Hybrid investment firm Tennenbaum Capital Partners has raised $330 million for a fund that will extend loans to companies in bankruptcy.
Being placed by Greenhill & Company, the fund held a first close last month on $230 million. Its final target is unclear.
Tennenbaum has provided debtor-in-possession (DIP) loans to bankrupt companies in the past, but the DIP fund would be the firm’s first dedicated pool of capital with the sole purpose of providing the loans.
