GSO Capital Partners (GSO), the credit division of Blackstone, has raised total commitments of US$5 billion for its second capital solutions fund, GSO Capital Solutions Fund II LP, an increase of over 50% from GSO’s first capital solutions fund raised in 2010.
The pool will be used to provide rescue financing to distressed companies with liquidity issues.
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GSO has received support from both existing and new investors, with demand well surpassing the Fund’s US$5 billion hard cap.
The new European fund invests a diverse group of US state pension funds, corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations and family offices.
This is fund will 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 support in their exit from bankruptcy.
Blackstone said that GSO has deployed to date more than US$4 billion in lending to distressed companies facing liquidity issues, with a target on North America and Western Europe.
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By GlobalDataTripp 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 US and Europe with large commitments to solve their balance sheet and liquidity challenges."
