Robin Blumenthal
Retail icons are being toppled, spelling major trouble for US shopping malls as a cascade of defaults looms.
An unusual occurrence in the $800bn market for collateralised loan obligations is stirring concerns about the health of the broader credit markets.
The pandemic has precipitated an explosion in private credit funds, particularly of the distressed debt variety. Now accredited individual investors have another way to join the party.
The vehicle, which will invest in both public and private deals, is 75% larger than its initial target.
Mitch Drucker, formerly of Garrison, has joined as a partner with 'strong relationships in the restructuring community'.
The second quarter will be a crucial reporting period for business development companies, which target their capital at the US economic heartland of SMEs.
More than half of the participants in Accord Fund III B are new to the strategy.
The firm expects to meet its $300m target after its offshore vehicle closes, a source said.
Fundamentals in the collateralised loan obligation market have been declining in the US and Europe, despite Fed attempts to help out.
New has joined the investment manager as co-chief executive officer of Onex Credit and will help shape its strategy.