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Alternative Market Briefing

Angel Island Capital closes $440m second credit opportunities fund

Friday, March 06, 2020

Laxman Pai, Opalesque Asia:

Golden Gate Capital-backed credit firm Angel Island Capital has raised around $440m for the close for AIC Opportunities Fund II.

The San Francisco-based multi-strategy credit investment advisor and portfolio company said that the fund is AIC's inaugural third-party capital investment vehicle and backed by a group of institutional investors.

Founded in 2008 and led by CEO Dev Gopalan, AIC launched AIC COP II as part of the firm's Credit Opportunities Strategy, which focuses on investments in performing debt of middle-market companies in industries where AIC has domain expertise.

Angel Island Capital Management, which manages approximately $3.7 billion in assets across a range of credit strategies, said in a press release that it was seeded in 2019 with a diversified portfolio of private credit assets with an attractive yield and total return profile.

"This differentiated fund structure was designed to provide unmatched portfolio visibility during the fundraising process, enabling AIC to attract primary and secondary investors on an accelerated basis," the press release said.

The Fund also includes capacity for new credit investments and was structured with a focused investment period and term, it added.

Lynette Vanderwarker, Chief Strategy Officer at AIC, said, "We are at an exciting inflection point for the firm, and the expansion of our Credit Opportunities Strategy is representative of myriad opportunities we are seeing in the private debt market."

Gerald Cooper, Partner at Campbell Lutyens, said, "This large and innovative transaction with a known sponsor represents an important milestone for credit secondaries, and we expect to see further GPs of Angel Island's stature benefit from the secondary market to accelerate capital raises and expand asset management platforms."

Campbell Lutyens acted as exclusive financial advisor to AIC in the U.S. and Europe.

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