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The US lender, which has historically focused on subordinated debt largely funded via BDCs, is building its business through geographic expansion, new products, additional senior-level hires and institutional funding sources. PDI recently caught up with founder Art Penn on some of these moves.
The headaches facing today’s private debt fund manager show no signs of easing, but as PDI’s list of the 30 leading firms reveals, raising capital is not one of them.
Public and private BDCs are both dominated by a few firms as new managers struggle to gain scale and others fall prey to consolidation.
Challenging markets and uncharted territories for fundraising were among the topics at the annual Private Equity Exclusive gathering in Chicago.
Arthur Martini (pictured), formerly the head of financial sponsors at Apollo’s BDC, is set to join Owl Rock Capital Partners toward the end of September.
The US CLO manager has signed a deal to be acquired by FAB Partners, a Jersey-based investment firm, for $333 million in cash with backing from the Qatar royal family.
The BDC’s energy exposure grew to 12% in the second quarter as the valuations of some large positions were boosted by a rally in oil prices and new deals.
Former New Jersey investment director tapped for new role, formed with mandate to seek out LPs for large separate accounts.
The US state pension fund is investing in a distressed credit fund with Centerbridge Partners and a junior debt vehicle with Blackstone-owned GSO.