Sam Sutton
.jpg "Garrison holds $65m first close")
New York-based Garrison is targeting between $700m and $800m for its Fund IV.
Private debt firms stand to benefit from clarified regulatory guidelines on leveraged lending.
Firm president Tony James attributed performance to declines in “fees below last year’s very high levels”.
The firm has only lost money on one deal since its inception, according to Orange County Employees Retirement System documents.
The $4.5bn BDC is the third such vehicle to list on the stock exchange in recent weeks.
Castlelake closed on $1.4bn in March.
Despite improvements to the Europe’s economy, Fitch Ratings reports that syndicated loan volumes hit a two year low during Q1.
The funds-of-funds firm has been marketing the fund since last year.
The wood pellet and fertilizer supplier used proceeds from the transaction to pay down a $50m balance on a revolving loan.
Global distressed activity has fallen, but signs point to a re-emergence of opportunities.