GSO Closes Acquisition of $2.4 Billion Credit Investment Portfolio from NewStar Financial
December 26 2017 - 4:30PM
Business Wire
On December 22, 2017, GSO Diamond Portfolio Fund LP (the
“Fund”), a newly formed $950 million investment fund sponsored by
GSO Capital Partners LP (“GSO”), the global credit investment
platform of Blackstone, successfully closed on the previously
announced acquisition of approximately $2.4 billion in corporate
loans and other credit investments from NewStar Financial, Inc.
(“NewStar”). Immediately following the sale of these assets to the
Fund, NewStar was acquired by First Eagle Investment Management
(“First Eagle”), a privately owned investment firm with $116
billion in assets under management.
GSO believes this investment represents an attractive and unique
opportunity for the Fund’s investors to gain access to GSO’s large
and growing loan platform via a diversified and funded portfolio of
primarily high-quality, first-lien loans to private equity sponsor
backed companies. GSO has engaged First Eagle and the former
NewStar team to assist in servicing the assets acquired by the
Fund.
Bennett Goodman, Senior Managing Director and Co-Founder of GSO
added: “This transaction demonstrates GSO’s capabilities to develop
creative solutions, in large scale, for complicated situations
involving financings for mergers and acquisitions. This new Fund is
an excellent complement to our direct lending strategy and we look
forward to working with First Eagle and the former NewStar team
going forward.”
About GSO
GSO Capital Partners LP is the global credit investment platform
of Blackstone. With approximately $99 billion of assets under
management, GSO is one of the largest alternative managers in the
world focused on the leveraged-finance, or non-investment grade
related, marketplace. GSO seeks to generate attractive
risk-adjusted returns in its business by investing in a broad array
of strategies including mezzanine debt, distressed investing,
leveraged loans and other special-situation strategies. Its funds
are major providers of credit for small and middle-market companies
and they also advance rescue financing to help distressed
companies.
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version on businesswire.com: http://www.businesswire.com/news/home/20171226005220/en/
For GSOMatt Anderson,
+1-212-390-2472matthew.anderson@blackstone.com
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