Angelo Gordon, a $50 billion alternative investment firm focused on credit and real estate investing, closed the AG Credit Solutions Fund II with $3.1 billion of equity commitments, exceeding the fund’s $3 billion target in seven months from the initial opening to final close. The fund received significant support from current Angelo Gordon clients and new institutional and retail investors globally.
The closed-end fund is the latest in a series of vehicles raised over the last three years that comprise a now $11 billion all-weather distressed and special situations platform. Consistent with its predecessor, the fund’s investment strategy seeks to leverage the firm’s capital base and structuring expertise in partnering with companies to create customized financing solutions that can help resolve idiosyncratic liquidity and capital structure situations.
“The strong support we received for our second fund is validation of our solutions-based approach and commitment to using our capital, creativity and scale to help companies address complex capital situations,” Ryan Mollett, global head of distressed and corporate special situations and portfolio manager of the fund, said. “Our ability to capitalize on both public and private investment opportunities in varying market environments, as demonstrated particularly over the past two years, has driven performance for our investors.”
“We are pleased to have closed AG Credit Solutions Fund II, in excess of its target, and appreciate the support from a broad base of investors,” Josh Baumgarten, co-CEO, co-CIO and head of credit at Angelo Gordon, said. “Distressed and special situations investing has always been core to Angelo Gordon’s business and we are thrilled with the platform’s continued growth under Ryan’s leadership, with the support of a truly best-in-class team. Clearly, our solutions-oriented partnerships approach and compelling outcomes have resonated with both companies and investors.”
The fund’s predecessor vehicle, AG Credit Solutions Fund (CSF), closed in 2020 with $1.8 billion of equity commitments. The firm also raised two CSF annex dislocations funds during the first half of 2020, with a combined $1.2 billion of capital to capitalize on price volatility and market stress, both of which were invested, fully-monetized and returned capital.