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Highbridge Capital outstrips Blackstone GSO with $5bn mezzanine fund

18 Mar 2013

dollar4_sqJPMorgan-owned alternative asset manager Highbridge Capital Management has raised the biggest mezzanine debt vehicle since the financial crisis.

The $5bn vehicle, the third-largest of its type ever raised, will use about half its capital financing private equity-backed buyouts according to the FT, which said the rest would be used for straight corporate financing.

It added that Highbridge would use Mezzanine Partners Fund II to target firms with between $100m and $300m of EBITDA, and that about one third of the new vehicle would be invested in Europe and North America.

The fund has outstripped the $4bn mezzanine fund raised by buyout giant Blackstone through its GSO Capital Partners credit arm 12 months ago.

GSO Capital Opportunities Fund II will be invested across a broad range of sectors and geographies, with a particular focus on the underserved upper mid-market in the US and Europe.

GSO currently has around $46bn of assets under management, making it one of the largest credit-oriented alternative managers in the world.

In addition to leveraged loans, it also manages mezzanine, distressed and special situations investment funds that are active in the European credit markets.

Mezzanine fundraising has seen increased interest in the past year as large buyout houses attempt to diversify their assets and smaller firms capitalise on an increased demand for financing in the face of increased bank lending regulation.

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