Angelo Gordon Raises $1 Billion for Asset Based Specialty Private Credit Opportunities

AG Asset Based Credit Fund Targets Consumer, Real Asset, and Other Specialty Lending Markets

NEW YORK--(BUSINESS WIRE)--Angelo Gordon, a $73* billion alternative investment firm focused on credit and real estate investing, today announced the final close of the AG Asset Based Credit Fund, L.P. (the “Fund”) with over $1 billion of equity commitments, exceeding its $800 million target. The Fund received significant support from existing Angelo Gordon clients, as well as new institutional investors attracted to the firm’s demonstrated ability to generate value through private credit strategies globally.

The Fund focuses on asset-based specialty private credit investments in a variety of trade formats across a broad array of collateral types within consumer, real asset, and other specialty lending markets. Leveraging Angelo Gordon’s decades-long track record investing in specialty private credit, institutional scale, and global footprint, the Fund seeks to identify and fill material “financing gaps” by providing flexible capital solutions to assets or borrowers that do not fit into traditional lending categories. Additionally, Angelo Gordon applied its experience in fund-backed rated notes to the Fund, allowing U.S. insurance carriers to access the strategy in a capital efficient format.

T.J. Durkin, Head of Structured Credit and portfolio manager of the Fund, said, “Today’s market conditions, headlined by rising rates, widening spreads and a pullback by banks, are paving the way for a significant ongoing dislocation within the broader specialty finance markets and the need for capital across asset types. We believe our creative, partnership-based approach, well-established team, and deep structured credit investment capabilities best position us to help companies with strong upside potential receive the financing they require, while driving performance for our investors.”

The Fund bolsters the scale and breadth of Angelo Gordon’s global credit platform and brings the firm’s credit assets under management to $55 billion across corporate credit, lending, and structured credit strategies. The Fund’s successful close follows that of AG CSF2A (Annex) Dislocation Fund, L.P. in March 2023 with over $1.3 billion.

Josh Baumgarten, co-CEO, co-CIO, and Head of Credit at Angelo Gordon, said, “This fundraise furthers Angelo Gordon’s commitment to strategically scaling our all-weather credit platform with diversified strategies across the liquidity spectrum. We are grateful for the strong support we received from new and existing investors and look forward to providing them with another way to gain exposure to the tremendous opportunities that exist across private credit markets globally.”

About Angelo, Gordon & Co., L.P.

Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately-held alternative investment firm founded in November 1988. The firm currently manages approximately $73* billion, with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.

*Angelo Gordon’s (the "firm") currently stated AUM of approximately $73 billion as of December 31, 2022 reflects fund-level asset-related leverage. Prior to May 15, 2023, the firm calculated its AUM as net assets under management excluding leverage, which resulted in firm AUM of approximately $53 billion as of December 31, 2022. The difference reflects a change in the firm’s AUM calculation methodology and not any material change to the firm’s investment advisory business. For a description of the factors the firm considers when calculating AUM, please see the disclosure linked here.