The deal is New York-based MidOcean Credit Partners latest foray into collateralized loan obligations.
Goldman Sachs lead the closing of a $600m alternative credit deal for MidOcean Credit Partners, as the company structures its deals to comply with U.S. risk-retention rules.
The collateralized loan obligation (CLO) is backed by a portfolio of leveraged loans and will have a four-year reinvestment period and a two-year non-call period. The firm has closed seven CLOs totalling approximately $3.1bn since January 2013.
“Our experienced credit team has significant expertise investing and managing CLO portfolios. We are excited about the growth of MidOcean’s CLO business and believe it offers investors a compelling risk-adjusted return opportunity,” said Steve Shenfeld, president of MidOcean Credit Partners.
MidOcean Partners is a alternative asset manager that specializes in middle market private equity and alternative credit investments. The platform, founded in 2009, manages around $6.2bn.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.