Robin Blumenthal
The second quarter will be a crucial reporting period for business development companies, which target their capital at the US economic heartland of SMEs.
More than half of the participants in Accord Fund III B are new to the strategy.
The firm expects to meet its $300m target after its offshore vehicle closes, a source said.
Fundamentals in the collateralised loan obligation market have been declining in the US and Europe, despite Fed attempts to help out.
New has joined the investment manager as co-chief executive officer of Onex Credit and will help shape its strategy.
Collateralised loan obligation losses could hit $100bn in the next two years, one firm predicts.
Unlike 2008, 'you have a situation where revenues have gone to virtually zero overnight'.
The closing comes as secondary prices fall to levels last seen in the global financial crisis.
The former chief economist at Merrill Lynch has been bearish on the economy for a while. A perfect storm of volatility suggests he’s called it right.
An opportunity may be opening up for distressed debt investors, though they need to tread carefully.