Innovative Product Attracts Broad Base of Investors
NEW YORK, June 21 /PRNewswire/ -- GSC Group, an alternative asset
investment manager with more than $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 $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 $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 http://www.gsc.com.
SOURCE GSC Group
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Related links:
http://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
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