GSC Group Completes Fundraising on euro 300 Million .........
21.06.2007 / 09:03 / Rubriek: Informatief / Organisatie: Gsc group
Gsc group
GSC Group Completes Fundraising on euro 300 Million European CDO Fund
NEW YORK, June 21 /PRNewswire/ --
- Innovative Product Attracts Broad Base of Investors
GSC Group, an alternative asset investment manager with more than US$24 billion of
assets under management that focuses on complex, credit-driven strategies, today
announced the successful completion of fundraising for its latest collateralized debt
obligation fund, GSC European CDO V, PLC.
The new fund is a euro 300 million cash flow collateralized loan obligation
transaction consisting mostly of European senior secured leveraged loans. The CLO has a
target portfolio of 90 senior and 10 subordinated debt and will invest primarily in
private equity-backed transactions. Unlike standard CLOs, the fund will utilize a lightly
levered structure less sensitive to changes in the default rates and margins of its
underlying assets. The transaction priced with Citigroup. GSC Group acts as the fund's
collateral manager.
"The defensive characteristics of this new CDO, such as a less aggressive leverage
structure and a lower percentage of subordinated debt allocation relative to what is used
in a traditional CDO, are appealing to a broad base of investors," said Christine K.
Vanden Beukel, Senior Managing Director, European Structured Products.
The new fund is part of GSC's Collateralized Corporate Debt Group. This Group manages
in total US$7.1 billion in CDO assets of which 30 are European assets. Managing Director
Peter Firth will be the principal portfolio manager of the new vehicle.
About GSC Group
GSC Group is a registered investment advisor with more than US$24 billion of assets
under management. The firm specializes in credit-driven investing including corporate
credit, equity and distressed investing and real estate. GSC Group, with over 170
employees, is headquartered in New Jersey and has offices in New York, London and Los
Angeles. GSC's investors include both institutional investors and substantial net worth
individuals seeking sophisticated and attractive alternative investing opportunities. For
more information about the firm, please visit www.gsc.com.
Web site: www.gsc.com
Contact:
Carl J. Crosetto of GSC Group, +1-973-437-1007; or Roland Tomforde of Broadgate
Consultants, LLC, +1-212-232-2222, for GSC Group