Angelo Gordon, an alternative investment firm focused on credit and real estate investing, closed the AG Asset Based Credit Fund with more than $1 billion of equity commitments, exceeding its $800 million target. The fund received significant support from existing Angelo Gordon clients, as well as new institutional investors attracted to the firm’s demonstrated ability to generate value through private credit strategies globally.
The fund focuses on asset-based specialty private credit investments in a variety of trade formats across a broad array of collateral types within consumer, real asset, and other specialty lending markets. 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.
“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,” T.J. Durkin, head of structured credit and portfolio manager of the fund, said. “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.”
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.
“This fundraise furthers Angelo Gordon’s commitment to strategically scaling our all-weather credit platform with diversified strategies across the liquidity spectrum,” Josh Baumgarten, co-CEO, co-CIO, and head of credit at Angelo Gordon, said. “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.”