Pearl Diver Capital, a specialist global investment manager focused on structured credit and portfolio risk-transfer strategies, announced the first closing for its new flagship vehicle, the Pearl Diver Aquanaut Fund, an open-ended global interval fund providing institutional investors with scalable access to global Significant/Synthetic Risk Transfer (SRT) and financial institution Capital Relief transactions. The first closing of cornerstone commitments occurred on 11/12/2025, the Fund will target total commitments of up to $1.5 billion.

Aquanaut is designed to capture the accelerating institutionalization of the SRT market, a segment that enables banks to optimize regulatory capital by transferring portions of credit-portfolio risks to long-term investors. The fund will focus on corporate loan portfolios originated by leading global banks across Europe, the UK, and select international markets.

"SRTs have evolved from niche bank capital tools into a mainstream credit asset class," said Indranil (Neil) Basu, Founder and Managing Partner of Pearl Diver Capital. "With Aquanaut, we're giving investors diversified access to corporate credit portfolios that deliver attractive risk adjusted returns, low volatility, and low correlation to public markets — precisely the attributes institutions seek in today's environment."