Ropes & Gray Steers Angelo Gordon On $2.75B Lending Fund

By Matthew Guarnaccia (June 19, 2019, 12:04 PM EDT) -- Investment firm Angelo Gordon & Co. LP on Wednesday said investors have poured $2.75 billion into the firm's largest ever direct lending fund, giving the Ropes & Gray-led firm a new source of senior secured loans for middle market companies. 

Angelo Gordon said the fund, AG Direct Lending Fund III, exceeded its initial $2 billion target, receiving support from an unnamed group of returning and first-time investors.

According to Angelo Gordon, the fund will be used to source, underwrite and manage floating rate, senior secured loans for U.S.-based borrowers. These loans will primarily be first lien secured debt used by sponsor-backed lower...

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