Andrew Hedlund
The latest vehicle from the investment bank comes amid a slower mezzanine fundraising year.
The fund’s target matches the amount raised for its predecessor, which beat its goal by $200m.
Increasing numbers of first-time fund managers are attempting to squeeze into the private debt crowd. Finding enough high-quality deals will be a challenge.
The fund has large commitments to the private credit asset class, which it created a specific bucket for in July 2012.
The firm has agreed to sell its two BDCs and last month closed a sale of its senior loan vehicles.
A distressed debt shop in suburban New York hopes its investment will allow it a smooth drive into the Texas sunset.
The firm launched its debt practice earlier this summer.
The Wall Street institution already has a mezzanine group that invests in companies with at least $15m of EBITDA.
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Ares and TCP had lent the audio platform operator senior secured debt.
The firm also made initial investments in corporate bonds, first lien last out loans and equities.