The private equity firm formed by the spun-out distressed debt team at Barclays is reportedly targeting about $1bn for its debut fund.
Glendon Capital Management was created by Barclay’s former head of distressed debt Matthew Barrett and colleagues in April this year according to Reuters, which cited two people with knowledge of the matter.
It said Glendon was likely to launch the fund in the first half of 2014.
Barrett was joined in the new firm by colleagues Holly Kim and Brian Berman, who were previously managing directors in the Barclays distressed debt team.
All three joined Barclays from distressed private equity giant Oaktree Capital Management, Reuters added.
Last month AltAssets revealed that American Securities was nearing a final close for its latest distressed debt fund after securing more than $250m over the past three months.
American Securities Opportunities Fund III has received commitments of $725.1m from 49 LPs according to a document field with the US Securities and Exchange Commission.
The vehicle, which follows the New York-based firm’s $753m second fund closed in 2011, had $463m in August this year, another filing showed.
Copyright © 2013 AltAssets