, endowments, and sovereign funds alongside the founding family's residual interests.

### Does Varde maintain a listed vehicle, and why?

Yes, Varde maintains Varde Asset Management, a publicly traded permanent-capital vehicle. The listed structure allows the firm to hold positions through extended workout periods without facing the redemption deadlines or fund-life constraints that force competitors to sell prematurely.

### Which geographies does Varde concentrate on?

Varde deploys capital across North America, Europe, and Asia Pacific, with dedicated offices in London, Singapore, Mumbai, and Luxembourg. Historically, significant portfolio weight has gone to European non-performing loan books — particularly in Italy — and Indian distressed asset platforms.

## Related profiles

- [Vardan Ceqube Advisors](https://altss.com/profile/vardan-ceqube-advisors)
- [Varenne Investment](https://altss.com/profile/varenne-investment)

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Last updated: 2026-08-11T15:08:22.057Z

Canonical page: https://altss.com/profile/varde-partners

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