Distressed debt specialist Glendon Capital Management quickly hit the $1 billion hard cap on its debut fund in less than a year, following its spin out from Barclays Asset Management Group in 2013, according to two sources.
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.
[contextly_sidebar id=”rHMOirizzKxVDjaB50mOHd8xYFNl96XV”]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.
Chris Witkowsky, private equity editor, contributed to this report.
Buyouts Snapshot is a brief look at selections of work that appear in our premium publication Buyouts. Buyouts is published by Buyouts Insider. Subscribers can read the full story here. Go here to subscribe to Buyouts.
Photo courtesy of Shutterstock.