Andrew Hedlund
The Los Angeles-based firm has identified several hurdles it says would need to be resolved before Ranger Direct Lending could remain a going concern.
The alternative asset management behemoth has exceeded its fundraising goal by almost $450m.
Williams will remain on the Chicago-based mid-market lender’s investment committee.
The appointment comes as part of a broader swath of changes in senior management.
The transaction would give BC Partners a second permanent capital vehicle, which would remain public.
The department store chain is just the latest retailer that failed to reorganise in bankruptcy.
The predecessor fund invested in both senior and junior debt with a focus on North America.
The credit investing behemoth ceased providing investment advice to the FS BDCs earlier this month, but the firm believes it will replace that capital within the next few years.
Retail blowouts are hitting the headlines, but many of the problems date from before the global financial crisis.
The London-based manager has a stated goal of €4bn, the largest fund in its series to date.