Fund: GSO European Senior Debt Fund
Amount raised: $1.94 bln
Blackstone Group’s GSO Capital Partners credit arm drew in about $1.9 billion in commitments for its GSO European Senior Debt Fund for leveraged-finance deals in the region, according to a filing.
The New York firm headed up by CEO Stephen Schwarzman disclosed the total fundraise for the strategy earlier in October after it said it drew in $893 million for its European senior debt program in the second quarter, according to its update to Wall Street over the summer.
GSO European Senior Debt Fund listed a date of first sale of November 17, 2014. The filing didn’t include a target amount.
Led by Senior Managing Director Bennett Goodman, GSO Capital Partners manages $81 billion with at least two European offices: London and Dublin. Alan Kerr is senior managing director in GSO’s Dublin office and Michael Whitman, senior managing editor, works in London, according to the firm’s website.
GSO is among the backers of Global Jet Capital, which is buying a plane-leasing portfolio from General Electric Co in a deal valued at about $2.5 billion, according to an October 5 announcement.
Blackstone disclosed a total of $15.1 billion in dry powder for its credit businesses, or about 18 percent of the firm’s $82 billion in dry powder at the end of the second quarter.
Blackstone GSO and its hedge fund unit, Blackstone Alternative Asset Management (BAAM), turned in the strongest economic income in year-over-year growth in the second quarter, the firm said in July.
The California Public Employees’ Retirement System lists five GSO funds among its private equity investments. In its earliest move, it committed $250 million to GSO Capital Solutions LP in 2010. That fund produced a 15.2 percent IRR as of December 31. Most recently, CalPERS committed $400 million in 2013 to GSO Energy Partners, which logged an IRR of 10.5 percent at the end of last year.
A Blackstone spokesman declined to comment.
Action Item: CalPERS’ performance data for GSO funds is available here: http://bit.ly/1fCUgYC