Glendon Capital Management, launched by former distressed debt executives from the British bank Barclays, has collected about $380 million for a first closing on its debut fund targeting $1 billion, according to two people with knowledge of the fundraising.
A spokesman for Glendon declined to comment. Park Hill Group is working on the fundraising.
Matthew Barrett, Barclays’ former head of distressed debt and special situations investing, and former managing directors Holly Kim and Brian Berman, formed Glendon in April. The three worked at Barclays from 2006 to 2013, according to regulatory filings by Glendon.
Eitan Melamed joined in 2007 from Goldman Sachs. Barrett, Kim and Berman all joined Barclays from Oaktree Capital Management.
Barclays spun off the team earlier this year and it continues to manage Barclays money. Glendon has about $2.8 billion under management, which includes capital from Barclays as well as other client accounts, according to filings with the SEC and sources who spoke to peHUB in past interviews.
The team has generated an annual rate of return of about 17 percent since 2007, according to a market source.
Barclays has been going through big changes since hiring new chief executive officer Antony Jenkins in August 2012. Jenkins has overseen a program of review of business lines and cuts focused on reducing the size of the bank’s balance sheet.
Reuters reported the Financial Conduct Authority, Britain’s financial watchdog, will fine Barclays Plc 38 million pounds ($62 million) for failing to ensure customer money was properly safeguarded and adequate records maintained.
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