Robin Blumenthal
The seed capital will support the manager’s non-traded, perpetual BDC, among other investments focused on the non-sponsored market.
Interest rates are staying higher for longer, debt service is piling up and liquidity is falling at some business development companies. What could possibly go wrong?
The asset-based strategy for the ninth such fund is said to involve buying largely consumer credit vehicles
The fundraise, one of private credit’s largest, has exceeded its target, and includes $14.3bn in commingled and other equity commitments.
Manager makes other executive changes, in moves toward a 'new stage of growth' and succession planning.
Fund seeks 90% plus exposure to private credit, and targets US wealth and institutional markets.
Led by Craig Snyder and Aaron Rosen, the firm's new opportunistic credit team is focused on dealing with fixed-charge coverage ratios and the lack of DPI.
The fundraise, with more than $20bn counting SMAs and other vehicles, is the strategy’s largest since inception.
Fifth vintage of the firm’s special situations strategy focuses on senior secured, ABL loans in Northern Europe.
Second vintage has already deployed 40% of capital, and early investments are putting up net IRRs of 25%, manager says.