Sankaty Advisors, the credit affiliate of Bain Capital, has held a first close on a new fund called Sankaty DIP Opportunities Fund. The vehicle has raised $160.8 million from 151 investors, according to a regulatory filing. A parallel offshore fund raised $21.5 million in commitments from 34 investors.
The ratio of investors to dollars doesn’t add up to a very sizable commitment per investor, which means their placement agent, J.P. Morgan Securities, is certainly earning its commission on this one. Then again, that could simply be a result of numerous employee contributions. In August peHUB reported that Sankaty was seeking $400 million for the fund, which will make debtor-in-possession loans to bankrupt entities. The $400 million fund has a two-year investment period with fees of 1.75% on commitments. The firm anticipates returns of between 12% and 15% for the entity.
Sankaty is also looking to raise $750 million for Sankaty Middle Market Opportunities Fund, and $400 million for Sankaty DIP Opportunities Fund.