GSO Capital Partners closed distressed debt fund GSO Capital Solutions Fund II at $5 billion, confirmed Oriane Schwartzman, spokeswoman for parent Blackstone Group. GSO is part of Blackstone's credit division.
The fund reached its hard cap. Through the vehicle, GSO provides rescue financing to distressed U.S. and European companies facing liquidity issues, including pending debt maturities, covenant violations, liquidity shortfalls and cyclical challenges, needing capital to avoid imminent bankruptcy, or seeking assistance in their exit from bankruptcy.
“A fund of this size can provide companies in the U.S. and Europe with large commitments to solve their balance sheet and liquidity challenges,” said GSO co-founder Tripp Smith, in a Blackstone statement.
Investors in the fund include the $13.5 billion Kansas Public Employees Retirement System, $117.5 billion Texas Teacher Retirement System and $8 billion University of Michigan board of regents.
