Hybrid New York investment firm Angelo Gordon has strengthened its private equity group as it prepares to raise two private equity funds with a combined target of $900 million (€653 million).
The firm’s private equity-focussed professionals now number nine with the additions of Jeff Feinberg, formerly a managing director with turnaround firm Alvarez & Marsal, and Harish Nataraj, previously a middle market-focussed associate with Kohlberg & Company.
Angelo Gordon is seeking to raise $700 million for AG Private Equity Partners IV, and an additional $200 million for a “reserve fund”, which will be used “to participate in investments greater than $75 million”, according to a statement.
Senior managing director David Roberts said the firm expects to deploy capital with ease, despite current credit market conditions that have affected some larger buyouts.
“As this credit cycle unwinds, we believe there will be substantial opportunities for us to purchase smaller and distressed businesses at deep value prices,” Roberts said in a statement. “We have particular expertise in specialty finance and see many opportunities arising from the mortgage meltdown.”
Angelo Gordon closed its third private equity fund on $350 million in 2005. The firm’s private equity group manages more than $900 million in capital, and typically makes controlling investments of $10 million to $100 million in companies with enterprise values of between $30 million and $300 million.
In addition to private equity and special situations, the firm has a distressed debt and leveraged loan arm, a real estate arm, and employs a number of hedge fund strategies. It has associated offices in Los Angeles, Chicago, London, Hong Kong, Seoul, and Shanghai.