Andrew Hedlund
Andrew Hedlund is the Americas Editor at Private Debt Investor where he reports on the private debt market and coordinates coverage of the asset class. Before joining PDI, he reported on corporate bankruptcies for The Deal and Reorg Research, two financial trade publications.
Andrew received a master's degree from Northwestern University’s Medill School of Journalism. He also earned bachelor of arts degrees in from Arizona State University.
The distressed debt behemoth’s previous vehicle reported a net IRR of 29.4% and 1.4x return multiple.
The special situations investment shop is expected to invest in fewer than 20 companies.
The private equity firm launched its credit arm in May with the addition of a BNP Paribas veteran.
The firm’s second fund consists of separate debt and equity vehicles; its first had made debt and equity investments from a single pool of capital.
More than half of the 10 largest leveraged loans at risk of default are held by private equity-backed companies, according to data from Fitch Ratings.
The $140bn pension fund promoted a handful of existing staff members.
The fundraising comes amid a flurry of private equity firms launching credit arms.
The two pensions each increased their investment allocations for private equity.
The latest vehicle from the investment bank comes amid a slower mezzanine fundraising year.
The US mid-market private equity firm launched its debt practice earlier this summer.