Marathon taps into distressed credit opportunities with new strategy
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By Hugh Leask | 08/01/2021 - 10:53am
New York-based Marathon Asset Management is zeroing in on a broad range of special situations opportunities arising from the coronavirus pandemic fallout with the launch of a new distressed strategy, the Marathon Distressed Credit Fund.
The fund, which has closed with around USD2.5 billion worth of commitments, aims to provide capital solutions for companies in stressed and distressed situations to grow or reposition themselves. Marathon has some USD20 billion of assets under management.
The assortment of opportunities, which stem from the varying paces of recovery across different industries and sectors, include restructurings, debtor in possession financings, and exit financings.
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NEW YORK, Jan. 7, 2021 /PRNewswire/ Marathon Asset Management ( Marathon ), a leading global credit investment manager, today announced the final close for its Marathon Distressed Credit Fund, which was oversubscribed with approximately $2.5 billion in commitments. The fund will invest in a wide range of situations by providing capital solutions that allow companies to grow or reposition their businesses, including stressed and distressed companies in transition. The opportunities it will pursue include restructurings, debtor in possession financings, and exit financings where Marathon can bring to bear its differentiated expertise, experience and resources. While the broader market has recovered, the K-shaped recovery has resulted in a disparate impact that requires tailored capital solutions to help companies across industries recover from the 2020 cyclical decline, said Bruce Richards, Chairman & Chief Executive Officer of Marathon.