Distressed Debt

Asset managers

Brookfield raises $23B, expects to ramp up pace of deals

The alternative asset manager said it has $77 billion in cash, securities and other available capital, including uncalled capital commitments from clients.

By Scott Deveau

August 13

“We have been keeping our powder dry, waiting for opportunities we believe will come," says Brookfield Asset Management CEO Bruce Flatt.

Distressed Debt

New Goldman credit fund swears off hardball

While determined to capitalize on the distortions created by the coronavirus, the bank says the offering won’t “act as vulture investors.”

By Erik Schatzker

June 22

As the pitch book for its fund states, Goldman is offering to “work constructively with management to resolve critical issues.”

Distressed Debt

Pimco steps up distressed bet with another $3B fund

Dubbed Disco III, the fund will target leveraged loans, high-yield bonds and collateralized loan obligations.

By Melissa Karsh and Michael McDonald

April 23

Risk-retention requirements have had a “chilling effect” on the market for mortgage bonds that lack a government guarantee, Pimco said.

PGIM

PGIM to avoid buyout finance in big bet on direct lending market

The asset manager is targeting as much as $1.5 billion in volume annually, up from about $300 million per year about three years ago, the firm says.

By Kelsey Butler

March 4