3Firm: Glendon Capital Management LP
Fund: Glendon Opportunities Fund LP
Hard cap: $1 bln
Amount raised: $1 bln
Placement Agent: Park Hill Group LLC
Santa Monica, Calif.-based Glendon could wrap up the fund by December, but it may delay the final close until January to allow last-minute LPs to finalize commitments, one of the sources said.
Park Hill Group is the placement agent on the fundraising.
Among the LPs for Glendon Opportunities Fund is the Alaska Permanent Fund. The size of the commitment was unavailable.
Glendon was launched in April by Matthew Barrett, former head of distressed debt and special situations investing for Barclays, and former Barclays Managing Directors Holly Kim and Brian Berman. Barrett is president of Glendon GP Holdings, the sole member of the general partner, according to an SEC filing. Kim and Berman are listed as executive vice presidents in the filing.
The team also includes Eitan Melamed, executive vice president, David Poulten, vice president and CFO, and Michael Montgomery, vice president and chief compliance officer, the filing states.
While at Barclays, the team’s track record included an annual rate of return of about 17 percent since 2007, a source told Buyouts sister publication peHUB earlier this year.
With a mandate to invest in distressed credit and special situations at Barclays, the Glendon team tapped $1.5 billion off the bank’s balance sheet. That figure was later increased to $2 billion.
By the spin off in April, 2013, Glendon agreed to wind down the Barclays assets, which totaled about $700 million as of May 2014, according to a source. The team had planned to liquidate the Barclays assets by the end of 2014 or shortly thereafter, according to a source.
A law firm representing Glendon did not respond to a request for comment.
Chris Witkowsky, private equity editor, contributed to this report.