Ex-Cerberus lending exec targets $750 mln for debut fund

  • Kevin Genda was chairman of Cerberus Business Finance
  • Target on debut is $750 mln
  • Firm launched last year

Blue Torch Capital, formed by an ex-Cerberus Capital Management executive, is targeting $750 million for its first fund focused on direct lending, according to people with knowledge of the process.

Blue Torch filed a Form D fundraising document in November about the fund. It’s not clear how much Blue Torch Credit Opportunities Fund I LP has raised so far. One source, an LP who has heard the pitch, said the fund has raised a couple hundred million so far.

A spokeswoman for the firm declined to comment.

Blue Torch’s primary focus is providing loans to middle market companies across a variety of transactions, including recapitalizations, restructurings, rescue financings, debtor-in-possession loans, exit financings, growth, leveraged buyouts and acquisitions, according to the firm’s Form ADV.

Kevin Genda, chief executive officer, formed Blue Torch in April 2017, according to his LinkedIn profile. Genda worked at Cerberus from 1995 to 2016, his LinkedIn said. He was chairman of Cerberus Business Finance, the U.S. lending unit of the firm.

“Kevin has played an important role in the growth and evolution of Cerberus Business Finance as a premier, highly respected and successful middle-market lending business,” Cerberus Chief Operating Officer and Senior Legal Officer Mark Neporent told Reuters in a 2016 report.

Other executives at Blue Torch include Gary Manowitz, chief financial officer; Lee Haspel, formerly at portfolio manager at Fifth Street Asset Management; and Kathleen McLaughlin Persaud, formerly of Third Avenue Management, who works in investor relations, according to LinkedIn.

Action Item: Read Blue Torch’s Form ADV here: https://bit.ly/2GhDX69

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