Blackstone‘s credit platform GSO Capital Partners has closed its third stressed/distressed fund at a hard cap of $7 billion.
The limited partners of GSO Capital Solutions Fund III include U.S. state, corporate and international pension funds, financial institutions, endowments, foundations and family offices.
The fund will focus on providing capital solutions to companies with liquidity issues, which include pending debt maturities, liquidity shortfalls and needing capital to avoid imminent bankruptcy.
In September 2013, GSO closed its second capital solutions fund at $5 billion, generating an investment multiple of 1.2x and a net IRR of 15 percent, according to data provided by the California Public Employees’ Retirement System, as of September 30, 2017.
Buckets full of American money on a white background. Photo courtesy of ZargonDesign/iStock/Getty Images