Golding holds first close for private debt vehicle

The Luxembourg-domiciled fund will generally invest in vehicles that focus on providing financing for medium-sized businesses.

Golding's preceding private debt vehicle, Golding Private Debt 2016, held a final close in January 2019 on €580m.

Golding said in a statement that the firm reports an average net IRR of 7-8% in its private debt investments.

Investors
The fund's LP base comprises institutional investors. Its predecessor vehicle had 23 investors on its first close in April 2017 on €331m, with an LP base that included insurance companies, pension funds, banks and savings banks. Of the commitments to the fund, 90% came from existing Golding investors.

Investments
The fund will focus on strategies providing first-lien senior secured loans, although it will also invest in subordinated debt. The vehicle will target corporate direct lending, in which bilateral loans are negotiated with medium-sized companies. The vehicle will focus on both North America and Europe.

According to a statement from the GP, the fund can also invest in special situation funds that acquire loans in the secondaries market or provide special situations capital.

The fund has already completed one co-investment and has also made several primary commitments.

Golding Private Debt 2016 had made 22 investments (12 of which were in North America and 10 in Europe) and three co-investments in Europe as of December 2019. The fund is fully allocated.

The previous fund's commitments include €30m to Hayfin Special Opportunities II, €35m to Three Hills Capital Solutions III and €40m to ICG Europe Fund VII.

People
Golding Capital Partners – Jeremy Golding (founder, managing partner); Matthias Reicherter (partner, chief investment officer).

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