Key Takeaways
- • GoldenTree Asset Management closed its Private Credit Fund with commitments of over $1.35 billion, exceeding its target range of $800 million to $1 billion, according to a Business Wire announcement.
- • The Fund is delivering a net IRR of 22%, which the firm says ranks among the highest in its peer group.
- • Nearly 50% of commitments have already been drawn from the fund's investor base, which spans public and corporate pensions, sovereign funds, foundations, insurance companies, family offices and RIAs.
- • The Fund has invested in approximately 30 portfolio companies across 10 industries, and GoldenTree partners and employees committed over $50 million of their own capital.
- • GoldenTree, with $53 billion in AUM, has deployed over $6 billion into private credit over the past decade with positive returns on 100% of realized investments.
Summary
GoldenTree Asset Management, a global credit-focused manager with more than $53 billion in assets under management, announced the closing of its Private Credit Fund with commitments exceeding $1.35 billion. The figure surpassed the Fund's stated target of $800 million to $1 billion, according to the firm's Business Wire release dated March 11, 2024.
The Fund's investor base includes public and corporate pensions, sovereign funds, foundations, insurance companies, family offices and RIAs across the United States, Europe, Asia and the Middle East. GoldenTree said its partners and employees have personally committed more than $50 million to the Fund. The firm also described a structure intended to provide capital-efficient access to the strategy, though it did not elaborate on the specific terms.
Per the announcement, the Fund has already drawn close to 50% of its commitments, has invested in roughly 30 portfolio companies across 10 industries, and has delivered a net internal rate of return of 22%. GoldenTree characterized this as one of the highest levels in its peer group. The firm said it has made over $6 billion of private credit investments across more than 15 industries over the last decade, with positive returns on all realized investments.
Steve Tananbaum, GoldenTree's founder, managing partner and chief investment officer, said private credit "continues to experience the most innovation across credit asset classes" and that the firm creates value for sponsors and issuers through solutions-oriented lending. Lee Kruter, partner and head of performing credit, cited the firm's multi-asset credit platform and its investment team of almost 100 professionals, including experience in restructurings and structured products, as key differentiators. GoldenTree was founded in 2000 and is employee-owned, with over 300 employees and offices across North America, Europe, and Asia-Pacific.
The Fund's investor base includes public and corporate pensions, sovereign funds, foundations, insurance companies, family offices and RIAs across the United States, Europe, Asia and the Middle East. GoldenTree said its partners and employees have personally committed more than $50 million to the Fund. The firm also described a structure intended to provide capital-efficient access to the strategy, though it did not elaborate on the specific terms.
Per the announcement, the Fund has already drawn close to 50% of its commitments, has invested in roughly 30 portfolio companies across 10 industries, and has delivered a net internal rate of return of 22%. GoldenTree characterized this as one of the highest levels in its peer group. The firm said it has made over $6 billion of private credit investments across more than 15 industries over the last decade, with positive returns on all realized investments.
Steve Tananbaum, GoldenTree's founder, managing partner and chief investment officer, said private credit "continues to experience the most innovation across credit asset classes" and that the firm creates value for sponsors and issuers through solutions-oriented lending. Lee Kruter, partner and head of performing credit, cited the firm's multi-asset credit platform and its investment team of almost 100 professionals, including experience in restructurings and structured products, as key differentiators. GoldenTree was founded in 2000 and is employee-owned, with over 300 employees and offices across North America, Europe, and Asia-Pacific.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.