Hunter Point Capital has made its second announced GP stakes deal, reuniting the ‘G’ and ‘S’ of GSO Capital Partners.
Hunter Point chairman Bennett Goodman’s firm announced Thursday it has acquired a minority stake in credit investor Iron Park Capital, created by his former business partner and fellow GSO co-founder Tripp Smith.
“We look forward to providing IPC with added strategic guidance and resources,” Goodman said in a press release. The capital will bolster the three-year-old firm’s balance sheet.
Iron Park broke ground in June of 2019 and sports talent like partner Matthew Bonanno, who left York Capital Management in April 2020 after a decade. The firm invests in public and private credit. The latter is done through its Atlantic Park joint venture with growth investor General Atlantic.
The first programme, Atlantic Park Strategic Capital Fund I, raised $2.2 billion for its first effort in June. It initially targeted $5 billion, Bloomberg reported, but closed at less than half that size to avoid diluting returns. The fund was 70 percent committed as of November, according to a source familiar with the matter.
The firm is in the market now with its second programme, Atlantic Park Strategic Capital Fund II, according to an SEC filing dated 29 June. That fund will seek up to $5 billion, PEI understands, and expects to close by the end of H2 2022, according to the filing.
The joint venture seeks to write $200 to $300 million cheques to individual situations in the US, UK and Europe, according to the source, and makes opportunistic credit and preferred equity investments across sectors.
With this investment, Hunter Point has done at least two deals, the first being an investment in mid-market MidOcean Partners in November.
Hunter Point is investing out of its inaugural fund, which is reportedly seeking $2.5 billion and has already closed at least $1 billion, PEI understands. Based in New York, the firm targets managers in private equity, private credit, real estate and infrastructure across North America, Europe and Asia with between roughly $3 billion and $10 billion in assets.
Houlihan Lokey served as financial adviser and Kirkland & Ellis served as legal counsel to Iron Park. Fried Frank served as legal counsel to Hunter Point.
Iron Park did not return a request for comment. General Atlantic did not wish to comment.