Andrew Hedlund
Key-man clauses were not triggered in the firm’s funds, even though Williams had been in Fund II’s provision.
The firm beat its 2017 figure of $1.5bn, its highest achieved up to that point.
The vehicle will deploy capital into the lower part of the capital structure, which comes as the firm anticipates a drift from buyouts to private credit.
More than one-third of investors participating in a PDI LP poll said they plan to increase their allocation to direct lending. They should tread carefully.
The firm has tapped a CPPIB veteran to lead that effort who previously worked with Sagard CIO Adam Vigna.
The firm raised the capital from a diverse limited partner base, which included multiple types of institutional investors around the world.
The infrastructure shop is raising another pool of capital to fund energy efficient infrastructure after its debut vehicle closed above target.
While 2018 was a solid year for private debt managers, the year is ending on a rockier note than it started, leaving question marks in 2019 for credit shops surrounding their portfolios.
Houlihan Lokey’s Jeff Hammer says that while there is a broad base of potential actors, that loans are repaid over a given period or refinanced likely constrains the size of the market.
The firm’s private equity portfolio has a 5-15% sub-allocation to special situations.