Angelo Gordon exceeds target, raises $1b for Asset-Based Credit fund

Alternative investment firm Angelo Gordon has closed its AG Asset Based Credit Fund LP with over $1 billion in equity commitments, exceeding its target of $800 million. The fund focuses on specialty private credit investments in a variety of trade formats across consumer, real asset, and other specialty lending markets.

It aims to fill financing gaps by providing flexible capital services to assets or borrowers that don't fit into traditional lending categories. The firm believes that current market conditions, such as rising rates and a pullback by banks, will lead to a significant dislocation in the specialty finance markets and a need for capital across different asset types.

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