White Oak Global Advisors closed the White Oak Yield Spectrum Fund to outside investors. The fund and other associated vehicles concurrently raised approximately $2.1 billion in total commitments, exceeding the $1.75 billion fundraising target.
White Oak’s previous flagship fund, the White Oak Summit Fund, closed with approximately $1.3 billion in commitments in March 2016.
The capital for the White Oak Yield Spectrum Fund was raised from a diversified group of institutional investors worldwide. In particular, the fund attracted strong support from public and private pension funds, insurance companies and global family offices. White Oak currently manages more than $5.6 billion in committed assets.
Andre Hakkak, co-founder and CEO at White Oak said, “We are delighted to have received such an enthusiastic response from investors for our latest closed-ended direct lending fund. Our differentiated and diversified suite of sophisticated lending strategies allow institutional investors to diversify away from the more traditional private equity-sponsored term loans. We look forward to serving our new and existing institutional investors, and are proud to have earned their trust in this endeavor. The fund already deployed approximately 50% of investor commitments, and expects to be 75% invested by year-end. We continue to be optimistic at the opportunity set that lies ahead of us.”
The fund will primarily invest in first-lien, directly originated lending strategies, including term loans, asset-based loans and equipment financing.
Campbell Lutyens & Co acted as placement agent working in conjunction with the White Oak marketing team. Foley & Lardner provided legal counsel.