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Angel Island Capital closes $440 million credit opportunities fund

CATEGORY: Transactions
DATE: 05 March 2020
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Angel Island Capital (“AIC”), a San Francisco-based multi-strategy credit investment advisor and portfolio company of Golden Gate Capital, today announced the successful close of approximately $440 million in commitments to AIC Opportunities Fund II, L.P. (“AIC COP II” or the “Fund”). Campbell Lutyens is pleased to have acted as exclusive financial advisor to AIC in the U.S. and Europe.

The Fund is AIC’s inaugural third-party capital investment vehicle and backed by a group of institutional investors.

Founded in 2008 and led by CEO Dev Gopalan, AIC launched AIC COP II as part of the firm’s Credit Opportunities Strategy, which focuses on investments in performing debt of middle-market companies in industries where AIC has domain expertise. The Fund was seeded in 2019 with a diversified portfolio of private credit assets with an attractive yield and total return profile. This differentiated fund structure was designed to provide unmatched portfolio visibility during the fundraising process, enabling AIC to attract primary and secondary investors on an accelerated basis. The Fund also includes capacity for new credit investments and was structured with a focused investment period and term.

Lynette Vanderwarker, Chief Strategy Officer at AIC, said, “We are at an exciting inflection point for the firm, and the expansion of our Credit Opportunities Strategy is representative of myriad opportunities we are seeing in the private debt market. We appreciate the support from a high-caliber group of investors, and we look forward to continuing to build strategic partnerships with alternative credit solutions for our sophisticated institutional investors.”

Gerald Cooper, Partner at Campbell Lutyens, said, "This large and innovative transaction with a top quality sponsor represents an important milestone for credit secondaries, and we expect to see further GPs of Angel Island’s stature benefit from the secondary market to accelerate capital raises and expand asset management platforms.”