Glade Brook Capital Partners LLC, the venture capital firm led by Paul Hudson, is pitching a new fund to investors targeting the debt of private technology companies impacted by economic disruption from COVID-19.
The US$1.5 billion Greenwich, Connecticut-based firm began marketing the Special Situations Fund last week and is targeting US$100 million for it by the end of April, according to a pitch document seen by Reuters.The fund will invest in preferred stock, convertible bonds and senior debt, in primary and secondary markets, in what Glade Brook sees as"high quality" but"dislocated" private technology companies, according to the materials.
The fund's first investment, according to a person familiar with the situation, will be a portion of a new US$1 billion loan to Airbnb. Reuters reported Tuesday night that Airbnb was in advanced talks for new debt https://www.reuters.com/article/us-airbnb-debt/airbnb-in-advanced-talks-about-new-1-billion-loan-sources-idUSKCN21W37H , just weeks after it closed a US$1 billion investment from private equity firms.
Glade Brook, founded in 2011 by Shumway Capital Partners alum Hudson, pivoted in recent years from hedge fund-style investing in public securities to longer-term bets on the growth of private tech companies, a so-called growth equity approach.
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