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It’s a booming market that’s been synonymous with the banks in recent years, but a new source of capital has appeared on the scene.
Sources close to the strategic review say a number of different ways forward for the business are possible, including a spinout led by management.
The Los Angeles-based credit manager has bolstered its CLO franchise through the purchase of a managing interest in Crestline Denali Capital.
Fewer covenants can provide greater flexibility in dealing with portfolio company difficulties, but they may also prevent lenders from negotiating rescue plans with borrowers and sponsors. Andy Thomson and Andrew Hedlund investigate
The credit business grew more slowly than other parts of Blackstone but performing credit returns remained robust.
The firm’s quarterly trading statement said it expects initial commitments to its next debt fund to close soon.
The alternative lender also invests in non-sponsored companies from a separate fund that closed on a similar amount two years ago.
SSG is the latest addition to the special situations managers that larger Western firms want to acquire to leverage on established local businesses in Asia.
The firm is also on track to open offices in Paris and Sydney before the end of March, according to its latest earnings announcement on Thursday.
The firm has garnered more than $100m to date for its second direct lending fund.

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