Angelo Gordon has set up a middle market direct lending business with the appointment of Chris Williams and Trevor Clark. Williams and Clark co-founded and built the direct lending business at Madison Capital Funding.
Williams and Clark will both be managing directors, an Angelo Gordon spokesman said. The new team expects to launch the business in the first quarter of 2015 and will focus on loans to companies with EBITDA between $3 million and $50 million.
Madison Capital fired Clark, who was then CEO, and Williams, an executive, last year for allegedly violating policies on personal investments and personal business activities, Buyouts has reported. Madison Capital on Monday referred questions to parent New York Life. “There is no litigation,” a New York Life spokesman said in an emailed response to questions. “No developments other than Hugh Wade’s appointment as [Madison Capital] CEO was made permanent in January 2014.” He declined further comment.
Prior to forming Madison Capital, Clark held various positions in loan underwriting and origination at Antares Capital, GE Capital, and Bank of America. Williams, before co-founding Madison Capital, held various positions in loan underwriting and origination at Cochran, Caronia & Co., GE Capital, and Bank of America.
Angelo Gordon was founded in November 1988 and currently manages approximately $27 billion. The firm’s investment focus is on credit, real estate and private equity. The firm has approximately 300 employees and is headquartered in New York, with associated offices elsewhere in the US, Europe and Asia.
–Luisa Beltran contributed to this report
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