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Angelo, Gordon & Co. to launch middle-market direct-lending business

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Angelo, Gordon & Co. to launch middle-market direct-lending business

Angelo_Gordon_CoAngelo, Gordon & Co. will launch a middle-market direct-lending business after hiring Chris Williams and Trevor Clark, formerly of Madison Capital.

The business is expected to launch in the first quarter of next year. The team will focus on loans to companies generating EBITDA of $3-50 million. The new direct-lending business will collaborate with Angelo Gordon’s corporate credit team of 27.

Williams and Clark co-founded the direct-lending business at Madison Capital, a subsidiary of New York Life. The pair will be based in Chicago. Each of them will join the firm as managing director.

“[We] believe the current opportunity to help close the funding gap for middle market companies is substantial,” said Michael Gordon, co-founder and chief investment officer of Angelo Gordon.

Previously, Clark was CEO at Madison Capital Funding, and oversaw all operational and strategic activities of the middle-market lending operation. He also held various positions in loan underwriting and origination at Antares Capital, GE Capital, and Bank of America.

Williams had been co-founder and senior managing director at Madison Capital Funding, and was part of the executive committee and group head of specialty lending. Prior to Madison Capital, Williams held positions in loan underwriting and origination at Cochran, Caronia & Co., GE Capital, and Bank of America.

“We see a great deal of opportunity in lending directly to the middle market as the shift to non-bank lenders continues to grow,” said Williams. “Banks continue to have a low appetite for risk and the high yield market isn’t open to these companies.”

Privately held Angelo, Gordon & Co. manages $27 billion of assets. – Abby Latour

Follow Abby on Twitter @abbynyhk for middle-market deals, leveraged M&A, distressed debt, private equity, and more