GSO Capital Partners, the distressed hedge fund firm owned by Blackstone Group, announced Tuesday that it will close its second capital solutions fund to new investors.
The firm said that the fund has reached its $5 billion target, with “demand well surpassing” that amount.
The new fund aims to provide “rescue financing” to distressed companies facing liquidity issues, including pending debt maturities and covenant violations needing capital to avoid imminent bankruptcy, or seeking assistance in their exit from bankruptcy.
GSO managed approximately $62 billion in assets as of June 30. Blackstone and its affiliates currently have about $34 billion of assets under management.