New York-based alternative investment firm Angelo, Gordon & Co. has stepped into direct lending by hiring Trevor Clark (pictured) and Christopher Williams to lead the new venture, the firm announced yesterday (29 September). Clark and Williams were previously chief executive and senior managing director, respectively, at Madison Capital Funding, a Chicago-based lending firm they helped found in 2001.
The firm is part of New York Life Insurance Company and the two men were fired last year by the insurer for violating company policies with respect to personal investments and business activities, as was widely reported last September. The specifics of the misdeeds were never revealed, though published reports said the two men were dismissed amidst a company probe. At the time, Clark was replaced as chief executive by Hugh Wade, another co-founder at Madison Capital.
Direct lending will be a new area for Angelo Gordon, which already handles private equity, private credit, real estate and hedge fund strategies. The Chicago-based business will lend to mid-market companies with EBITDA of $3 to $50 million and will work with the firm’s existing corporate credit team on research. Garrett Walls, a spokesman for Angelo Gordon couldn’t be reached by press time.