Former Madison Capital Execs Establish Middle Market Direct Lending Business

meetingTwo of the key individuals involved in creating and bolstering the direct lending section of Madison Capital Funding, have been appointed to Angelo Gordon.

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.”