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JP Morgan, Highbridge-backed credit firm closes $3bn loan fund

20 Jun 2013

dollars 20_sqJP Morgan subsidiary Highbridge Principal Strategies has closed its HPS Specialty Loan Fund III on more than $3bn.

The global credit and private investment firm now has about $16bn of assets under management to invest across the capital structure in public and private markets.

HPS partner Mike Patterson, who will manage the fund, said, “Investor response to the HPS Specialty Loan Fund has been extremely positive and we’re appreciative of the trust and confidence our investors have demonstrated in our platform and investment team.

“In the current credit environment, we have seen significant opportunities for our specialty direct lending group to develop customized financing solutions for companies that do not have efficient access to the capital markets, either because of their size or the complexity of their particular situation.”

HPS parent departmetn at JP Morgan, Highbridge Capital Management, recently raised the biggest mezzanine debt vehicle since the financial crisis by gathering $5bn.

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

HCM plans to use about half of the capital financing private equity-backed buyouts according to the FT, which said the rest would be used for straight corporate financing.

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