Thu, 12/06/2014 - 11:11
Varagon Capital Partners, a new asset manager focused on direct lending to middle market companies, is aiming to provide tailored investment services that meet the needs of sophisticated institutions.
Varagon is an independent firm, backed by American International Group and by certain partners and affiliates of Oak Hill Capital Management, and launches with an initial USD1.5 billion investment commitment from AIG.
Varagon offers a way of investing in middle market credit, providing tailored investment services that meet the needs of sophisticated institutions. Varagon couples information transparency and flexible investment mandates with robust risk management to create a differentiated proposition for investors.
For borrowers, Varagon offers competitive first-lien, unitranche and second-lien loans, as well as mezzanine financing, to companies with USD10 million to USD75 million of EBITDA. Varagon targets leveraged finance opportunities of up to USD350 million and has a typical hold size of USD20 million to USD100 million.
Varagon’s CEO, Walter Owens, is an experienced middle market finance executive who has held leadership positions at GE Capital, CIT Group, and TD Bank.
“Varagon’s versatile product suite creates a ‘one-stop’ financing solution for borrowers,” says Owens. “Varagon’s investors have a broad appetite for attractive risk-adjusted returns, allowing Varagon to offer competitive financing solutions up and down the capital structure.”
Denis Nayden, a managing partner of Oak Hill and former chairman and CEO of GE Capital, serves as the chairman of Varagon’s board of directors.
Michael Gaudino, former CEO of GE Corporate Financial Services, and Morris W Offit, chairman of Offit Capital, both serve on Varagon’s board of directors.
“Varagon developed from our belief that there is an opportunity to better serve both borrowers and investors in the middle market,” says Nayden. “Varagon offers investors a superior means to invest in middle market credit, providing highly attractive risk-adjusted returns through tailored, transparent investment solutions.”
“We are excited about the opportunity to partner with Varagon,” says Brian Schreiber, deputy chief investment officer of AIG and a member of Varagon’s board of directors. “As a long-term investor, AIG is drawn to the strong fundamentals of the middle market opportunity. Varagon offers sophisticated investors clear, attractive, and flexible exposure to high quality, directly-originated assets with best-in-class risk management.”
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