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Laxman Pai, Opalesque Asia: American investment management firm GoldenTree Asset Management has closed its Distressed Fund IV on a hard cap of $3 billion.
The oversubscribed fund's global investor base is complemented by GoldenTree partners, employee, and firm commitments of over $100 million alongside the Fund's investors, said a press release from the global firm with over $47 billion in assets under management.
"The Distressed Fund IV seeks superior risk-adjusted returns by investing in distressed, stressed, and special situation assets. The Fund's early investments are currently delivering a net Internal Rate of Return (IRR) of over 30%," said the release.
GoldenTree's Distressed Fund III, the predecessor to Fund IV, has delivered a net IRR of 26% through August 31, 2022, and invested over $2 billion in capital across more than 40 issuers in 15 different sectors.
Steve Tananbaum, Founding Partner & Chief Investment Officer said: "We've invested over $30 billion in distressed assets since 2000, and our distressed strategies have been a key driver of GoldenTree's growth over time. The size of our investors' commitment to our distressed funds has grown significantly since Distressed Fund I in 2010. The $3 billion raised for Fund IV validates our team's hard work and commitment to clients for over two decades in delivering consistent top quartile returns."
Ted Lodge, Partner, Global Head of Restructurings & Turnarounds, and a member of GoldenTree's D...................... To view our full article Click here
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