White Oak Global Advisors, LLC announced the close of the White Oak Yield Spectrum Fund to outside investors. The Fund and other associated vehicles raised concurrently approximately $2.1 billion of total commitments, exceeding the $1.75 billion fundraising target. White Oak’s previous flagship fund, the White Oak Summit Fund, closed with approximately $1.3 billion of commitments in March 2016.
The capital for the White Oak Yield Spectrum Fund was raised from a diversified group of institutional investors worldwide. In particular, the Fund attracted very strong support from public and private pension funds, insurance companies and global family offices. White Oak currently manages over $5.6 billion of committed assets.
Andre Hakkak, Co-Founder and CEO at White Oak commented: “We are delighted to have received such an enthusiastic response from investors for our latest closed-ended direct lending fund. Our differentiated and diversified suite of sophisticated lending strategies allow institutional investors to diversify away from the more traditional private equity-sponsored term loans. We look forward to serving our new and existing institutional investors, and are proud to have earned their trust in this endeavor. The Fund already deployed approximately 50% of investor commitments, and expects to be 75% invested by year-end. We continue to be optimistic at the opportunity set that lies ahead of us.”
The Fund will primarily invest in first-lien, directly originated lending strategies, including term loans, asset-based loans, and equipment financing.
“Small and mid-sied companies that have traditionally served as the bedrock of our economy need additional capital to continue fueling their growth,” said Darius Mozaffarian, Partner & Co-President of White Oak. “With the success of the Fund, we are well positioned to continue as the lender of choice, working hand-in-hand as partners with our clients to deliver the tailored financing they need to achieve their goals,” he added.
Campbell Lutyens & Co. Ltd acted as placement agent working in conjunction with the White Oak marketing team. Foley & Lardner provided legal counsel.