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King Street Capital Management Raises $1.2B Inaugural Global Drawdown Fund

July 23, 2021, 07:00 AM
Filed Under: Private Equity News

King Street Capital Management, a leading $20 billion global investment manager specializing in credit, has raised $1.2 billion for its inaugural Global Drawdown Fund (“GDF”) from existing and new investors, exceeding its $750 million target.

GDF has a flexible, global mandate. It will target opportunities across distressed and stressed corporate debt, structured products, and asset-backed investments, as well as claims and claim-related opportunities. The fund expands on King Street’s robust product offerings, building upon its established multi-strategy credit-focused Flagship and European hedge funds, along with its growing platform of real estate, CLO and lending offerings.

“GDF underscores our strong track record of sourcing and investing in complex and misunderstood situations. We look forward to applying our fundamental, research-intensive approach to opportunities across the credit market,” said Brian Higgins, Co-Founder and Managing Partner of King Street. “We are pleased with the strong support of many longstanding and new investors committing to the Fund.”

Paul Goldschmid, Partner and Co-Portfolio Manager of King Street, added: “We believe the new credit cycle could become one of the best environments for our strategy since the dislocation following the Global Financial Crisis. We expect the amount of new debt created during the pandemic, when combined with secular changes and disappointments around the timing of a return to normalcy, to lead to interesting rescue financings, distressed capital structures and restructurings.”

King Street’s Head of Restructuring, Daniel Ehrmann, commented: “We anticipate an increased pipeline of idiosyncratic, complex and process-driven investments that offer attractive asymmetric returns over a multi-year period.”

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