Reuters reported Angelo Gordon set up a middle market direct lending business with the appointment of Chris Williams and Trevor Clark, who co-founded and built the direct lending business at Madison Capital Funding.

According to Reuters, Williams and Clark will both be managing directors, an Angelo Gordon spokesman said. The new team expects to launch the business in Q1/15 and will focus on loans to companies with EBITDA between $3 million and $50 million.

Reuters reported prior to forming Madison Capital, Clark previously served at GE Capital and Bank of America. Williams, before co-founding Madison Capital, served at Cochran, Caronia & Co., GE Capital and Bank of America.

To view the full Reuters release, click here.