Firm: GSO Capital Partners
Fund: GSO Capital Opportunities Fund LP
Target: $750 million
Amount Raised: $2 billion
Placement Agent: Park Hill
Although the fund is seen as taking the firm in a new direction, GSO Capital has made control investments before, including the $135 million acquisition of the thermal processing assets of Gibraltar Industries Inc. in June 2006. Soon after that deal, it bought ArrMaz Custom Chemicals from
Bennett Goodman, the former high-yield debt chief at Credit Suisse and before that a structured credit whiz at DLJ, along with colleagues Albert Smith and Douglas Ostrover, formed GSO Capital in 2004 and closed a $1.5 billion fund the following year. In March, Blackstone Group acquired the firm for $930 million.
As of March 31, GSO Capital had about $22.7 billion in assets under management across its distressed debt funds, hedge funds and mezzanine funds, according to previously published reports. The firm has also been stepping in for banks stung by the credit crunch to finance deals.
GSO Capital did not return a call requesting comment.