New York firm Angelo Gordon held the final close for its second public market dislocation fund and expanded its distressed and corporate special situations platform by $1.3 billion.
The AG CSF2A (Annex) Dislocation Fund was raised over the course of only seven months and follows the successful close of the AG Credit Solutions Fund II last May. The fund will capitalize on situational market volatility and stress by investing primarily in public debt securities whose prices have dislocated from long-term fundamentals, officials said.
“The dramatic price moves over the past 12 months have led to significant dispersion in individual names and created a credit-picker’s market,” said Ryan Mollett, Angelo Gordon’s global head of distressed and corporate special situations. Mollett is also the portfolio manager of the latest fund, which is part of a series of investment vehicle that comprise Angelo Gordon’s $12 billion all-weather distressed and special situations platform.
Currently, the firm manages more than $37 billion in credit assets and invests across corporate credit, lending and structured credit strategies. Overall, Angelo Gordon has approximately $53 billion in overall assets with a main focus on credit and real estate strategies.
“Our distressed and special situations platform continues to prove its ability to identify and execute on idiosyncratic opportunities in rapidly changing market environments,” said Josh Baumgarten, co-CEO, co-CIO and head of credit at Angelo Gordon. “We are grateful for the support of our limited partners and appreciate their confidence in our execution.”
Mollett added that the team is very “excited to tactically take advantage of opportunities in the public market.”