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.