Leonard Green Raises $500M Debt Fund

Mar 20 2008 | 1:01am ET

Leonard Green & Partners, a Los Angeles-based private equity firm is raising a fund to pursue investments in debt securities, including bank debt and bonds of non-investment grade companies within the retail, healthcare, media, telecom and distribution sectors.

The California Public Employees Retirement System is committing $100 million to the new fund—Green Credit Investors—which held a first close in January with $414 million and is aiming to raise $500 million by mid-year.

“A number of market conditions are putting downward pressure on pricing in the primary markets, while pricing volatility in the secondary market continues to increase,” said a memo from CalPERS. “A large backlog still remains on the leveraged loan and high yield debt forward calendar, exacerbated by the tightening lending standards and turmoil in the subprime markets.”

CalPERS has invested with Leonard Green since 1994 and has committed $800 million to five of the firm’s buyout funds.

A call made to the firm seeking comments about its new offering was not returned by press time.

Leonard Green & Partners was founded in 1989 and is headed by managing partners Jonathan Sokoloff, John Danhakl and peter Nolan. The firm has raised six private equity funds with total commitments of some $9 billion.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.