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Laxman Pai, Opalesque Asia: Credit investment major King Street Capital Management has soared to a target-beating $2.3bn final close for its second Global Drawdown Fund (GDF II).
The $24bn US credit manager said in a press release that GDF II targets opportunities across distressed and stressed corporate debt, structured products, asset-backed credit, and claims.
The Fund received significant interest from a combination of new and existing global investors, with 80% re-upping their commitments from the firm's predecessor vehicle, GDF I, it said.
"The Fund leverages King Street's integrated global platform, extensive network, and deal flow relationships to identify less liquid, longer-duration opportunities arising from dislocations in the credit markets," the release said.
"With the close of GDF II, we are thrilled to build upon King Street's robust product offerings across multi-strategy credit, real estate, CLOs, and opportunistic credit funds," said Brian Higgins, Co-Founder and Managing Partner of King Street.
"The interest in GDF II underscores our distressed expertise and more than 28 years of investing experience in complex and misunderstood situations. We are pleased with the strong support of the longstanding clients who re-upped for GDF II and are excited to partner with the new investors committing to the Fund," Brian added.
Daniel Ehrmann, Partner and Head of Restructuring at King Street Said: "We believe the headwinds facing the ...................... To view our full article Click here
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