GSO Raises $3.25B Distressed Fund
July 13, 2010
GSO Capital Partners, the credit business of The Blackstone Group, has raised more than $3.25 billion for the Blackstone/GSO Capital Solutions Fund, which provides capital to distressed companies, according to a company statement released Tuesday.
The fund will lend to companies needing liquidity or restructuring due to covenant violations, debt maturities, business downturns or other funding problems. So far, it has invested approximately $600 million in seven companies.
Bennett Goodman, a senior managing director with Blackstone and cofounder of GSO Capital Partners, said in the statement that the fund focuses on midmarket companies with financing needs.
Investors in the fund include domestic and international pension funds, sovereign wealth funds, endowments, foundations and family offices, the statement said.
Blackstone became active in the credit markets after it acquired GSO in March 2008.
For more information on related topics, visit the following:
