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Alternative Market Briefing

Marathon raises $2.5bn for a distressed credit fund

Friday, January 08, 2021

Laxman Pai, Opalesque Asia:

New York-based Marathon Asset Management raised $2.5 billion for a new fund focused on struggling companies.

The Marathon Distressed Credit Fund pursues investment opportunities in distressed companies, such as debtor-in-possession financing, exit financings, and restructurings, said a press release from the $20 billion distressed-debt firm.

Investors include the Minnesota State Board of Investment, St. Paul; the Wayne County Employees' Retirement System, Detroit; and the Springfield (Mo.) Police Officers' & Firefighters' Retirement System.

"While the broader market has recovered, the K-shaped recovery has resulted in a disparate impact that requires tailored capital solutions to help companies across industries recover from the 2020 cyclical decline," said Bruce Richards, Chairman & Chief Executive Officer of Marathon.

"Companies that are well-positioned for future growth may need a thoughtful and sophisticated capital partner to navigate the downturn, even in the event it may require a consensual restructuring," Bruce added.

Louis Hanover, Chief Investment Officer of Marathon, said: "Following a prolonged economic expansion marked by mispriced risk and heavily levered capital structures with weak documentation we are presented with an optimal investment environment to prudently and opportunistically deploy capital."

Jason Friedman, Partner and Head of Corporate Strategies at Marathon added: "As we progress into......................

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