Blackstone credit division closes $5bn fund

GSO Capital Solutions Fund II is a significant step up from the maiden fund, which closed on more than $3.25bn in 2010. Demand exceeded the $5bn hard-cap, the GP said.

Investors
Existing and new investors backed the vehicle, including US state pension funds, corporate pension funds, sovereign wealth funds, insurance firms, endowments, foundations and family offices.

Investments
The vehicle will provide financing to distressed companies with liquidity issues, including pending debt maturities, covenant violations, liquidity shortfalls and cyclical challenges. Firms on the brink of bankruptcy or seeking an exit from bankruptcy will also be considered.

The vehicle is focused on North America and western Europe.

People
Tripp Smith is co-founder of GSO.

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