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Blackstone’s credit arm GSO Capital raises $5bn for ‘rescue financing’

3 Sep 2013

GSO Capital Partners, the credit investment arm of the Blackstone Group, has doubled the size of its second capital solutions fund, GSO Capital Solutions Fund II, raising $5bn.

The fund is over 50 per cent larger than its first capital solutions fund raised in 2010. Investors include US state pension funds, corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations and family offices.

This is GSO’s second fund to provide ‘rescue financing’ to distressed companies facing liquidity issues, including pending debt maturities, covenant violations, liquidity shortfalls and cyclical challenges, needing capital to avoid imminent bankruptcy, or seeking assistance in their exit from bankruptcy. To date the firm has deployed over $4bn in the strategy to date across a range of sectors and geographies, with a focus on North America and Western Europe.

Tripp Smith, co-founder of GSO, said, “We are very appreciative of the significant investor demand for our second capital solutions fund. A fund of this size uniquely positions GSO as one of few firms that can provide companies in the U.S. and Europe with large commitments to solve their balance sheet and liquidity challenges.”

In March the firm made up to $150m available to US housebuilder Beazer Homes as part of a land banking arrangement.

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