Schulte Roth & Zabel represented GoldenTree Asset Management ("GoldenTree"), an employee-owned, global asset management firm with over $54 billion in assets under management, in the closing of $1.3 billion in commitments on its third CLO strategy ("GLM III" or the "Fund").
GLM III, a continuation of the GoldenTree Loan Management ("GLM") program that began in 2016, brings aggregate commitments across the entire GLM program (i.e., GLM I, II, and III) to over $2.625 billion. The GLM program was founded by GoldenTree to enhance the firm's top-quartile track record in CLO equity.
Securing commitments of $1.3 billion from a global investor base that includes public and corporate pensions, sovereign funds, foundations, insurance companies, family offices and RIAs across the US, Europe, Asia and the Middle East, GLM III surpassed its original target of $1 billion and reached the Fund's effective hard cap.
The Schulte team was led by partners Stephanie Breslow, co-head of Investment Management Group, Daniel Blumenthal, Craig Stein, co-head of the Finance Group, and Shlomo Twerski, co-head of the Tax Group. The team also included Investment Management associates Alex Borgen, Yehuda Ness, Hinda Korenblit and Jenna Fattah, Tax special counsel Chaim Stern and associate Yeshaya Shapira, with assistance from Finance associate Sam Shin. Finance partner Daniel Oshinsky and special counsel Farzaan Ijaz represented GLM III on fund finance matters.
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