Andrew Hedlund
The firm's founder took a position early on in its development that modest goals and bold ones required similar effort to achieve. So why not aim high?
The reconfiguration defines an emerging manager as a GP on its first or second fund and has less than $5bn in AUM.
In our September magazine’s Deep Dive, investment professionals stressed the benefits of permanent capital. One overlooked advantage is making the asset class more accessible.
The firm, which makes control-oriented investments in financially or operationally distressed companies, will focus mainly on the industrial sector.
The strategy brings investors reduced fees and managers can write large cheques. Industry practitioners from The Carlyle Group, Cambridge Associates and Kennedy Lewis Investment Management say these are only a few of the upshots.
Fund I, which hit its $750m target and invests primarily in Thoma Bravo private equity deals, was deployed faster than expected.
The combination with one of the firm's private BDCs, expected to close later in September, will create one of the largest publicly traded BDCs.
The alternative lender provides senior and mezzanine debt along with both control and non-control equity investments in restaurants.
The narrative of low interest rates, which played a role in the rise of alternative assets, could be here to stay.
Closed-ended vehicles put fundraising pressure on managers and commitment pressure on investors, which is why many are eschewing traditional approaches in favour of more flexible, longer-term strategies.