Angelo Gordon – a $73 billion alternative investment firm focused on credit and real estate investing – recently announced the final close of the AG Asset Based Credit Fund, L.P. with over $1 billion of equity commitments, exceeding its $800 million target. And the fund received significant support from existing Angelo Gordon clients and new institutional investors attracted to the firm’s demonstrated ability to generate value through global private credit strategies.
This Fund focuses on asset-based specialty private credit investments in various trade formats across various collateral types within the consumer, real asset, and other specialty lending markets. Leveraging Angelo Gordon’s decades-long track record investing in specialty private credit, institutional scale, and global footprint, the Fund seeks to identify and fill material “financing gaps” by providing flexible capital solutions to assets or borrowers that do not fit into traditional lending categories. Additionally, Angelo Gordon applied its experience in fund-backed rated notes to the Fund, allowing U.S. insurance carriers to access the strategy in a capital-efficient format.
The fund bolsters the scale and breadth of Angelo Gordon’s global credit platform and brings the firm’s credit assets under management to $55 billion across corporate credit, lending, and structured credit strategies. And the fund’s successful close follows that of AG CSF2A (Annex) Dislocation Fund, L.P. in March 2023 with over $1.3 billion.
KEY QUOTES:
“Today’s market conditions, headlined by rising rates, widening spreads and a pullback by banks, are paving the way for a significant ongoing dislocation within the broader specialty finance markets and the need for capital across asset types. We believe our creative, partnership-based approach, well-established team, and deep structured credit investment capabilities best position us to help companies with strong upside potential receive the financing they require, while driving performance for our investors.”
— T.J. Durkin, Head of Structured Credit and portfolio manager of the fund
“This fundraise furthers Angelo Gordon’s commitment to strategically scaling our all-weather credit platform with diversified strategies across the liquidity spectrum. We are grateful for the strong support we received from new and existing investors and look forward to providing them with another way to gain exposure to the tremendous opportunities that exist across private credit markets globally.”
— Josh Baumgarten, co-CEO, co-CIO, and Head of Credit at Angelo Gordon
