GoldenTree raises $1.35bn in first private credit fund
Global asset management firm GoldenTree Asset Management has closed its private credit fund, securing commitments of more than $1.35bn (£1.05bn).
The firm, which has more than $53bn in assets under management, surpassed its target of between $800m and $1bn.
The fund has a global investor base that includes public and corporate pensions, sovereign funds, foundations, insurance companies, family offices and registered investment advisors across the US, Europe, Asia and the Middle East.
GoldenTree’s partners and employees have personally made commitments to the fund of more than $50m, which it said demonstrates the firm’s high conviction in the strategy and strong alignment with investor interests.
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GoldenTree said the fund features a beneficial structure for investors aimed at providing capital-efficient access to the strategy, and has capitalised on multiple themes, already drawing close to 50 per cent of commitments.
It has invested in approximately 30 portfolio companies across 10 industries and delivered a net internal rate of return of 22 per cent.
Over the last decade, GoldenTree has made more than $6bn of private credit investments across over 15 industries, generating positive returns on 100 per cent of its realised investments.
“Private credit continues to experience the most innovation across credit asset classes,” said GoldenTree founder, managing partner and chief investment officer Steve Tananbaum.
“As a solutions provider, we create unique value for sponsors and issuers and are compensated with premium returns. We remain focused on delivering top quartile returns to our investors – which we have achieved across our strategies for more than two decades.”
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Partner and head of performing credit Lee Kruter highlighted the firm’s advantage, noting that “GoldenTree’s broad platform, which invests across credit asset classes, provides unique perspective and a competitive advantage in our private credit offering.
“We can analyse a broader opportunity set, allowing us to focus on opportunities in which we have high conviction and which we believe can achieve differentiated risk-adjusted returns, rather than just executing on a high volume of transactions. Our seasoned investment team, comprising almost 100 professionals with expertise in diverse industries and deep experience in restructurings and structured products, is key to our ability to outperform across market environments.”
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