Angelo, Gordon & Co.’s $1.8 Billion Credit Solutions Fund Formation

Cleary Gottlieb represented Angelo, Gordon & Co., L.P. on the deal.

Angelo, Gordon & Co., L.P. closed its AG Credit Solutions Fund, L.P. with $1.8 billion of equity commitments.

The Fund, which is the flagship closed-ended investment vehicle of the firm’s distressed and corporate special situations activities, employs an all-weather investment approach designed to generate attractive risk-adjusted returns in any market environment. The Fund’s investment strategy seeks to align with companies and create customized financing solutions that can help resolve idiosyncratic liquidity and capital structure situations.

The Fund, which held its initial closing in July 2019, substantially exceeded its $1 billion target and received significant backing from existing Angelo Gordon clients as well as new institutional investors globally.

Founded in 1988, Angelo Gordon is a $38 billion alternative investment firm focused on credit and real estate investing.

Cleary Gottlieb team advising Angelo Gordon in connection with the fund structure and negotiation of deal documents included Partner Bob Raymond (Picture), counsel Ken Blazejewski, associates Samantha Cooper Rivera and PJ Rogers, and law clerk Andrew Wood. The Cleary tax team included partner William McRae, counsel Susanna Parker, and associate Hannah Littman. Associate Ashley Powell advised on ERISA matters.

Involved fees earner: Kenneth Blazejewski – Cleary Gottlieb Steen & Hamilton; Samantha Cooper Rivera – Cleary Gottlieb Steen & Hamilton; Hannah Littman – Cleary Gottlieb Steen & Hamilton; William McRae – Cleary Gottlieb Steen & Hamilton; Susanna Parker – Cleary Gottlieb Steen & Hamilton; Ashley Powell – Cleary Gottlieb Steen & Hamilton; Robert Raymond – Cleary Gottlieb Steen & Hamilton; Peter Rogers Jr. – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: Angelo, Gordon & Co.;

Author: Ambrogio Visconti