King Street Capital Management, L.P., a leading global investment firm, today announced the final close of its Global Drawdown Fund II with $2.3 billion of capital commitments, exceeding its $2 billion target.
GDF II is King Street’s second global drawdown vehicle and targets opportunities across distressed and stressed corporate debt, structured products, asset-backed credit, and claims. The Fund received significant interest from a combination of new and existing global investors, with 80% re-upping their commitments from the firm’s predecessor vehicle, GDF I. The Fund leverages King Street’s integrated global platform, extensive network, and deal flow relationships to identify less liquid, longer-duration opportunities arising from dislocations in the credit markets.
“With the close of GDF II, we are thrilled to build upon King Street’s robust product offerings across multi-strategy credit, real estate, CLOs and opportunistic credit funds,” said Brian Higgins, Co-Founder and Managing Partner of King Street. “The interest in GDF II underscores our distressed expertise and more than 28 years of investing experience in complex and misunderstood situations. We are pleased with the strong support of the longstanding clients who re-upped for GDF II and are excited to partner with the new investors committing to the Fund.”
Daniel Ehrmann, Partner and Head of Restructuring at King Street, added, “We believe the headwinds facing the global economy are giving rise to a new credit regime with a compelling, robust and actionable opportunity set. GDF II’s flexible mandate is well positioned to capitalize on the compelling opportunity set arising from distressed and dislocated credit globally.”
GDF I, which completed its investment period this summer, closed in July 2021 with $1.2 billion in total commitments and is fully invested.
About King Street Capital Management
King Street is a global alternative investment firm founded in 1995 that manages more than $24 billion in assets across public and private markets. The firm marries rigorous fundamental research with tactical trading and differentiated sourcing capabilities to identify misunderstood and complex investment opportunities across asset classes, up and down the capital structure. For more information, please visit www.KingStreet.com.
