Andrew Hedlund
GBDC 3 will mark the firm’s second private BDC after the initial private vehicle stopped accepting commitments from investors.
The distressed debt investment firm is seeking $2.1bn for the vehicle.
The IT sector posted the largest gains, up nearly 11% year-on-year.
Its latest Specialty Loan Fund is one of the largest fundraises of the year.
The firm’s second vehicle has already surpassed the equity commitments it secured for the initial direct lending fund.
Angelo Gordon’s mid-market lending arm participated in one deal and agented the other.
A covenant capping leverage at 9.5x EBITDA that is tripped when the borrower’s revolver is funded to a certain point? That actually happened.
The firm also offers an institutional private debt fund.
The New York-based distressed debt investment firm acquired the chain of children’s apparel shops in a Chapter 11 restructuring.
The asset manager’s latest CLO will mark the first investment from its partnership with a large Canadian pension plan.