PHILADELPHIA, Dec. 11, 2017 /PRNewswire/ -- FS Investments
(FS), a leading alternative investment manager with more
than $20 billion in assets under management,
today announced it has agreed to form new
partnerships with KKR and EIG Global Energy Partners
(EIG) to manage FS' business development company (BDC)
platform. It also announced the hiring of a liquid credit
portfolio manager who will manage one of FS' closed-end
funds.
"As the advisor for the FS funds, our goal has always been to
create long-term value for our investors by matching attractive
investment strategies with strategic fund structures and
best-in-class asset managers," explained Michael Forman, Chairman and Chief Executive
Officer of FS Investments. "Over the last year, we have
launched four new strategies, each with different sub-advisors, to
capture compelling market opportunities with the managers best
positioned to take advantage of them," Forman continued. "Today's
announcements further reflect this approach, and we believe we are
well-positioned to create long-term value for investors in these
funds."
To date, FS has engaged GSO Capital Partners (GSO) to sub-advise
the funds impacted by these announcements. FS and GSO have entered
into an agreement to conclude their relationship and will work
together to ensure a smooth transition.
"While our partnership with GSO has created significant value
for our investors and borrowers, we've concluded that today's
markets require a change in our management approach to the funds,"
added Forman. "We thank GSO for its sub-advisory services, and are
pleased we've reached an agreement that ensures a seamless
transition and includes restrictions on GSO that further protects
investors."
In a separate release issued today, FS announced that it is
partnering with KKR to create an $18
billion middle market BDC platform. FS has entered into an
agreement to form a partnership with KKR to provide investment
advisory services to four BDCs currently managed by FS and a BDC
currently managed by KKR: FS Investment Corporation (FSIC), FSIC
II, FSIC III and FSIC IV, and Corporate Capital Trust.
FS also announced in a separate release that has entered into an
agreement to form a joint venture with EIG to provide investment
advisory services to the $4 billion
FS Energy and Power Fund.
Additional information regarding these announcements can be
accessed at www.FSproxy.com and www.fsinvestments.com.
Concurrently, FS announced that it has hired Andrew Beckman, a seasoned credit professional
with deep experience and a strong track record in special
situations and event-driven strategies, as Head of Liquid Credit
and Portfolio Manager. He will lead FS' investment team primarily
responsible for providing investment advisory services to FS Global
Credit Opportunities Fund (FSGCO), a $2
billion closed-end fund. As such, FS Global Advisor, LLC, a
subsidiary of FS Investments, will serve as the sole investment
adviser to FSGCO.
Mr. Beckman joins FS from DW Partners, a $3 billion alternative credit manager, where he
was a Partner and Head of Corporate Credit and Special
Situations. Prior to joining DW Partners, he built and
managed Magnetar Capital's event-driven credit business and was the
Head of its Event Credit and Credit Opportunities Fund, managing
over $2 billion. Earlier in his
career, Mr. Beckman was Co-Head of Goldman Sachs' Special
Situations Multi-Strategy Investing Group.
"We are excited to add Andrew to our credit team and look
forward to working with him as he further expands our liquid credit
capabilities," said Mike Kelly,
President and Chief Investment Officer of FS Investments. "With
this announcement and the recent addition of Brian Gerson as our Head of Private Credit, we
have significantly enhanced our internal investment management
resources to meet the demands of our growing credit businesses,"
added Kelly.
About FS Investments
FS Investments is a leading asset
manager dedicated to helping individuals, financial professionals
and institutions design better portfolios. The firm provides access
to alternative sources of income and growth and focuses on setting
industry standards for investor protection, education and
transparency.
FS Investments is headquartered in Philadelphia, PA with offices in New York, NY, Orlando, FL and Washington, DC. Visit fsinvestments.com to
learn more.
Contact Information:
FSGCO Investors
833-536-4196
Media
Marc Yaklofsky or
Kate Beers
media@fsinvestments.com
215-495-1174
Forward-Looking Statements
This announcement may
contain certain "forward-looking" statements as that term is
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
by the Private Securities Litigation Reform Act of 1995, including
statements with regard to future events or the future performance
or operations of FSGCO. Words such as "believes," "expects,"
"projects," and "future" or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are subject to the inherent uncertainties in predicting
future results and conditions. Certain factors could cause actual
results to differ materially from those projected in these
forward-looking statements. Factors that could cause actual results
to differ materially include changes in the economy, risks
associated with possible disruption to FSGCO's operations or the
economy generally due to terrorism or natural disasters, future
changes in laws or regulations and conditions in FSGCO's operating
area. The inclusion of forward-looking statements should not be
regarded as a representation that any plans, estimates or
expectations will be achieved. Any forward-looking statements speak
only as of the date of this communication. FSGCO undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Readers are cautioned not to place undue reliance on any of these
forward-looking statements.
SOURCE FS Investments