Different credit score supervisor Kennedy Lewis Funding Administration has introduced that Petershill at Goldman Sachs Asset Administration has made a minority funding within the agency.
The transaction comes lower than six months after it was reported that the agency could also be exploring a sale, together with different strategic choices.
Kennedy Lewis mentioned the funding would assist to align its pursuits with shoppers and speed up funding within the enterprise, together with persevering with to draw new hires.
The funding from Petershill can have no impression on Kennedy Lewis’ funding course of, administration, or day-to-day operations.
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Along side the brand new funding, Azimut Different Capital Companions (AACP) will divest its non-controlling, minority fairness curiosity in Kennedy Lewis.
“We’re honoured to welcome Petershill as a passive funding associate,” mentioned co-founders and co-managing companions of Kennedy Lewis David Chene and Darren Richman. “Their expertise and observe file of supporting marquee various asset managers shall be useful to us as we proceed to develop.” They went on to thank the staff at AACP for its contribution to this point.
“We see a big and increasing pool of alternatives which can be well-suited to our opportunistic, industry-focused strategy and can now be even higher positioned to grab these alternatives on behalf of our world investor base,” they added.
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Petershill co-head Robert Hamilton Kelly mentioned: “Kennedy Lewis is a world-class agency that possesses outstanding depth of experience in specialised areas of the credit score markets which can be underserved by conventional lenders and lots of non-public credit score companies.”
He added: “The agency has distinguished itself via investing in compelling, usually advanced conditions and offering shoppers with return streams that supply enticing potential returns and diversification from different credit score managers, who are sometimes extra sponsor targeted. We imagine they continue to be strategically positioned to additional capitalise on the present market atmosphere and succeed throughout financial cycles.”
Kennedy Lewis was based in 2017. It has greater than $14bn underneath administration throughout non-public funds, a enterprise improvement firm, and collateralized mortgage obligations.
BofA Securities acted as monetary advisor and Seward & Kissel acted as authorized advisor to Kennedy Lewis. Sidley Austin served as authorized advisor to AACP and Kirkland & Ellis served as authorized advisor to Goldman Sachs Asset Administration.
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