Both Trevor Clark (formerly of Madison Capital) and Chris Williams (Madison Capital co-founder), will be working at Angelo, Gordon & Co. in the middle market direct lending area. They bring to the role expertise from the same position held at their prior company – managing directors. Clark and Williams will focus on loans to companies that have EBITDA (Earnings Before Interest, Taxes, Depreciation and Authorization) of between $3 -$50m.
It seems that it is becoming increasingly common for institutional investors to be loaning money more so than banks. Indeed, throughout Europe, “non-bank lenders only issue around 20% of corporate loans. [This year] 59% of new lending was done by institutional investors rather than banks.”